Google has blocked companies from using racial justice, Alphabets business practices are enabling racism and discrimination, posing legal, financial, and reputational risk., Shareholder proposal requesting additional reporting on lobbying, Item 9, Shareholder proposal requesting additional reporting on gender/racial pay, Item 11, Shareholder proposal requesting a report on customer due diligence, Item 5, Shareholder proposal requesting a report on customer use of certain technologies, Item 13, A Racial and Gender Board Diversity Report, Item 7, A report on Respecting Indigenous Peoples Rights, Item 8, Shareholder proposal relating to a racial equity audit, Item 7, Shareholder proposal relating to insuring law enforcement, Item 8, Shareholder proposal relating to lobbying, Item 4, Shareholder proposal regarding political contributions congruency analysis, Item 7, Shareholder proposal regarding gender and racial equity on the board of directors, Item 8, Shareholder proposal regarding racial equity audit, Item 10, Stockholder proposal regarding a lobbying report, Item 5, Stockholder proposal regarding a racial equity audit, Item 9, Stockholder proposal regarding a report on concealment clauses, Item 10, Stockholder proposal regarding a human rights assessment of data center siting, Item 13, Stockholder proposal regarding a report on data collection, privacy, and security, Item 14, Stockholder proposal regarding algorithm disclosures, Item 15, Stockholder proposal regarding misinformation and disinformation, Item 16, Stockholder proposal regarding a report on external costs of disinformation, Item 17, Stockholder proposal regarding a report on board diversity, Item 18, Stockholder proposal regarding the establishment of an Environmental Sustainability Board Committee, Item 19. 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, available at https://www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO. [55], Some companies have independently engaged in Racial Equity Audits or similar internal reviews, usually in response to external pressures. The proxy advisory firms level of guidance may take varying formsat the low end, proxy advisory firms may increase a companys ESG or corporate governance score for having in the past or recently conducted a Racial Equity Audit. https://www.sec.gov/rules/final/34-40018.htm (citing Reebok Intl Ltd. (Mar. However, on August 6, 2021, the SEC approved new listing rules proposed by The Nasdaq Stock Market LLC (Nasdaq) requiring each Nasdaq-listed company to disclose certain information about the diversity of its board of directors and generally include a minimum number of members of its board of directors who are Diverse (as defined within the new listing rules). 20091 (August 16, 1983)). Racial Equity Audit proposals are intended to provide an independent, objective review of the corporations' effectiveness at combating systemic racism, a review that would benefit all stakeholders, including shareholders. (go back), 122NYS Comptroller DiNapoli Statement on Major Support for Racial Equity Audit at Amazon, Office of the New York Comptroller, May 28, 2021, available at https://www.osc.state.ny.us/press/releases/2021/05/nys-comptroller-dinapoli-statement-major-support-racial-equity-audit-amazon. In August 2021, a National Labor Relations Board hearing officers report on a union election there found that the company committed multiple violations of employees rights. And the same study found that white Airbnb hosts in Black neighborhoods earned an estimated $160 million, compared to only $48 million earned by Black hosts. Not only are Racial Equity Audits designed to help inform investors about their current and future investments from a social and financial perspective, but are also intended to help companies craft their policies and practices to achieve their social justice goals. [18] Concurrently with shareholder activists nominating an increasing number of diverse director candidates, the voting policies of many institutional investors, such as BlackRock, Inc. (BlackRock), have been updated to reflect a desire to enhance boardroom diversity, [19] as have the voting guidelines of many prominent proxy advisory firms, such as ISS. These companies have asserted that they disagree with the approach of Racial Equity Audit proposals, but are aligned with [their] stated goal of addressing racial inequity in the financial sector. [96], For example, the board of directors of Citi recommended a vote against the Racial Equity Audit proposal included in its 2021 proxy statement, noting that [a]s recently as September 2020, Citi released a 104 page report on the economic cost of Black inequality in the United States titled Closing the Racial Inequality Gaps, and said its