Ramin Talaie/Getty Images 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 offer a specific methodology for how the third party would audit the companies.