Summary by Futu AI
Arjuna Capital, on behalf of Vertex Pharmaceuticals Incorporated, has submitted a proxy proposal for the company's 2024 Annual Meeting, urging shareholders to vote 'FOR' Proposal 5. The proposal calls for Vertex to report on pay gaps across race and gender, including median and statistically-adjusted pay gaps. Arjuna Capital argues that disclosing these pay gaps can lead to company performance benefits, such as increased workforce diversity and improved talent retention. Despite Vertex's commitment to publish statistically-adjusted pay gap data in 2025, the company has not agreed to report median pay gap data, which Arjuna Capital believes is essential for a comprehensive view of the company's Inclusion, Diversity, and Equity (ID&E) performance. The proposal highlights that Vertex lags behind peers in pay equity reporting and transparency. The solicitation emphasizes the importance of pay transparency for narrowing pay gaps and enhancing company diversity, which is considered beneficial for the long-term financial interests of shareholders.