The Capital Markets Company (CAPCO)

CAPCO received a score of 100 on the 2026 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2)(3). The company received a score of 100 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (4)(5). CAPCO promotes divisive sex and gender policies. Its Supplier Code of Conduct requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (6). However, the company has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (7).

CAPCO’s HRC 2026 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2)(3). The company’s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (4)(5). However, the company does not appear to discriminate against charitable organizations based on views or beliefs (6).

CAPCO’s HRC 2026 CEI rating indicates the company forces employees to attend at least one, controversial training on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2)(3). The company’s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (4)(5). CAPCO offers unconscious bias and inclusive leadership training to its leaders (6). The company appears to prioritize diversity over merit in its recruitment, hiring, promotions, leadership composition and supply chain. From its Gender Pay Gap Report 2025: “As we have hired more women into our Associate, Consultant and Senior Consultant grades, we have moved the needle in recent years in terms of female representation at those levels and will continue with this progress. … A key aspect of our progress has been to focus on talent development and progression as we primarily recruit at junior levels. However, it is encouraging to also see an improvement in the representation of women among new hires in the mid and senior levels in comparison to last year (27% vs 15%)” (7). From its Supplier Inclusion page: “We believe an inclusive procurement strategy provides a proactive platform giving equal opportunity for diverse businesses to compete for contracts and subcontracts at Capco. This approach ensures we have representation from diverse backgrounds and historically underutilized communities” (8). CAPCO appears to prioritize diversity over merit in its business structure through the establishment of gender targets for its leadership composition. The company is seeking “30% women in leadership” and “are currently resetting the timeframe
to achieve our goals” (9). The company is a member of myGwork, a professional job and networking platform that connects employers with LGBTQ+ professionals and advances workplace diversity and inclusion initiatives. Corporate membership benefits vary by level and include LGBTQ+-focused services in areas such as talent recruitment, job postings, employer branding, employee engagement, DEI programming and training, and media exposure (10)(11)(12). CAPCO does not provide viewpoint protections for its employees (13).

CAPCO’s HRC 2026 CEI rating indicates the company potentially agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2)(3). The company’s HRC 2025 CEI rating indicates the company agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (4)(5). CAPCO’s former CEO Michael Pugliese signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace, strategize on DEI programs/initiatives with other signatories, and engage boards of directors when developing and evaluating DEI strategies (6)(7). The company signed an open letter endorsing the Equality Act, a contentious proposal to amend the 1964 Civil Rights Act by adding sexual orientation and so-called gender identity as protected categories. The legislation would, among other implications, grant biological men access to women-only spaces such as sports teams and public restrooms, and compel healthcare providers to deliver sex-denying healthcare (8). CAPCO is committed to net zero by 2040 (9). The company supports DEI within its business practices, employing a DEI leader (10). CAPCO supports DEI and ESG within its business practices. From its Gender Pay Gap Report 2025: “At Capco, Be Yourself At Work is one of our core values,and we believe that diversity, equity and inclusion powers innovation and creativity, and is the cornerstone of our success” (11). From its 2024 Sustainability Report: “Capco operates 35 leased offices globally. New offices are assessed against a series of ESG related requirements prior to being selected, including proximity to public transportation, renewable energy, and if the building has any green certifications” (12).

CAPCO’s HRC 2026 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits, lab monitoring, and mental health benefits. The company also covers at least five of the following services: reconstructive hair removal, cosmetic hair removal, tracheal shave or reduction, facial surgeries, voice modification surgery, voice modification therapy, lipoplasty or filling for body masculinization or feminization, and travel and lodging expenses. Additionally, the company has potentially pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (1)(2)(3)(4). The company’s HRC 2025 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (5)(6). CAPCO was a Brass sponsor of Out & Equal (7). The company is a partner of Out for Under Grad and Charta der Vielfalt (8). Otherwise, there are no publicly known cases of CAPCO using corporate funds to advance ideological causes, organizations, or policies (9).

CAPCO’s HRC 2025 CEI rating indicates the company publicly advocated for controversial sex and gender ideology through local, state or federal legislation or initiatives. By allowing a political stakeholder group to dictate operations, the company risks dividing employees, alienating customers and harming shareholders (1)(2). The company does not operate a PAC or engage in lobbying at this time (3)(4)(5).