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Shareholders representing $1.2 trillion in assets want big banks to conduct a racial equity audit.
The audit would be completed by a third-party law firm and the results would be public.
Bank leaders at Citi, BofA, and others are urging shareholders to vote against the proposal.
In the wake of George Floyd s death, a number of major banks and financial institutions announced billions in sweeping investments and donations to combat racial inequity along with internal plans to promote diversity.
Now, a group of investors representing over $1.2 trillion in assets, the Service Employees International Union (SEIU) s Capital Stewardship Program and CtW Investment Group, is asking some of those banks to have their plans, proposals, and policies audited by a third party, preferably a civil rights law firm. The group of investors say the firm would judge if companies go far enough to promote racial justice. They did not off
BlackRock pledges to conduct racial-equity audit
Signage is displayed at the entrance to BlackRock Inc. headquarters in New York.
BlackRock plans to undergo an external review of how its diversity, equity and inclusion policies impact stakeholders, the firm said in an employee memo sent April 1.
Saying it must lead by example, the memo from Global Head of Human Resources Manish Mehta and Global Head of DEI Michelle Gadsden-Williams referenced the firm s enhanced diversity, equity and inclusion strategy. The goal, it said, is for BlackRock to be a leader in integrating diversity, equity and inclusion into every aspect of our business ranging from our own people and culture, to how we serve our clients, to how we use our voice in broader society.