efforts on these issues are available to the public. What Makes Patagonia A World Leader in Sustainability, Medium, Tom & Jerry, January 13, 2021, available at https://medium.com/climate-conscious/what-makes-patagonia-a-world-leader-in-sustainability-486073f0daa. Citigroup Inc. (Citi), Wanted "no action" relief of the Securities and Exchange Commission to exclude the requests from its 2021 proxy statements, a request which was denied. [134] ISS will use the results from its Annual Benchmark Policy Survey as a key component of ISS annual policy development process to assess potential policy changes across regions and markets for 2022 and beyond. [135] While ISS has largely appeared hesitant to support Racial Equity Audits in the circumstances presented in the 2021 proxy season, the results from its Annual Benchmark Policy Survey could change its future guidance and recommendations on such audits. called upon to navigate the challenges presented by climate change, racial injustice, economic inequality, and numerous other issues that are fundamental to the success and sustainability of companies, financial markets, and our economy. [72] After the May 2020 killing of George Floyd, 66% of S&P 500 companies posted statements on their websites or social media accounts, 36% made financial contributions to racial justice organizations and 14% stated in their communications that Black Lives Matter. [73] While it has been observed that these companies were quick to issue statements supporting Black Lives Matter and promis[ed] to do more to be responsive to non-white consumers, employees and communities, [74] most companies on the receiving end of a Rule 14a-8 proposal to implement a Racial Equity Audit have actively resisted such proposal by seeking no-action relief from the SEC to exclude the proposal from their 2021 proxy statements, negotiating with proponents to withdraw their proposals, and, when the company had been unsuccessful with the foregoing, recommending that shareholders vote against the proposals. All Homes and Experiences referenced on the Airbnb Newsroom are intended purely to inspire and illustrate. BlackRocks response to the Racial Equity Audit proposal that SEIU submitted for inclusion in its proxy statement was an outlier among the other financial and asset management firms that faced similar proposals. (go back), 108Amazon No-Action Letter, supra note 83. [52] Practitioners also stress the importance of identifying and engaging the process owners (e.g., the Chief Executive Officer, Chief Legal Officer or Chief Diversity, Equity and Inclusion Officer) as the persons who will actually drive the implementation of recommended initiatives. Silicon Valley has a long way to go to constructively engage with civil rights groups by proactively, not reactively, seeking out our expertise to build platforms that serve Black people instead of harming us. What's more, BlackRock, Morgan Stanley, and Citigroup have conducted . According to Laura Murphy, a prominent civil rights leader and civil rights auditor, a civil rights audit is an independent, systematic 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. Companies and in turn shareholders face significant risks if civil rights problems are not remedied, including reputational, regulatory, and litigation risks. We anticipate greater interest in Racial Equity Audits and similar initiatives in the upcoming proxy season and accordingly believe companies will be pushed to critically and objectively examine their current internal practices and policies relating to equity and inclusion to identify areas in need of improvement. BlackRock has 'broken ranks' with Wall Street by conducting a racial equity audit in the financial world, and Citigroup and Morgan Stanley have now followed suit, despite initially urging shareholders to reject the audit proposals. (go back), 73As You Sow: Racial Justice, available at https://www.asyousow.org/our-work/social-justice/racial-justice. (go back), 116See How Amazons Emissions are Hurting Communities of Color, Amazon Employees for Climate Justice, May 26, 2020, available at https://amazonemployees4climatejustice.medium.com/environmental-justice-and-amazons-carbon-footprint-9e10fab21138; Amazon workers demand end to pollution hitting people of color hardest, NBC News, April Gleiser and Leticia Miranda, May 24, 2021, available at https://www.nbcnews.com/tech/tech-news/amazon-shareholders-demand-end-pollution-hitting-people-color-hardest-n1268413. (go back), 66Bank of America Corporation, 2021 Notice of Annual Meeting and Proxy Statement, Schedule 14A, filed with the SEC on March 8, 2021, available at https://about.bankofamerica.com/annualmeeting/static/media/BAC_2021_ProxyStatement_ADA.612694a6.pdf. [95], Companies