ASSESSING CORPORATE COMMITMENTS TO THE BLACK LIVES MATTER MOVEMENT
In the wake of the Black Lives Matter (BLM) demonstrations in 2020, we have undertaken a thorough review of corporate commitments, pledges, and progress towards racial equity. While organizations possess the means to uphold promises of diversity and equity, structural and cultural barriers, coupled with a lack of accountability, impede the fulfilment of these commitments. As the Financial Times rightly pointed out, "The term 'systemic racism' was previously unheard in US corporate earnings calls. The tragic murder of George Floyd, a black man who lost his life to a white police officer, sparked a transformative change, compelling top executives to acknowledge and confront their role in a system they now criticize. From Tim Cook of Apple to Goldman Sachs' David Solomon, business leaders have vocalized that words are not enough; active steps must be taken to rectify racial disparities within their respective corporations." The scope and proliferation of these initiatives have been truly extraordinary.
OUR TOOL OFFERS AN UNBIASED ASSESSMENT OF SUPPORT FOR BLACK LIVES MATTER.
Up to April 28, 2023, a sum of US$72 billion has been pledged, with our estimates indicating that US$26 billion has already been allocated, as per the data from Creative Investment Research Black Lives Matter (BLM) Donation Tracker. While there have been numerous commendable initiatives and declarations, it's clear that some entities are faring better than others. By 2023, the initial fervor has subsided. In the words, again, of the Financial Times, "US businesses are scaling back their investments in diversity and inclusion — a trend that threatens to roll back the strides made post George Floyd's murder in 2020." Our focus remains steadfast - holding companies accountable for their financial commitments, be it donations to civil rights organizations, targeted investments in communities of color, or significant revamps of internal hiring and retention strategies.
OUR APPEAL TO THE U.S. SECURITIES AND EXCHANGE COMMISSION
We have formally approached the U.S. Securities and Exchange Commission (SEC), advocating for the development of binding regulations that mandate public companies to provide transparent, comparable, and decision-relevant data regarding the fulfillment of their Black Lives Matter (BLM) Pledges. To scrutinize our SEC request, File Number 4-774, click here .
ANALYSIS OF BLM PLEDGES
The table beneath encapsulates details as reported by the Creative Investment Research Black Lives Matter (BLM) Donation Tracker. For a summary of our latest BLM Pledge tracker, refer to our press release from April, 2023, demonstrating an uptick in these pledges to $72 billion from the previous $67 billion in 2021. This marks a significant surge from June 2020 when pledges stood at less than $2 billion.
ACCOUNTABILITY AND TRANSPARENCY
As we highlighted in The New York Times, we are of the opinion that without a concrete SEC directive, many corporations might not provide an accurate report of their actions in this sensitive area. Creative Investment Research stands at the forefront of providing precise, thoroughly corroborated estimates for total BLM donations. For more information, see "Thriving As a Minority-Owned Business."