How MeToo Forced Companies to See the Business Risks of Sexual Misconduct
The fallout was immediate as #MeToo revelations hit corporate America.
News surfaced in late October 2017 that Fidelity Investments dismissed two portfolio managers after they were accused of inappropriate behavior. The firm has no tolerance for harassment, CEO Abby Johnson told her employees in a video message.
Guess GES stock plunged in February 2018 after reports that co-founder Paul Marciano was accused of sexually harassing employees.
In January 2018, Wynn Resorts WYNN shares collapsed after a Wall Street Journal report detailed harassment and assault accusations against founder and CEO Steve Wynn.
At Alphabet GOOG, some 20,000 Google employees in 50 cities walked out in 2018 in a protest against sexual harassment, demanding that the company end forced arbitration, publicly release a report on sexual assault at the company, and introduce a process for reporting sexual misconduct.
To be sure, sexual harassment is a persistent problem. Yet the outlook for a safe and inclusive workplace is steadily improving. For instance, the U.S. Congress recently passed a bill that would bar the use of forced arbitration to settle sexual assault and harassment claims in the workplace, a tactic critics say shields perpetrators.
How MeToo forced companies to see the business risks of sexual misconduct. !(https://www.morningstar.co.uk/static/UploadManager/Assets/MeToo%20Exhibit%201.png)