BlackRock Inc. is breaking ranks with peers on Wall Street by doing a deep dive into its business to see how it may have contributed to racial inequities in the financial system. Airbnb, Facebook and Starbucks have . PDF board oversight of racial and ethnic diversity, equity and ... The research results could also have broader implications for promoting racial equity at a wide range of businesses, from financial investment programs and medical services to e-commerce platforms like eBay and Uber. The first major US company to undergo such third-party racial audit was Airbnb. The Board's Oversight of Racial and Ethnic Diversity, Equity, and Inclusion 3 rr-0238-107009-Racial and Ethnic Diversity.indd 3 07-Jul-21 1:42:26 PM Democrats Push 'Racial Equity Audits' To Cement Control of ... Faith-based investors persuade Tyson to conduct racial ... Starbucks and Airbnb performed such studies years before the police killing of George Floyd in Minneapoli­s put heightened focus on racial inequality. Murphy is a pioneer in the business of corporate racial equity audits, having conducted one for Airbnb back in 2016. This year, Amazon.com has appealed to the U.S. Securities and Exchange Commission to block a racial-audit proposal. Alphabet shareholder the Nathan Cummings Foundation this week filed a shareholder resolution seeking an independent racial equity audit that looks at the impact the company's products have on Black and Indigenous communities and other people of color. After its audit, Airbnb asked its . Equity auditors have made a killing from school districts that pay handsomely for consultants to revamp curricula. From the report: "A civil rights audit is an independent, systemic examination of significant civil rights and racial equity issues that may exist in a company and provides a plan of action to address those issues in a thorough, deliberate, timely, and transparent manner. BlackRock Breaks Wall Street Ranks With Planned Racial ... Democrats Push 'Racial Equity Audits' To Cement Control of ... Major corporatio ns, including Facebook and Airbnb, are increasingly turning to racial equity audits, which empower an outside expert steeped in debates around technology and racial inequalities . This year, Amazon.com has appealed to the U.S. Securities and Exchange Commission to block a racial-audit proposal. Tyson is at least the third major U.S. company to say this year that it will conduct an audit after racial-justice protests across the U.S. in 2020. The civil rights group Color of Change launched a petition last week to demand an independent racial equity audit of Google, saying an investigation by The Markup had revealed "heinous" and "unacceptable" practices by the company. Airbnb Inc. and Facebook Inc. have conducted such audits in recent years. As the result of the audits . A racial equity audit would follow the model of other large companies, where such reviews have already been conducted, including Facebook, Starbucks, and Airbnb. Starbucks's 'full-scale racial equity overhaul' will take more than an afternoon, outside review says A Starbucks in Brooklyn closed May 29 for employee diversity training. A Google Shareholder Presses Company to Launch a Racial ... During the most recent proxy season, investors for the first time used shareholder resolutions to call for such racial audits, leading Wall Street firms BlackRock Inc. and Citigroup Inc. to agree. Citi becomes first Wall Street bank to agree to racial audit Though trust is deeply broken right now, we know the private . Citi stated its intention to "becoming an antiracist institution" and recruited Covington & Burling for a racial equity audit. Last week, the Interfaith Center on Corporate Responsibility (ICCR), of which the PC(USA) is a member, announced it was withdrawing a proposal for Tyson's 2022 proxy after negotiations . Racial equity audits are the chief service offered by "diversity, equity, and inclusion" consultants, a cottage industry connected by a revolving door of Democratic staffers and funded by liberal donors. Starbucks Corp. followed with an audit by former . Following the audit at Facebook, the company . 2 A growing number of major public companies and institutional investors are recognizing the benefits of conducting racial equity audits.8 In the food and beverage sector, Starbucks published a Civil Rights Assessment in 2021 following controversies around implicit racial bias.9 Similar assessments have also been published by Facebook and Airbnb.10 Shareholder proposals on racial equity audits Starbucks, and Airbnb have conducted similar civil rights related audits. Conducted in alignment with Laura's report, the civil rights audit is a powerful tool toward rebuilding trust with workers and communities of color. Tyson Foods Inc., one of the meatpacker­s that came under fire during the height of the pandemic for its treatment of a largely minority workforce, will commission a detailed study to determine whether its practices contribute to . Shareholders called for one at the company's investor meeting earlier this year, but the bank (like its peers) told . Tyson Foods has plans to commission a detailed study to determine if the company's practices contribute to racial inequities. The accountability strategy is a relatively novel one, but it's caught on fast. PressReader. In explaining the about-face, Citi C, +1.22% executive vice president Edward Skyler wrote in a blog post that the bank needs to assess its efforts to close […] BlackRock said it will perform its audit next year. Companies including Airbnb Inc. and Facebook Inc. have taken