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BlackRock Is 'Meeting Diversity Goals,' But Is The Company Struggling To Retain Black And Latinx Employees?

The question that is sure to come up when talking about an event is, “Who all gone be there?” While it’s typically asked in jest, it’s usually posed to determine if a person would want to attend the event or how long they should stay there. For the people at asset management firm BlackRock Inc., the answer to that question would not include a majority of Black and brown people. Bloomberg reported that Black and Latinx leaders are quitting rapidly, despite “meeting diversity goals.”

Apr 28, 2023

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: —...

Dec 15, 2020