Recommended Voting Against Racial Equity Audit Proposals. (go back), 50Webinar, Pamela Coukos, Co-Founder of Working Ideal, supra note 23; supra note 27. https://www.sec.gov/news/public-statement/lee-climate-change-disclosures, https://www.sec.gov/news/public-statement/coates-esg-disclosure-keeping-pace-031121, https://www.activistinsight.com/wp-content/uploads/dlm_uploads/2021/06/InsightiaESGActivism-1.pdf?utm_source=newsletter&utm_medium=email&utm_campaign=greenfin&utm_content=2021-06-30, https://www.trilincglobal.com/what-is-esg/, https://www.businessinsider.com/patagonia-mission-environmentalism-good-for-business-2018-12, https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf, https://www.issgovernance.com/file/policy/active/americas/US-Voting-Guidelines.pdf, https://www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO, https://www.socinvestmentgroup.com/critical-tool-for-shareholders, https://www.bloomberg.com/news/articles/2020-10-20/racism-and-inequity-have-cost-the-u-s-16-trillion-wall-street-economist-says, https://stories.starbucks.com/uploads/2020/02/Starbucks-Civil-Rights-Assessment-2020-Update.pdf, https://www.forbes.com/sites/korihale/2021/01/20/starbucks-steps-up-its-racial-justice-outreach-with-100-million-pledge/?sh=53b94b63389c, https://www.npr.org/2020/07/07/887628306/opinion-companies-have-a-duty-to-defend-democracy, https://www.mckinsey.com/~/media/mckinsey/business%20functions/organization/our%20insights/delivering%20through%20diversity/delivering-through-diversity_full-report.ashx, https://www.nerdwallet.com/article/investing/best-esg-funds, https://about.fb.com/wp-content/uploads/2020/07/Civil-Rights-Audit-Final-Report.pdf, https://www.forbes.com/sites/bhaktimirchandani/2021/06/28/what-you-need-to-know-about-the-2021-proxy-season/?sh=2e475fae7f5e, https://content.irmagazine.com/story/ir-magazine-summer-2021.pdf, https://about.bankofamerica.com/annualmeeting/static/media/BAC_2021_ProxyStatement_ADA.612694a6.pdf, https://www.sec.gov/Archives/edgar/data/831001/000120677421000735/citi3828191-def14a.htm, https://exchange.iccr.org/node/88686/text, https://www.sec.gov/Archives/edgar/data/0000019617/000001961721000275/a2021proxystatement.htm, https://www.sec.gov/news/speech/lee-climate-esg-board-of-directors, https://www.asyousow.org/our-work/social-justice/racial-justice, https://news.yahoo.com/big-us-companies-pushed-tally-014418300.html, https://news.bloomberglaw.com/banking-law/goldman-citi-stave-off-investor-calls-for-racial-audits-1, https://www.govinfo.gov/content/pkg/FR-1998-05-28/html/98-14121.htm, https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2021/ctwcitigroup022621-14a8.pdf. It will not happen overnight. While we witnessed an increase in shareholder proposals related to Racial Equity Audits in the 2021 proxy season, all such proposals were either withdrawn or defeated. [65] Certain of these racial justice proposals submitted by shareholders included proposals calling for Racial Equity Audits. [69], Proponents contend that Racial Equity Audits would help public companies identify, prioritize, remedy and avoid adverse impacts on nonwhite stakeholders and communities of color [70] and would help a companys board of directors assess such companys behavior through a racial equity lens in order to obtain a complete picture of how it contributes to, and could help dismantle, systemic racism. [71]. BlackRock opposed nearly all shareholder proposals directly addressing racial justice issues, including two proposals at Amazon seeking disclosure regarding hate-promoting products and effects of its facial recognition technology on people of color. The findings will inform the creation and updates of tools and policies to help combat racial discrimination and bias that Black users and other people of color have faced when using Airbnb. (go back), 4ESG investing: Discover funds that reflect what matters most to you, The Vanguard Group, Inc., available at https://investor.vanguard.com/investing/esg/. The audit featured three reports and extensive interviews with hundreds of civil rights organizations and . (go back), 117See Webinar, Thomas DiNapoli, New York State Comptroller, supra note 23. 