Word: texaco
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...plan is approved by the courts and the federal Equal Employment Opportunity Commission, Texaco will shell out $115 million in cash to about 1,400 current and former black workers, $26.1 million in pay raises over five years for black employees, and $35 million for diversity-training programs. Even more startling, it will create an unprecedented independent Equality and Tolerance Task Force to oversee changes in Texaco's employment policies and report twice a year to the company's board of directors. The task force--three members selected by the company, three named by the plaintiffs in the lawsuit...
Believe me, I do. But Jackson and the N.A.A.C.P. are right to keep the heat on until Bijur also agrees to a specific plan to increase minority ownership of service stations and do more business with minority-owned companies. Texaco's record so far does not inspire great faith--and some questions still need to be answered. Why did it take more than two years of legal action by six aggrieved black employees, the leak of an embarrassing tape recording and the threat of a boycott to get Texaco to live up to the fine-sounding promises in its glossy...
...programs in the state. Cynical executives know that a passionately proclaimed commitment to equal opportunity is not only good public relations but also a tough defense against bias suits. They understand too that big investors shy away if a company's image is tarred by ugly charges of bigotry. Texaco's stock fell $3 a share in the first few days of the scandal--a loss of roughly $1 billion to shareholders, who are, after all, the real owners of companies...
...Texaco's shareholders, though, deserve to share the blame with corporate managers for the poisonous atmosphere at the company. Even before the appalling transcripts surfaced, Texaco's history of discrimination was not exactly a secret. The company has forked out millions in legal fees to defend itself in a series of well-publicized cases brought by minorities and women. In 1991, for example, a California jury awarded $17.6 million in compensatory and punitive damages to Janella Sue Martin, who sued after Texaco denied her a promotion and gave the job to a man. The trial judge set aside the verdict...
Last year Texaco was reprimanded by the Office of Federal Contract Compliance Programs for unfair employment practices at its facilities in Houston. And just this past June, the EEOC, which conducted its own investigation of the complaints covered by last week's settlement, found there was reasonable cause to believe that Texaco discriminates against blacks in certain salary categories "because of their race...