Companies globally are failing to recognise the importance of addressing workplace mental health issues, according to CCLA Investment Management. Only five of 119 companies assessed through the CCLA Corporate Mental Health Benchmark Global 100+ made its top two performance tiers by demonstrating a strategic approach to managing mental health, while just 12 companies improved their performance “sufficiently” since last year’s iteration to move to a higher tier. Only one company – HSBC Holdings – ranked in the top tier, followed by Roche Holding, Shell, Toronto-Dominion Bank and TotalEnergies in tier 2. Six of the ‘Magnificent Seven’ US tech giants – Alphabet, Apple, Meta Platforms, Microsoft, Nvidia and Tesla – ranked in the lowest performance tier with scores ranging between 0-20%, while Amazon ranked in tier 4. Now in its third year, the benchmark ranks companies collectively employing 21 million workers globally on how they manage and report on workplace mental health against 27 criteria covering management commitment and policy, governance and management, leadership and innovation, and performance reporting and impact. The benchmark is backed by a global coalition of 55 investors with a combined AUM of US$9.8 trillion, up from 29 founding signatories in 2022. “While some employers are improving the support they give to their employees’ mental health, too many are ignoring a critical issue for their workforce, to the detriment of their people’s wellbeing – and of the bottom line,” said Amy Browne, Director of Stewardship at CCLA and co-author of the report. Globally, 15% of working age adults live with a mental disorder, with the most prevalent mental health conditions costing an estimated US$1 trillion to the global economy every year – mostly from lost productivity. Although nearly all companies in the benchmark took some steps to support employees’ mental health, the average score was just 28% this year. Meanwhile, 52 investors with US$8.7 trillion in AUM supported efforts to engage with benchmark constituents to improve their performance on employee mental health by co-signing letters issued to companies in October 2023. Nineteen of them also engaged directly with companies throughout the year – either in collaboration with CCLA or independently.
