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Majority Action, SEIU Release First-Ever Report on Asset Manager's Voting Power Over Corporate Action & Racial Injustice

The 2020 summer of racial reckoning evoked a massive wave of corporate statements acknowledging the global issue of systemic racism and their social responsibility to hold themselves accountable for it. In addition to these corporate companies, asset managers — whose job it is to manage the retirement savings of millions of Black and brown workers — also hold a weighted responsibility to assist in removing systemic racism from our economic system. Today, nonprofit org Majority Action and the Service Employees International Union (SEIU) released Equity in the Boardroom — the first-ever comprehensive report to reveal how “business as usual” proxy voting from asset managers has shaped the nature of corporate action as it relates to racial justice in 2020. NEW REPORT with @SEIU : @BlackRock and @Vanguard_Group voted to undermine shareholder efforts for racial equity, despite public statements in support of racial justice. More: —...

Njera Perkins

Dec 15, 2020