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SEC sides with activist investor over BofA, Wells Fargo pay gap proposals

Feb 28, 2019 - SNL Financial

The U.S. Securities and Exchange Commission rejected Bank of America Corp. and Wells Fargo & Co.'s attempts to block Arjuna Capital LLC's proposal to disclose the median pay gap between their male and female employees.

Arjuna Capital filed various shareholders proposals that would force the companies to disclose their median pay gap, or an adjusted reflection of the pay difference between men and women working full-time globally.

The SEC's rejection means that BofA and Well Fargo sha...