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Pinterest has committed $50 million to overhaul the company culture and promote diversity as part of a deal to resolve allegations of discrimination against women and people of color, according to court documents and statements from plaintiffs and the company.
The deal was announced Wednesday by Seth Magaziner, Rhode Island’s chief treasurer, acting on behalf of the Rhode Island Employee Retirement System, and other Pinterest shareholders, who are suing the company known for its colorful virtual boards.
Shareholders accused Pinterest’s board of failing to respond to a culture of discrimination and retaliation against women and people of color. Shareholders argued that by allowing discrimination to continue, the board did not act in the best interests of shareholders.
The allegations, two Black female members of Pinterest’s public policy team, Ifeoma Ozoma and Aerica Shimizu Bankspublicly criticized the company’s treatment of its employees, according to court documents.
Under the agreement, an audit committee of the board of directors will help oversee changes aimed at creating equal opportunities for employees. The changes require a board member to act as a co-sponsor with the chief executive on diversity, equality and inclusion initiatives, according to the plaintiff’s legal team.
The agreement also exempts former employees from non-disclosure agreements and creates an external ombudsman’s office for employees and external workers. audits that examine performance ratings, promotions, and compensation across gender and racial categories.
The deal was announced nearly a year after Pinterest agreed to pay $22.5 million to fix the issue. gender discrimination and retaliation litigation from his former COO, Françoise Brougher.
“We’ve pushed through these sweeping reforms to support Pinterest employees with a fair and safe workplace, and to strengthen the company’s brand and performance by ensuring that inclusivity values are at the heart of Pinterest’s identity,” Mr Magaziner said in a statement.
Pinterest said Wednesday it has “reached a resolution with certain shareholders who have expressed their concerns over allegations made about the company’s culture and have filed derivative lawsuits over the past year.”
“Since then, we have been working hard to ensure that our culture reflects our goals and values and today’s solution,” the company said.
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