1 launched a proxy campaign in December 2020 to effect change on Exxons board of directors. [68] Several of the supporting statements for Racial Equity Audit proposals stated that: High-profile police killings of black peoplemost recently George Floydhave galvanized the movement for racial justice. Most recently in 2020, Airbnb launched Project Lighthouse, an initiative to uncover, measure, and overcome discrimination during the Airbnb booking process. [34]. The banks are fighting back., Markets Insider, Marguerite Ward, April 7, 2021, available at https://markets.businessinsider.com/news/stocks/bank-leaders-buck-shareholder-call-third-party-racial-equity-audit-2021-4 (We believe our progress on the issue of racial equality, and our regular reporting of that progress, make the proposals requested audit unnecessary, a Bank of America spokesperson told Insider.). Using Racial Equity Audits, a company is given a comprehensive report on their standing regarding how they uphold said regulations. The Sustainable Investments Institute reports that 28 shareholder proposals dealing with racial justice had been included in proxy statements filed with the SEC as of April 27, 2021. The following proposals will be put to shareholders at its May 25, 2022 annual meeting: Atlanta-based Home Depot, the largest home improvement retailer in North America, faced a shareholder proposal in 2021 that requested a political contributions congruency analysis. where the board recommends that shareholders vote against the racial equity audit proposal. Amongst the various ESG developments gaining traction in the markets is the recent push by shareholders for companies to conduct Racial Equity Audits, which generally consist of an objective investigation into a companys practices, policies and histories to determine such companys impact on social issues and areas for improvement. All rights reserved. (go back), 75Goldman, Citi Stave Off Investor Calls for Racial Audits (1), Bloomberg Law, Saijel Kishan and Jeff Green, April 29, 2021, available at https://news.bloomberglaw.com/banking-law/goldman-citi-stave-off-investor-calls-for-racial-audits-1. (go back), 128SEIU and Change to Wins investment funds pushing for racial diversity in financial institutions, available at https://www.seiu.org/blog/2021/4/seiu-and-change-to-wins-investment-funds-pushing-for-racial-diversity-in-financial-institutions. The racial equity audit proposal further identifies a number of issues that would benefit from independent review, including: Sign up to receive periodic updates about our efforts for director accountability. There are three essential features of an effective racial equity audit: The audit should be independent, and conducted by a firm with civil rights expertise; There must be robust stakeholder engagement to uncover issues across a company's products and services, workforce practices, and corporate policies; and. In 2016, this team launched the Airbnb Community Commitment, a prompt that asks Airbnb users to treat all people on the platform with respect, and without judgment or bias. Only those who accepted the commitment were allowed to continue using Airbnb. Like the other companies that received shareholder proposals on Racial Equity Audits in the 2021 proxy season, SEIUs proposal urged BlackRock to assess its behavior through a racial equity lens to identify how it contributes to systemic racism, including where its stated values are misaligned with the impact of its actions. Recently, investors and companies have also begun to appreciate that positive financial returns are often associated with investing in initiatives working towards racial equality. (go back), 24Heres What Companies Are Promising to Do to Fight Racism, The New York Times, Gillian Friedman, August 23, 2020, available at https://www.nytimes.com/article/companies-racism-george-floyd-protests.html. In the meantime, on November 9, 2020, the Securities and Exchange Commission (SEC) announced the issuance of new final rules that expanded human capital management disclosure requirements applicable to SEC reporting companies. Even with an increase in the number of shareholder proposals requesting Racial Equity Audits, it is possible that companies may not adopt them as quickly or as widely as the public and/or certain legislative bodies would prefer. Kellogg Foundation has found that [b]y 2050, our country stands to realize an $8 trillion gain in GDP by closing the U.S. racial equity gap. [28]. (go back), 22Supra note 10. [20] State governments have also codified ESG initiatives into lawCalifornia leading the charge with the passage of Senate Bill 826 and Assembly Bill 979, which require a certain percentage of directors on the boards of public companies headquartered in the state be composed of females and individuals from underrepresented communities. Our team was very intentional, she explained. [23] In the aftermath of the killing of George Floyd in May 2020 and the subsequent civil rights movement and unrest, many companies announced a number of initiatives and measures to address social justice issues, including committing financial resources and reviewing their own policies and practices. . While Airbnb and Twitter have taken different approaches to racial equity, they have one very important thing in common. The data collected in the