Exactly one year ago... George Floyd was murdered, leading to protests for racial justice across the US — and a nation-wide reckoning over race and policing. For corporate America, silence was no longer an option. From Apple's Tim Cook to Goldman's David Solomon, CEOs spoke about the need to better address racial disparities, both in society and in their own companies. Mentions of “systemic racism” at company events spiked to 300+ last quarter, up from nearly zero the year before. Now, we're looking at what companies have actually done.
Pledge vs. reality... Since Floyd’s death, American companies have pledged $50B to racial equity initiatives — Chase alone pledged $30B. Update: only ~$250M has so far been spent or committed to specific initiatives, according to Creative Investment Research. Pledges included donations to civil rights orgs, investments in communities of color, and internal diversity initiatives.
There's still much more to be done... One year in, corporate pledges are still mostly in progress — or haven't even begun. We can expect companies to update us on their commitments throughout the year. For example: Amazon pledged to double the number of Black leaders at the company to ~8% by the end of 2021. But it’s not just one-time commitments that will make a difference. Addressing systemic injustice requires sustained efforts. And corporations will likely be held increasingly accountable.