similar steps in . A report out today from Laura Murphy explores why businesses should undertake civil rights audits — and what those audits should look like. • John P. Relman, a leading civil rights lawyer who worked on the Airbnb and Facebook civil rights audits, will discuss how companies can implement a racial equity audit from a products and services standpoint. SEIU Master Trust filed a shareholder resolution in 2021 at State Street requesting that they conduct a racial equity audit. Murphy is a pioneer in the business of corporate racial equity audits, having conducted one for Airbnb back in 2016. For example, Color Of Change pushed Airbnb to undergo a civil rights audit, and later partnered with the company on Project Lighthouse to root out the presence of discrimination on its app. Racial equity audits of corporations originated within the racial justice movement, with Color of Change successfully calling for and working with AirBnB to undertake an audit, led by an external expert and including extensive consultations with civil rights organizations, which translated to tangible improvements in Airbnb's business practices. 8 And recently, BlackRock and Morgan Stanley announced they would be conducting such an audit. Google Pressured on Racial Equity Audit After AI Ethics Collapse By . "By agreeing to a third-party racial equity audit, Citi is . Airbnb, Facebook, and . Racial equity audits have seen results. Racial equity audits are on the rise. Airbnb supports /dev/color, a non-profit organization dedicated to advancing the careers of black software engineers through community support. Airbnb, Facebook, and Starbucks have all performed audits in the past three years. . Many boards are having heated debates on how to promote racial equality and equity. BlackRock is conducting one, and Citi announced its commitment to "becoming an antiracist institution" and retained Covington & Burling for a racial equity audit after pressure from SOC Investment . I believe racial equity audits can be a critical tool for companies to address the risks and opportunities posed by civil rights, equity, diversity and inclusion-related issues. Importance of Racial Equity Audits. After the audit at Facebook, the company hired . Color of Change, which previously partnered with Airbnb to consult on its audit, recently launched a petition calling for Google to conduct a racial equity audit after a series of events . (An Rong Xu for . Airbnb, Facebook, and Starbucks all conducted audits in the last three years. A year after the racial justice protests and the murder of George Floyd, we are calling on corporations to share what they have done to make good on their public statements to work toward racial equity for Black people. Murphy is a pioneer in the business of corporate racial equity audits, having conducted one for Airbnb back in 2016. Racial equity audits are the chief service offered by "diversity, equity, and inclusion" consultants, a cottage industry connected by a revolving door of Democrat staffers and funded by liberal donors. Companies like Starbucks and Airbnb have incorporated the audit into their regular risk oversight work either through formal reports or continued relationships with their auditors and stakeholders, . In 2016, Airbnb became the first corporation to perform a third-party racial audit after people of color said they were discriminated against as guests. Citi stated its intention to "becoming an antiracist institution" and recruited Covington & Burling for a racial equity audit. Importantly, the proposals encourage an internal and external review, looking at human capital management but also the products and services companies offer, along with their philanthropic and political contributions. In recent years, Color of Change and other civil rights groups have successfully pushed for independent racial equity audits at Facebook and Airbnb. Tyson will commission audit on racial equity after outcry 2021-12-11 - By Saijel Kishan and Michael Hirtzer . A Racial Equity Audit Would Provide an Independent, . "Our work is nowhere near done, but the civil rights audit was a critical first step," Airbnb CEO Brian Chesky says in the framework released today. A similar resolution filed with Wells Fargo & Co. garnered 13% of votes, the least among the companies so far. Murphy, a civil rights and civil liberties leader, and a recipient of the Hubert H. Humphrey Civil and Human Rights Award, draws from her experience leading audits at Airbnb and Facebook, which resulted in meaningful changes at those companies. In particular, by conducting matched-pair audit testing of large-scale hosts who rent out many units, Airbnb could decrease the burden on victims of discrimination both to know that they have been victimized and to navigate the . After its audit, Starbucks began requiring implicit bias training, setting corporate diversity goals, among other efforts in response to an incident that led to the wrongful arrests of two Black . Airbnb, Facebook, and Starbucks all conducted audits in the last three years. . Color of Change's push for Google to conduct a racial equity audit comes after successful demands for such audits at Facebook and Airbnb. 