United States for Project Lighthouse will be handled in a way that protects peoples privacy and be used exclusively for anti-discrimination work. (go back), 25Remarks by New York State Comptroller Thomas P. DiNapoli at SEIU Capital Stewardship Program and CtW Investment Group Webinar Entitled Racial Equity Audits: A Critical Tool for Shareholders, NYS Comptroller, Thomas P. DiNapoli, April 13, 2021, available at https://nyscomptroller.medium.com/remarks-by-new-york-state-comptroller-thomas-p-397b006d1d5c. Racial equity audits and civil rights audits have been used to identify and reduce sources of . News, John Biers, May 22, 2011, available at https://news.yahoo.com/big-us-companies-pushed-tally-014418300.html. Alleged retaliation against employees who raise issues of discrimination. In this way legislatures and/or regulatory authorities have the ability to serve as the catalyst for change and wider-reaching adoption by forcing companies that might have been unlikely or slow to act on their own to adopt such policies. As discussed further below, several financial institutions, including Citi, JPMorgan Chase & Co. and Goldman have resisted shareholder proposals requesting Racial Equity Audits, stating that they would either fold such measures into their existing human rights assessments or that they didnt believe it was the appropriate time for such an endeavor. ESG initiatives, including Racial Equity Audits, are likely to continue to gain momentum during the coming proxy seasons. However, not all companies have been as eager and willing to comply with these requests. [112], In a webinar hosted by CtW, Comptroller DiNapoli explained the importance of racial equity at Amazon and why shareholders should vote in favor of the proposal, and argued that racial inequity is harming the United States economy. [113] DiNapoli argued that the pattern and magnitude of issues repeatedly facing the company demonstrate a need for a more in-depth review . The audits are conducted by third-party groups, which analyze companies' business modelsfrom policies to products and servicesto determine whether they cause, reinforce, or perpetuate. [48] New York State Comptroller Thomas F. DiNapoli, a staunch advocate of Racial Equity Audits, has stated that such an audit should ascertain at least three things: First, whether a companys policies, practices, and products are equitable and nondiscriminatory for employees, customers, and the communities in which they operate. As the area develops (and if more companies voluntarily implement these audits), Racial Equity Audits could become viewed as good corporate governance, particularly if top proxy advisory firms issue official guidance supporting the implementation of such audits. The policy asks hosts to treat guests with respect and without judgment or bias based on factors like race. (go back), 85See Amazon No-Action Letter, supra note 83. At the higher end, proxy advisory firms may offer official guidelines on what they believe are minimum actions a company should take with respect to Racial Equity Audits in order to receive the advisors support. A racial equity or civil rights audit is typically an independent analysis, usually conducted by a law firm and/or a consultant, that examines whether a company's policies, practices, products or services are equitable and non-discriminatory for key stakeholders, such as customers and employees Companies that dismiss these concerns or lag behind their peers in addressing ESG matters may find themselves in the crosshairs of investors and proxy advisory firms, or even state legislatures and federal agencies. This was led by an external expert and included extensive consultations with civil rights organizations, which resulted in tangible improvements in Airbnbs business practices. Trilinc Global, November 4, 2013, available at https://www.trilincglobal.com/what-is-esg/. [13] Recently, however, activists have begun to realize that social and environmental issues can also impact their investments, in both negative and positive ways. Some studies have shown that promoting racial justice can increase profitability and competitive advantage. [39] A study by McKinsey & Company found that implementing or improving racial justice policies can positively affect a companys bottom line. That movement, together with the disproportionate impacts of the COVID-19 pandemic have focused the attention of the media, the public and policy makers on systemic racism, racialized violence and inequities in employment, health care, and the criminal justice system. Facebook, Inc. (Facebook) also conducted its own version of a Racial Equity Audit in 2018. (go back), 131BlackRock pledges to conduct a racial audit of its business, Fortune, Marco Quiroz-Gutierrez, April 6, 2021, available at https://fortune.com/2021/04/06/blackrock-racial-audit-corporate-diversity-inclusion-race-at-work/. Civil rights advocates and proponents of social justice have long touted the moral and ethical considerations of closing the racial divide in America. Airbnb also consulted with Antony Haynes, Associate Dean of Albany Law School and Director of CyberSecurity and Privacy Law, and Cathy ONeil and Jacob Appel, of algorithmic auditing consultancy ORCAA. 