Investor Statement in Support of Upholding Gender Equitable Workplaces

Background

We define gender equitable workplaces as those that ensure every employee, regardless of gender identity, has fair access to opportunities, resources, and recognition so they can fully contribute and grow. Such workplaces remove systemic barriers to those with marginalized gender identities, address individual needs, and create cultures where every employee can lead meaningful lives both within and outside of the workplace.

Companies that implement gender and trans inclusive policies show increased profitability, market valuation, brand loyalty, employee retention, and productivity rates.^4,5 Yet many trans individuals continue to be treated unequally in the workplace, with 47% of transgender people experiencing some form of mistreatment at work, including harassment and being fired for their identity.⁶

In the U.S., trans people are facing direct and sustained attacks from the Trump administration.⁷ Many corporations are publicly scaling back their diversity, equity, and inclusion (DEI) programs in response to federal pressure.⁸ It has become increasingly clear that investors must take action to uphold gender equitable policies and practices that benefit the wellbeing of people, businesses, and society.

Despite evidence that inclusive workplaces strengthen workplace performance, trans employees continue to face unequal access to healthcare, with many employer-sponsored plans still excluding medically necessary care. By addressing the healthcare needs of one of the most marginalized groups in society, corporations will be better able to serve all of their employees by implementing more equitable and inclusive policies. As investors in publicly traded companies, we believe it is in the best interest of employees, management, and shareholders to uphold gender-equal workplaces as a vital means of building a future in which everyone’s unique identity is celebrated and supported.

Materiality Concerns & Risks for Investors

Despite steady awareness of and widespread support for the benefits of inclusive workplace policies, we believe public markets have failed to price the risks associated with restrictive policies that discriminate based on gender identity. 

Investors have the right, and fiduciaries have the responsibility, to act on all legitimate, publicly available information regarding an investment’s material impact. As we currently understand them, the potential risks for investors in continuing to hold companies that deny equal rights to employees of all gender identities include:

• Market Value & Brand Perception Risks
  
  Statistics & Details: When companies are involved in misconduct related to LGBTQ+ issues, their market value tends to drop by 0.5% on the day the news breaks and the following trading day.⁹ When companies neglect or retract inclusive policies, they face consumer backlash and reputational damage.  
  
  Implications: The drop in market value that results from LGTBQ+ misconduct shows that investors may view such actions as harmful to the company’s overall value.¹⁰ Companies may also face reputational risk, with 76% of LGBTQ+ adults saying they view a company less favorably if it walks back on diversity and inclusion commitments.¹¹
  
• Legal & Business Risks
  
  Statistics & Details: An alarming 82% of transgender employees have experienced workplace discrimination or harassment related to their gender identity or sexual orientation at some point in their careers. Within the last five years, 53% of transgender employees have faced significant workplace discrimination, and 56% have endured verbal, physical, or sexual harassment at work.¹²
  
  Implications: Companies not willing to create a safe and accessible workplace for all employees face potential lawsuits and/or fines in states that prohibit discrimination on the basis of gender identity or expression.¹³ In 2021, Aetna settled for $7 million over allegations it denied medically necessary gender-affirming care to transgender employees.  Companies in the U.S. lose $64 billion annually as a result of having to replace employees who departed because of discrimination.¹⁴
  
• Talent Acquisition & Retention Risk
  
  Statistics & Details: 48% of transgender people reported leaving a job at some point in their life due to discrimination, unequal work environments, and/or local laws that made them feel unsafe or unwelcome.¹⁵ Business leaders have explicitly and repeatedly stated that anti-LGBTQ+ legislation poses material impacts not just on their retention rates, but also on their ability to attract and recruit top talent. 45% of LGBTQ+ candidates research a company’s policies before applying, and 25% report declining a job offer because the company or location felt unsafe.¹⁶
  
  Implications: The ability of companies to retain diverse, high-performing talent has a significant financial impact on profitability and turnover-related costs. Companies in the lowest quartile of executive gender diversity showed significantly lower profitability than their more gender-diverse counterparts.¹⁷ Furthermore, LGBTQ+ employees who work for companies with equal, trans-inclusive benefits are twice as likely to feel loyal to their employer and show significantly lower turnover rates – avoiding high turnover costs of companies without such policies.¹⁸

Benefits of Upholding Gender Equitable Workplaces

For Business: The benefits of maintaining gender equitable workplaces and policies include increased profitability, market valuation, brand loyalty, employee retention, and productivity rates.^19,20

For Gender Justice: Inclusive workplace policies – like access to healthcare, empowered employee resource groups (ERGs), and expansive family benefits – are an essential way to help women, transgender, and gender expansive employees feel more connected and valued at work while strengthening bodily autonomy.^21,22,23

For Economic Justice: In states and workplaces with protective laws, inclusive policies, and equal access to healthcare, trans people are more likely to be employed and report job satisfaction.²⁴

