Until the pandemic hit, companies were becoming more willing to open up about the diversity of their workforce. But even those that embraced transparency went shy on the topic when Covid hit. That suggests they have something to hide when it comes to how they managed staff during the health crisis.

A record 173 companies, with a combined market value of $13 trillion, submitted data on their employment practices to the most recent Workforce Disclosure Initiative (WDI) survey, which covers 2020. The project, led by London-based governance campaigner ShareAction, gathers information from major corporations on behalf of 66 investment institutions, including Amundi SA, JP Morgan Asset Management, and Schroders Plc. These investors are expected to engage with boards to drive up employment standards globally.

Some of the survey must be answered publicly. But for the most part, companies participating can elect for responses to stay within the WDI investment group. And they were quick to tick that box this time around, with only 65 percent allowing their responses to be made public when given the choice. For 2019, that figure was 85 percent. The sudden reversal in transparency was especially sharp around questions related to diversity and inclusion, wage levels and pay gaps, and supply-chain transparency.