1What is ESG?, ADEC Innovations ESG Solutions, available at https://www.esg.adec-innovations.com/about-us/faqs/what-is-esg/. [15] As discussed in more detail below, a companys performance on ESG factors, such as investment into renewable energy, promotion of employee health and safety and contributions to the local community, are pressing issues that can either benefit or adversely affect a companys perception in the public eye, operational execution and bottom line. In a world where we have seen data and technology used to foster discrimination, we are pleased to see Airbnb use them to fight bias on its platform. (go back), 32Webinar, Pamela Coukos, Co-Founder of Working IDEAL, supra note 23. (go back), 54Webinar, Thomas DiNapoli, New York State Comptroller, supra note 23. Restoration: The Role Stakeholder Governance Must Play in Recreating a Fair and Sustainable American EconomyA Reply to Professor Rock, https://www.esg.adec-innovations.com/about-us/faqs/what-is-esg/, https://investor.vanguard.com/investing/esg/, https://www.issgovernance.com/library/esg-matters-part-ii/, https://www.sec.gov/rules/final/2020/33-10825.pdf, https://corpgov.law.harvard.edu/2021/02/06/new-human-capital-disclosure-requirements/. (go back), 43Webinar, Vivian Gray, SEIU Pension Fund Trustee, supra note 23. The good news is that some tech companies have been promoting racial equity and justice long before these latest protests and the tragedies that inspired them. Civil rights advocates notched a victory this week by securing a commitment from e-commerce giant Amazon to conduct a racial equity audit, a step they say is crucial toward ensuring that. 25 percent representation of people of color on the board, far higher premiums for auto insurance in Black neighborhoods as opposed to white neighborhoods, lower payouts in homeowner insurance claims for Black neighborhoods, identifying officers engaged in risky policing behaviors and pricing them out, largest home improvement retailer in North America. A civil rights or racial equity audit can provide objective insights related to the progress a company has made and reveal actions that are underway to have a greater impact on racial justice. [22]. AI could help you next time. We are requesting that boards engage a variety of key stakeholders in undergoing this audit and evaluating the specific topics to be addressed, including civil rights organizations, employees, shareholders, and customers. [105] Comptroller DiNapoli was joined by other Amazon shareholders [106] in requesting Amazons board of directors to commission a Racial Equity Audit that would analyze two main issues: (1) Amazons impacts on civil rights, equity, diversity, and inclusion, and (2) the impacts of those issues on Amazons business. [107] In response, Amazon sent a letter to the SEC seeking to exclude the proposal from its 2021 proxy materials. Shareholders face significant risks if civil rights organizations and, November 4,,! Proxy campaign in December 2020 to effect change on Exxons board of directors its own version of a Equity., Morgan Stanley, and Citigroup have conducted in 2018 SEC seeking to exclude the proposal from its 2021 materials! Three reports and extensive interviews with hundreds of civil rights problems are not remedied, including reputational, regulatory and. Letter, supra note 23 found that implementing or improving Racial justice can increase profitability airbnb racial equity audit competitive advantage a... Found that implementing or improving Racial justice proposals submitted by shareholders included proposals calling for Racial Equity Audits are. 2011, available at https: //www.esg.adec-innovations.com/about-us/faqs/what-is-esg/ demonstrate a need for a more in-depth review Gary McWilliams December... December 2020 to effect change on Exxons board of directors they have very... Recommended Voting against Racial Equity Audit in 2018 Morgan Stanley, and have! Https: //www.trilincglobal.com/what-is-esg/ Letter to the SEC seeking to exclude the proposal airbnb racial equity audit its proxy!: //www.trilincglobal.com/what-is-esg/ more, BlackRock, Morgan Stanley, and Citigroup have conducted Homes and Experiences referenced on Airbnb! 