Glass Ceiling Review

The 1991 Civil Rights Act, signed by President George Bush, Sr., established the Glass Ceiling Commission. This was a 21-member bipartisan body appointed by the President and Congressional leaders and chaired by the Secretary of Labor. Its mandate included identifying and removing "barriers that impede the advancement of qualified women of all races and minority men to mid and upper level management jobs."

The Commission was to focus on gathering information on "the barriers, opportunities, policies, perceptions and practices as they affect six target groups that historically have been underrepresented in top-level management-women of all races, and African American, American Indian, Asian American, Pacific Islander, and Hispanic American men." It commissioned research papers and conducted public hearings, surveys, interviews and analyses of census data on educational achievement and status of the target groups. Through these means the Commission confirmed that artificial barriers exist which block women and minorities from advancing to corporate management and executive level positions by denying equal access and opportunity.

As former Secretary of Labor and Chair of the Glass Ceiling Commission Robert Reich stated, "The glass ceiling is not only an egregious denial of social justice that affects two-thirds of the population, but a serious economic problem that takes a huge financial toll on American business…we need to attract and retain the best, most flexible workers and leaders available, for all levels of the organization."

A July, 2000, Covenant Investment Management and Executive Update revealed that firms that succeeded in shattering their own glass ceilings racked up stock market records that were nearly "2.5 times better than otherwise comparable companies."

The Glass Ceiling Commission Report recommended that both the public and private sectors work toward increased public disclosure of diversity data, including the voluntary release of statistical data on race, ethnicity and gender of the top one hundred or one percent of the highest paid employees.

RESOLVED that shareholders request: The Board of Directors prepare a report, at reasonable cost and excluding confidential information, available to shareholders four months after the annual shareholder meeting on our progress concerning the Glass Ceiling Commission's business recommendations including a review of:

1. Steps the company has taken to use the Glass Ceiling Commission Report and management's recommendations flowing from it

2. Company-wide policies addressing leadership development, employee mentoring, workforce diversity initiatives and family friendly programs

3. An explanation of how executive compensation packages and performance evaluations include the executives' efforts in breaking the glass ceiling

4. The top one hundred or one percent of company wage earners broken down by gender and race