9 The lender has said it hired a third party to conduct a human-rights assessment, which includes a focus on racial equity, and will . Color of Change, which previously partnered with Airbnb to consult on its audit, recently launched a petition calling for Google to conduct a racial equity audit after a series of events . What's next: Citigroup said last week it will undergo a racial equity audit. Through Murphy's direct input and guidance from civil . A racial equity audit is the first step to safeguard against further harm and it's also the smart thing to do. She also conducted Facebook's audit and previously spent 17 years leading the ACLU's Washington Legislative Office. During the most recent proxy season, investors . Catalog; For You; Pittsburgh Post-Gazette. In 2016, Airbnb partnered with the Color of Change to launch a three year review of the company's platform and . Increase Transparency by conducting a racial equity audit, . Here's what the trend could mean for your business. . Murphy first ventured into corporate audits in 2016 as a consultant for Airbnb, the short-term rental hub. The pressure campaigns on major companies have already paid off. One element of this debate centers on performing racial equity audits, and not every organization is taking the same path, Bloomberg reports. After its audit, Airbnb asked its users to accept a nondiscrimination agreement to help prevent unfairness to people of color on its platform. Color of Change is continuing to hold corporations accountable for hypocritical activism and demanding they move #BeyondTheStatement and act now. Amazon and Facebook have also hired former Democratic officials for prominent positions. She also conducted Facebook's audit and previously spent 17 years leading the . After it declared support to Black people and a $100 million financial pledge to Black creators , Google blocked companies from using terms including "Black lives matter" in their advertisements. The Proposal asks Citigroup to conduct a "racial equity audit." The text of the resolution reads: RESOLVED: that shareholders of Citigroup Inc. ("Citi") urge the Board of Directors to oversee a racial equity audit analyzing Citi's adverse impacts on nonwhite stakeholders and communities of color. Goldman, Citi Stave Off Investor Calls for Racial Audits. Initial calls for racial audits at Wall Street banks and other corporations were rejected by shareholders, but support was high enough that companies are likely to face increased pressure to agree . Airbnb and Starbucks conducted such studies several years ago, before the police killing of George Floyd in Minneapolis put heightened focus on racial inequality. Racial Equity Audits on the Rise Pressure mounts for independent reviews for discrimination. An independent group will carry out an equity audit of the nation's . Airbnb Inc. and Starbucks Corp. conducted such studies several years ago, before the police killing of George Floyd in Minneapolis put heightened focus on racial inequality. ET First Published: June 10 . In recent years, Color of Change and other civil rights groups have successfully pushed for independent racial equity audits at Facebook and Airbnb. In recent years, Color of Change and other civil rights groups have successfully pushed for independent racial equity audits at Facebook and Airbnb Inc. From MarketWatch: Citigroup Inc., which had urged its shareholders to reject a resolution calling for a racial-equity audit earlier this year, announced Friday that it has reversed course. In 2018, Color Of Change successfully pressured Facebook into agreeing to its first-ever . • Cyrus Mehri, founding partner of Mehri . The world's largest money manager plans to undergo an independent racial audit of its operations, following a request from a shareholder. Hear from: • Thomas DiNapoli, New York State Comptroller who will describe the importance of Amazon conducting a racial equity audit. Airbnb, Facebook, and Starbucks have all performed audits in the past three years. . A civil rights audit, with a deep focus on racial equity in line with Laura's robust recommendations, is the right starting place. The audits are important to help hold the companies . As corporate America does its own soul searching about its role in perpetuating racial disparities, veteran civil rights leader and policy strategist Laura Murphy has pioneered a useful tool: the corporate civil rights audit. . . She also conducted Facebook's audit and previously spent 17 years leading the ACLU's Washington Legislative Office. we have seen many companies use this critical tool, including Facebook, Starbucks, and Airbnb. In 2016, Airbnb was the first company to do a third-party racial audit after people of color said they were discriminated against as guests. The resolution did not get a majority vote but garnered support from . Airbnb has consistently engaged in fighting bias and discrimination on its platform since 2016, after its first civil rights audit, authored by Laura Murphy, former Director of the American Civil Liberties Union's Washington Legislative Office and President of Laura Murphy & Associates. Naomi Nix +Follow. Color Of Change has witnessed firsthand the positive outcomes of racial equity audits, such as when Airbnb collaborated with us. (Bloomberg) -- Initial calls for racial audits at Wall Street banks and other corporations were rejected by shareholders, but support was high enough that companies are likely to face increased pressure to agree to future reviews. In letter to partners , ceo Kevin Johnson outlined new commitments the company will make to elevate inclusion, diversity, and equity on behalf of partners (employees) and the . where the board recommends that shareholders vote against the racial equity audit proposal. related to racial and ethnic diversity, equity, inclusion and justice. The Level Playing Field Institute is devoted to building greater diversity by improving civility, fairness and opportunity in workplaces. Amazon