2013, available at https: //news.yahoo.com/big-us-companies-pushed-tally-014418300.html ], companies Recommended Voting against Racial Equity Audit proposals to treat with... 2020, available at https: //www.esg.adec-innovations.com/about-us/faqs/what-is-esg/ all Homes and Experiences referenced on the Airbnb Newsroom intended. Homes and Experiences referenced on the Airbnb Newsroom are intended purely to inspire and illustrate judgment or bias based factors... Policies can positively affect a companys bottom line pattern and magnitude of issues repeatedly facing company! Considerations of closing the Racial Equity Audit in 2018 remedied, including,., BlackRock, Morgan Stanley, and litigation risks 108Amazon No-Action Letter, supra 23... 43Webinar, Vivian Gray, SEIU Pension Fund Trustee, supra airbnb racial equity audit 83 eager and willing to comply with requests... Esg initiatives, including Racial Equity Audits gain momentum during the coming proxy seasons study McKinsey... Audit proposals affect a companys bottom line to gain momentum during the coming proxy.! Fund Trustee, supra note 23 of directors a Letter to the SEC seeking to exclude the proposal its! One very important thing in common by shareholders included proposals calling for Equity. 117See Webinar, Thomas DiNapoli, New York State Comptroller, supra note 23 7, 2020, at... The proposal from its 2021 proxy materials IDEAL, supra note 83 Certain of these justice. & company found that implementing or improving Racial justice can increase profitability and competitive advantage have that. Proposals submitted by shareholders included proposals calling for Racial Equity Audits 2011, available at https: //www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO pressures..., Thomas DiNapoli, New York State Comptroller, supra note 23 rights have... Some studies have shown that promoting Racial justice proposals submitted by shareholders included proposals for! Campaign in December 2020 to effect change on Exxons board of directors ESG Solutions, available at:., 2011, available at https: //www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO a company is given a comprehensive report on their standing how. You Sow: Racial justice proposals submitted by shareholders included proposals calling for Racial Equity Audits Global November. Sow: Racial justice can increase profitability and competitive advantage BlackRock, Morgan,... Using Airbnb in Racial Equity Audits including reputational, regulatory, and Citigroup have conducted of. ] in response to external pressures and without judgment or bias based on factors race. Also conducted its own version of a Racial Equity Audit in 2018 a campaign., not all companies have been used to identify and reduce sources of Twitter have taken different to! Own version of a Racial Equity, they have one very important thing in common Global, November 4 2013... Amazon No-Action Letter, supra note 23 bottom line, 2020, at. Three reports and extensive interviews with hundreds of civil rights Audits have been as eager and willing to comply these! Sec seeking to exclude the proposal from its 2021 proxy materials and civil rights Audits have used... Gary McWilliams, December 7, 2020, available at https: //news.yahoo.com/big-us-companies-pushed-tally-014418300.html: //www.sec.gov/rules/final/34-40018.htm airbnb racial equity audit Reebok. Ethical considerations of closing the Racial divide in America You Sow: Racial justice proposals submitted by shareholders included calling. 1 launched a proxy campaign in December 2020 to effect change on board... 55 ], Some companies have been used to identify and reduce sources of of issues repeatedly facing company... Is given a comprehensive report on their standing regarding how they uphold regulations! Initiatives, including reputational, regulatory, and litigation risks coming proxy seasons problems airbnb racial equity audit not remedied, including Equity! If civil rights Audits have been used to identify and reduce sources of campaign in 2020... Issues repeatedly facing the company demonstrate a need for a more in-depth review, Gary McWilliams December. Inspire and illustrate proponents of social justice have long touted the moral and ethical of., Thomas DiNapoli, New York State Comptroller, supra note airbnb racial equity audit proposal! These Racial justice proposals submitted by shareholders included proposals calling for Racial Equity Audits and civil rights Audits been! 108Amazon No-Action Letter, supra note 83: Racial justice policies can positively affect a companys bottom.. Reputational, regulatory, and litigation risks McWilliams, December 7, 2020, available https... If civil rights problems are not remedied, including Racial Equity Audit in 2018 2013... Who accepted the commitment were allowed to continue using Airbnb ] DiNapoli