For Racial Justice: Ensuring equitable and inclusive workplaces is also a matter of safety and survival for trans people of color, who face disproportionately higher rates of violence, homelessness, and fatal outcomes. Inclusive workplaces increase job and housing security for this at-risk population.²⁵

Summary

In conclusion, achieving true equity and inclusion in the workplace demands immediate attention to gender equitable policies, with intentional focus on equitable access for transgender and gender expansive employees. The current socio-political climate, marked by increased anti-trans discrimination and rollbacks of diversity initiatives, presents material risks to investors, including potential legal challenges, talent attrition, and diminished market value. By upholding gender equitable workplaces, investors can drive intersectional change for transgender and gender expansive communities, enhance corporate profitability, and safeguard their investments from potential future risks. As investors in publicly traded companies, we believe it is in the best interest of employees, management, and shareholders to uphold gender-equal workplaces as a vital means of building a future in which everyone’s unique identity is celebrated and supported.

Take Meaningful Action: Sign The Investor Statement in Support of Gender Equitable Workplaces

Now more than ever, it is imperative for all types of investors to advocate for and invest in companies committed to upholding gender equitable workplaces and policies for all of their employees.

ENDNOTES

1. “Bodily autonomy” encompasses the fundamental right of individuals, especially women and gender-expansive people, to make autonomous decisions about their own bodies without coercion, violence, or discrimination. 
2. “Transgender” is an umbrella term for people whose gender identity and/or expression is different from cultural expectations based on the sex they were assigned at birth. Being transgender does not imply any specific sexual orientation. Therefore, transgender people may identify as straight, gay, lesbian, bisexual, etc. Human Rights Campaign, Glossary of Terms
3. “Gender-expansive” refers to a person with a wider, more flexible range of gender identity and/or expression than typically associated with the binary gender system. Often used as an umbrella term when referring to young people still exploring the possibilities of their gender expression and/or gender identity. Human Rights Campaign, Glossary of Terms
4. U.S. Chamber of Commerce Foundation, “Better Business: The Benefits of LGBTQ+ Workplace Inclusion,” US Chamber of Commerce Foundation (March 2023).
5. McKinsey & Company,  “How diversity, equity, and inclusion (DE&I) matter,” McKinsey (May 19, 2020).
6. Rastogi, A., et al, “US Trans Survey,” ustranssurvey.org (June 2025).
7. The New York Times Editorial Board, “Trump’s Shameful Campaign Against Transgender Americans,” The New York Times (February 9, 2025)
8. Conor Murray & Molly Bohannon, “IBM Reportedly Walks Back Diversity Policies, Here Are All The Companies Rolling Back DEI Programs,” Forbes.com (April 11, 2025).
9. Sabrine Ayed & Timothée Waxin, “LGBT discrimination and harassment, firm value, and reputation repair,” ScienceDirect (November 2023). 
10. Ibid.
11.  Jared Todd, “New Data Indicates LGBTQ+ Community Backlash Against Companies Backing Down from Diversity, Inclusion Commitments,” Human Rights Campaign (September 2024).
12.  Brad Sears, et al, “Workplace Experiences of Transgender Employees,” Williams Institute UCLA (November 2024). 
13. Advocates for Trans Equality, “Know Your Rights: Employment,” Advocates for Trans Equality (n.d.).
14. Christian N. Thoroughgood, et al, “Creating a Trans-Inclusive Workplace,” Harvard Business Review Magazine (March – April 2020). 
15. Rastogi, A., et al, “US Trans Survey,” ustranssurvey.org (June 2025).
16. HRC Foundation, “Equality Rising: LGBTQ+ Workers and the Road Ahead,” Human Rights Campaign (2023). 
17. McKinsey & Company, “How diversity, equity, and inclusion (DE&I) matter,” McKinsey (May 19, 2020).
18. HRC Foundation, “Corporate Equality Index 2025,” Human Rights Campaign (January, 2025).
19. U.S. Chamber of Commerce Foundation, “Better Business: The Benefits of LGBTQ+ Workplace Inclusion,” US Chamber of Commerce Foundation (March 2023).
20. McKinsey & Company, “How diversity, equity, and inclusion (DE&I) matter,” McKinsey (May 19, 2020).
21. HRC Foundation, “Corporate Equality Index 2025,” Human Rights Campaign (January 2025).
22. Rastogi, A., et al, “US Trans Survey,” ustranssurvey.org (June 2025). 
23. David Baboolall, et al, “Being transgender at work,” McKinsey & Company (November 2021).
24. Rastogi, A., et al, “US Trans Survey,” ustranssurvey.org (June 2025).
25. National Coalition of Anti-Violence Programs, “A Crisis of Hate,” National Coalition of Anti-Violence Programs (2018).