Pinterest is also committing $50 million to a series of reforms aimed at increasing diversity, equity and inclusion across the San Francisco-based company.
Financial details of the settlement between Pinterest, a popular social media platform for sharing images, and the shareholder, the Employees' Retirement System of Rhode Island, were not shared publicly. As part of the agreement, the company is releasing former employees from nondisclosure agreements in cases of racial or gender-based discrimination.
"We pushed for these sweeping reforms to support Pinterest's employees with a fair and safe workplace, and to strengthen the company's brand and performance by ensuring that the values of inclusiveness are made central to Pinterest's identity," Rhode Island General Treasurer Seth Magaziner, who acted on behalf of the Employees’ Retirement System of Rhode Island, said in a press release.
Shimizu Banks, who is Black and Japanese, and led public policy and social impact at Pinterest's Washington office, said her manager lied to her when she was negotiating her salary and made disparaging comments about her ethnicity in front of colleagues. Both women said they did the same level of work as their manager, a white man, but made significantly less money.
The company is updating its acceptable use policy to ban doxxing and has created a formal process for escalating complaints of discrimination, harassment or retaliation involving members of the executive team or board.
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