IPG Photonics – Board/Executive Diversity (2021) — Issue Type =
Outcome: Subsequent to a high 45% vote for our proposal on executive leadership diversity in spring 2020, we refiled in Fall  2020 after additional attempts for dialogue failed.   In December, IPG reached out to us after publishing its first comprehensive CSR report.  In the report the company states that “the diversity of our executive team does not yet reflect that of our workforce.” The report discloses that women, for example, comprise 30% of its board, 35% of its workforce and 22% of the top three EEOC categories, yet  are not represented at the most senior level.  Initiatives to expand diversity include a focus on hiring with a  requirement that  search firms seek female and diverse candidates, closing the promotion gap by developing internal candidates for executive openings, formalizing board oversight, among other initiatives.  As a result of these disclosures and commitments we withdrew the proposal.