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July 30, 2021, 7:43 a.m. EDT

Victoria's Secret parent L Brands to bolster corporate governance in settlement of stockholder derivative claims

L Brands Inc. said Friday it will invest $45 million over at least the next five years to implement a suite of corporate governance measures agreed to as part of a settlement of stockholder derivative claims. The parent of Victoria's Secret and Bath & Body Works, said changes include maintaining a Diversity, Equity and Inclusion council, bolstering policies and procedures for reporting and investigating sexual harassment claims and hiring a DEI consultant. The company is spinning of Victoria's Secret next week and the changes will apply both to that new company and Bath & Body Works Inc. The settlement was negotiated by a special board committee led by Sarah Nash, chair of the board. L Brands shares were down 0.6% premarket, but have gained 114% in the year to date, while the S&P 500 (S&P:SPX) has gained 17.7%.

Link to MarketWatch's Slice.