The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Fri, 29 May 2026 11:32:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png The Current State of Human Capital Disclosure – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 The Current State of Human Capital Disclosure https://corpgov.law.harvard.edu/2021/10/31/the-current-state-of-human-capital-disclosure/?utm_source=rss&utm_medium=rss&utm_campaign=the-current-state-of-human-capital-disclosure https://corpgov.law.harvard.edu/2021/10/31/the-current-state-of-human-capital-disclosure/#comments Sun, 31 Oct 2021 10:35:03 +0000 https://corpgov.law.harvard.edu/?p=141025?d=20211031063503EDT Posted by Alison Omens, Aleksandra Radeva, and Kavya Vaghul, JUST Capital, on Sunday, October 31, 2021
Editor's Note:

Alison Omens is Chief Strategy Officer, Aleksandra Radeva is Junior Analyst, and Kavya Vaghul is Senior Director of Research at JUST Capital. This post is based on a JUST Capital memorandum by Ms. Omens, Ms. Radeva, Ms. Vaghul, Emily Bonta, Catrina Notari, and Ian Sanders. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here) and Will Corporations Deliver Value to All Stakeholders?, both by Lucian A. Bebchuk and Roberto Tallarita; For Whom Corporate Leaders Bargain by Lucian A. Bebchuk, Kobi Kastiel, and Roberto Tallarita (discussed on the Forum here); and Restoration: The Role Stakeholder Governance Must Play in Recreating a Fair and Sustainable American Economy—A Reply to Professor Rock by Leo E. Strine, Jr. (discussed on the Forum here).

Key Findings

To meet growing expectations on human capital disclosure—from investors, workers, regulators, the American public, and other key stakeholders—the country’s 100 largest employers have work to do. Between July and August 2021, JUST Capital analyzed the 100 largest U.S. employers for how they disclose across 28 metrics covering six key human capital themes—Employment and Labor Type, Job Stability, Wages, Compensation, and Benefits, Workforce Diversity, Equity, and Inclusion, Occupational Health and Safety, and Training and Education. We wanted to better understand the current state of human capital disclosure across commonly recommended standards and metrics. Overall, the data revealed three key trends:

  1. Disclosure is low across the board, with the disclosure rate below 20% for the majority of metrics.
  2. Most metrics are currently disclosed in Corporate Social Responsibility or Sustainability Reports, which do not require auditing or have standardization requirements.
  3. Metrics that have highest levels of disclosure are most likely to be reported in Annual Reports (10-K filings).

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