On October 21, Credit Suisse launched the first index in existence to track the equity performance of companies with LGBT friendly policies, called the Credit Suisse LGBT Equality Index (Bloomberg Ticker: CSLGBT Index.)
The idea came from conversations between Credit Suisse and LGBT Capital, a leading organization in the field of LGBT-related socially responsible investment activity.
According to a press release, the LGBT Equality Index, “measures the performance of US companies recognized for supporting and promoting equality for members of the LGBT community.”
In order to be included on the Index, companies must score 80 or above on the Human Rights Campaign’s Corporate Equality Index, which has long been regarded as the national benchmark for corporate policies and practices related to LGBT employees.
Some notable constituents found on the Index include: Wells Fargo & Co, Apple Inc, Microsoft Corp, Google Inc, Johnson & Johnson, Chevron Corp, Yahoo Inc, Time Warner Inc, and Starbucks Corp. As of September 30th, there were 201 constituents in all.
“Wall Street, and Credit Suisse in particular, has a strong track record of providing leadership and support for LGBT-related issues,” said Timothy O’Hara, Credit Suisse Global Head of Equities. “We are very pleased to be launching an Index that tracks the economic impact of LGBT-supportive policies.”
Eric Berger, a Relationship Manager for Credit Suisse’s Private Banking USA business and a member of the firm’s LGBT Network, said, “We believe that companies that engage in and have good top-level policies regarding LGBT employees should see a positive bottom-line economic impact as a result.”
For more information about the Credit Suisse LGBT Equality Index, visit the site here.