FT News Briefing Is corporate America becoming more inclusive?
Feb 21, 2022
The Beijing Winter Olympics resulted in mixed reviews, with diplomatic boycotts and various controversies. Meanwhile, corporate America faces scrutiny for its unfulfilled racial equity pledges. A critical look reveals a struggling climate ETF intended to back the UN's goals. The discussion also emphasizes how a supportive workplace culture can significantly improve retention of employees of color, fostering an environment that reduces code-switching and attracts diverse talent.
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Climate ETF Failure
- A UN-backed climate ETF is near collapse because banks haven't delivered promised seed funding.
- Investors relied on banks like Citigroup and Santander, who pledged millions during COP26 but haven't invested.
Scrutinize Bank Pledges
- Be skeptical of bank pledges, especially those made during hyped events like COP26.
- Follow up after a few months to ensure the funding has been met or the project is progressing.
Unfulfilled Diversity Pledges
- Despite $67B pledged by 270 U.S. corporations for racial equity, less than 1% has been disbursed.
- Performative actions like trainings and heritage month celebrations don't address core issues like pay equity.