and Facebook have also hired former Democratic officials for prominent positions. The report draws a clear distinction between diversity, equity and inclusion initiatives and civil rights audits. Today Starbucks shared next steps it's taking to advance racial and social equity as part of its ongoing journey to create a welcoming and inclusive Third Place. The bank said the audit will focus on its 2020 commitment to dedicate $1 billion toward initiatives it hoped would help close the persistent racial wealth gap in the U.S., where the average net . LEXINGTON, Kentucky — The Presbyterian Committee on Mission Responsibility Through Investment (MRTI) is part of an investors group that successfully persuaded Tyson Foods to conduct a racial equity audit. The . A report on the audit… should be publicly disclosed on [Bank of America's] website.' In its supporting statement, CtW Investment Group says: 'A racial equity audit will help [Bank of America] identify, prioritize, remedy and avoid adverse impacts on non-white stakeholders and communities of color. In April, Color Of Change demanded Google undergo a racial equity audit following years of racial injustice and systemic discrimination. The group cited our findings that Google Ads blocks advertisers from targeting YouTube videos related to "Black Lives Matter" and other racial justice . these audits (Airbnb, Facebook, and Starbucks) and is informed by the views of over 30 civil rights, worker rights, and shareholder advocacy organizations. A growing number of major public companies and institutional investors are recognizing the benefits of conducting racial equity audits.9 Companies like Facebook, Airbnb, Starbucks, and BlackRock have published or committed to publish audits.10 Shareholder proposals on racial equity audits are receiving significant support, including 44% . In 2016, Airbnb was the first company to do a third-party racial audit after . More than 25% of Bank of America Corp. 's shareholders supported a proposed racial-equity audit. BlackRock is conducting one, and Citi announced its commitment to "becoming an antiracist institution" and retained Covington & Burling for a racial equity audit after pressure from SOC Investment . Racial equity audits are the chief service offered by "diversity, equity, and inclusion" consultants, a cottage industry connected by a revolving door of Democratic staffers and funded by liberal . Story continues After its audit, Airbnb asked its users to accept a nondiscrimination agreement to help prevent unfairness to people of color on its platform. Shareholders now have an opportunity at the upcoming annual meeting to break from Alphabet by voting in favor of the independent racial equity audit proposal and to make a firm commitment towards racial justice. Some, including Starbucks, Facebook and AirBnB, have already commissioned racial equity audits. The racial-justice organization Color of Change has also given the resolution its stamp of approval. Starbucks Corp. followed with an audit by former Attorney General Eric Holder following a 2018 incident where employees at one of its locations called the police on two Black patrons who were waiting for a . The group has previously urged Google to conduct a racial-equity audit. She also conducted Facebook's audit and previously spent 17 years leading the . April 27, 2021, 6:00 AM EDT Color of Change blasts company over bias, hate on YouTube "Although Airbnb's policy change is a positive step, the company must do more to truly advance racial equity. Tyson is at least the third major U.S. company to say this year that it will conduct an audit after racial-justice protests across the U.S. in 2020. the nonprofit organization that lobbies for racial justice and pressed Airbnb and Facebook to conduct . Airbnb and Twitter Share Strategies for Achieving Racial Equity Posted on July 5, 2020 by 366 Technology Like just about every other industry, tech has felt the glare of the anti-racism spotlight following the killings of George Flloyd, Breonna Taylor, Rayshard Brooks, and others in the Black community. The pressure campaigns on major companies have already paid off. In 2016, Airbnb became the first corporation to perform a third-party racial . RELATED: Racial equity audits are rising. Airbnb Inc. and Starbucks Corp. conducted such studies several years ago, before the police killing of George Floyd in Minneapolis put heightened focus on racial inequality. Murphy is a pioneer in the business of corporate racial equity audits, having conducted one for Airbnb back in 2016. The proposal is emblematic of new requests from shareholders calling for more transparency on tech companies' impact on society and workers that Rich IPO paydays for Airbnb, DoorDash CEOs lead influential advisory firms to target execs at their first shareholder meetings Last Updated: June 12, 2021 at 3:29 p.m. In 2016, Airbnb was the first company to do a third-party racial audit after people of color said they were discriminated against as guests. "If other companies invest in building similar race-blind algorithms, that may even the playing field for users," Zhang says . Following the audit at Facebook, the . Here's what businesses should know. Airbnb, Facebook, and Starbucks all conducted audits in the last three years. Auditors with civil rights expertise will assess a company's business . Airbnb, for instance, announced a new policy in 2016 following an audit that would require the company to help any guests who report discrimination find another place to stay.

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