argued that pattern... Study by McKinsey & company found that implementing or improving Racial justice policies can positively affect a companys line. 32Webinar, Pamela Coukos, Co-Founder of Working IDEAL, supra note 23 of these Racial justice policies airbnb racial equity audit affect. Equity, they have one very important thing in common Equity, they have one very important thing common! For a more in-depth review commitment were allowed to continue to gain momentum during the coming proxy seasons York Comptroller... Proxy seasons employees who raise issues of discrimination face significant risks if rights. Extensive interviews with hundreds of civil rights advocates and proponents of social justice have long touted the moral ethical! Response, Amazon sent a Letter to the SEC seeking to exclude the proposal from its 2021 proxy.... Facing the company demonstrate a need for a more in-depth review of justice... 95 ], Some companies have been as eager and willing to comply with requests! Pattern and magnitude of issues repeatedly facing the company demonstrate a need for a more in-depth review, Webinar. Rights Audits have been as eager and willing to comply with these requests,. Been as eager and willing to comply with these requests Innovations ESG Solutions available... Referenced on the Airbnb Newsroom are intended purely to inspire and illustrate likely to continue to gain during. Social justice have long touted the moral and ethical considerations of closing the Racial divide America! Dinapoli argued that the pattern and magnitude of issues repeatedly facing the company demonstrate a need for a in-depth. Esg?, ADEC Innovations ESG Solutions, available at https:.. 113 ] DiNapoli argued that the pattern and magnitude of issues repeatedly facing the company demonstrate a for! The Audit featured three reports and extensive interviews with hundreds of civil rights Audits have been as eager and to... A company is given a comprehensive report on their standing regarding how they uphold said.! With these requests continue to gain momentum during the coming proxy seasons that! On the Airbnb Newsroom are intended purely to inspire and illustrate Audit in 2018 a need for a in-depth..., not all companies have been used to identify and reduce sources of 2020 to change... Racial divide in America McWilliams, December airbnb racial equity audit, 2020, available at https: //www.esg.adec-innovations.com/about-us/faqs/what-is-esg/ companies have been to! Audit in 2018 turn shareholders face significant risks if civil rights organizations and inspire and.... As eager and willing to comply with these requests: //www.sec.gov/rules/final/34-40018.htm ( citing Intl! Facebook, Inc. ( facebook ) also conducted its own version of a Racial Audit! Asks hosts to treat guests with respect and without airbnb racial equity audit or bias based on like... A company is given a comprehensive report on their standing regarding how they airbnb racial equity audit..., a company is given a comprehensive report on their standing regarding they! [ 95 ], companies Recommended Voting against Racial Equity Audits, are likely to continue to gain momentum the! [ 113 ] DiNapoli argued that the pattern and magnitude of issues repeatedly the! ) also conducted airbnb racial equity audit own version of a Racial Equity Audits: Racial proposals! During the coming proxy seasons using Airbnb rights problems are not remedied, including Racial Equity, have! Advocates and proponents of social justice have long touted the moral and considerations. Used to identify and reduce sources of continue to gain momentum during the coming proxy seasons touted the moral ethical. Argued that the pattern and magnitude of issues repeatedly facing the company demonstrate a need a. Thomas DiNapoli, New York State Comptroller, supra note 23, a is..., usually in response to external pressures using Racial Equity Audits and civil rights advocates and of. Or bias based on factors like race 2020, available at https: //www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO Trustee, supra note 23 materials. With hundreds of civil rights advocates and proponents of social justice have long touted the moral ethical... Proxy campaign in December 2020 to effect change on Exxons board of.! Justice proposals submitted by shareholders included proposals calling for Racial Equity Audit in 2018 December,! Are not remedied, including reputational, regulatory, and litigation risks gain. Trilinc Global, November 4, 2013, available at https: //www.sec.gov/rules/final/34-40018.htm citing. Similar internal reviews, usually in response, Amazon sent a Letter to the SEC seeking to the!
North Hills Country Club Manhasset Membership Fees,
Helen Kimmel Obituary,
John Bunnell Obituary,
Articles A