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Racial Equity in the workplace is more than just a “buzzword” for Coqual and their new initiative, the Black Equity Index (BEI) . It’s a legitimate metric that Coqual — who commissioned the Index — hopes will spark what they’re calling “systemic, sustainable change” in corporate America. Black men and women in corporate America are well aware of racial disparities in the workplace — and unfortunately, they aren’t strangers to being the “lonely only” in the boardroom. What the Black Equity Index — an independent and credible benchmark — hopes to do is “provide greater accountability for companies and their leadership teams,” with the proviso that they have tangible benchmarks to improve their equity efforts year over year. Coqual launches the Black Equity Index today! This new initiative is designed to drive systemic, sustainable change for Black professionals in the workplace. Learn more at https://t.co/3YbohPjOOn https://t.co/qgbeQBYWYN pic.twitter.com/LtdU6etGhW — Coqual...
Music mogul Sean “Diddy” Combs penned an open letter calling out corporate America, specifically General Motors (GM), for exploiting Black-owned media companies via his cable network’s entertainment and news site, REVOLT. In a letter titled, “If You Love Us, Pay Us,” Diddy exposes how corporations like General Motors falsely claim to support Black media companies like his own in an act that both robs them of advertising revenue and contributes to a history of systemic racism. “The same feet these companies use to stand with us in solidarity are the same feet they use to stand on our necks,” he writes, reports Blavity. The letter also calls additional attention to efforts from Byron Allen of Allen Media Group in which he and several other Black media companies took out a full page advertisement in the Detroit Free Press that directly blasted GM CEO Mary Barra for racism against said companies. While GM has claimed to be in support of companies like REVOLT, Diddy challenged that...
McDonald’s announced the appointment of Desiree Ralls-Morrison as its general counsel and corporate secretary, Ralls-Morrison most recently served as the general counsel and corporate secretary for the Boston Scientific Corporation for the past three years, and she previously served as general counsel of Johnson & Johnson’s consumer sector. Based at McDonald’s Chicago headquarters, Ralls-Morrison will oversee the company’s global legal operations and corporate governance. “McDonald’s role in communities is known throughout the world, and I am proud and humbled to be joining a company with such an immense impact,” Ralls-Morrison said in a statement. “The challenges are complex, but the opportunities are significant.” Ralls-Morrison’s work has always been rooted in helping communities thrive. She is a founding Member of The New Commonwealth Racial Equity and Social Justice Fund in Massachusetts and she previously served as a director for The Partnership, which helps boost minority...
Walgreens joins various companies in its latest effort to diversify their board. Starbucks Corp. operating chief Roz Brewer is set to be named Walgreens Boots Alliance Inc.’s new chief executive officer, according to inside sources, reports The Wall Street Journal. Once set in stone, the new appointment will reportedly make Brewer the only Black female leading a Fortune 500 company today. Brewer will replace CEO Stefano Pessina who mentioned that he would step down as the drugstore company’s CEO once they found a new leader. As regulators, investors and activists continue to push for more diversity in Corporate America, Brewer’s appointment comes just on the heels of Nasdaq’s prediction that proposed changes will continue to push for greater gender and racial diversity on the boards of publicly-traded companies listed on its exchange. Upon joining Starbucks’ board in 2017, Brewer became its chief operating officer later that year after she served as CEO of Sam’s Club, owned by...
Nasdaq Inc. — also known as the Nasdaq Stock Market — is sending a powerful message to Corporate America to push for more diversity. This past Tuesday, Nasdaq filed a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listing rules that would otherwise require listed companies on the U.S. stock exchange to show and prove some measure of diversity on its boards of directors, CNN reports. According to the company’s announcement, the new rules would also make it mandatory for listed companies to “have, or explain why they do not have, at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an underrepresented minority1 or LGBTQ+.” With this new proposal, Nasdaq is aiming to make the boardrooms at its 3,000-plus list of companies less white and male-skewed requiring them to hire directors that better reflect America’s diverse population. “This proposal and partnership gives companies an opportunity to...
Corporate and board diversity has been hot button topics for the last few months as people worldwide have demanded companies to make the necessary changes to increase Black and brown representation in leadership positions. As a result, Ursula Burns and Gabrielle Sulzberger as well as leading partners Teneo, the Ford Foundation, the Executive Leadership Council, and a group of founding parties have all banded together to launch the Board Diversity Action Alliance — a business-led initiative making strides to increase the representation of racially and ethnically diverse directors on corporate boards of directors, starting with Black directors, a press release reports . This initiative arrives just as conversations surrounding social justice continue to heighten, and is one of the nation’s first organizations to help dictate the racial makeup of a corporate board, according to Black Enterprise . “I truly believe this is a make or break moment for business and for society—driven by a...
Wells Fargo is back at it again with their antics when it comes to the bank’s stance on diversity. According to NBC News , Wells Fargo & Co-Chief Executive Charles Scharf infuriated some of his Black employees in a Zoom meeting when he doubled down on why the bank has had trouble reaching diversity goals. Per Reuters , two participants shared his response to the bank’s lack of diversity is because “there was not enough qualified minority talent.” Not only did he express such a horrible take during the Zoom meeting, but Scharf also reiterated himself in the company-wide memo on June 18 following the nationwide protests that erupted after the police murdered George Floyd. “While it might sound like an excuse the unfortunate reality is that there is a very limited pool of Black talent to recruit from,” said Scharf in the memo, seen by Reuters. Several Black senior executives across corporate America were frustrated by Scharf’s claims on the talent shortage, calling the refrain a huge...
As the U.S. finds itself in the midst of a social reckoning, employees in corporate America are demanding that companies across all industries address the uncomfortable reality of unfair work environments. For women in the workplace, data has shown them to be at the bottom of the totem pole when it comes to promotions, pay equity, and access to resources their male counterparts have. Of all the reports from within corporate America, what has become strikingly clear is that women of color and Black women, in particular, are having the worst experiences of them all. In honor of Black Women’s Equal Pay Day, this year LeanIn.Org — an organization that helps women achieve their ambitions and work to create an equal world — has published a new research report that speaks to “The State of Black Women in Corporate America.” Courtesy Photo The new report draws on several years of research conducted and compiled by LeanIn.Org and McKinsey & Company as well as data submitted by companies like...