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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.

Leaders at Wells Fargo, Citi, Bank of America, and Goldman Sachs have told shareholders to vote against the audit, which would be made public if approved.

The investors are also asking JP Morgan, BlackRock, and Morgan Stanley to conduct an audit of its business practices and diversity and inclusion strategies. JPMorgan has not yet released a proxy statement responding to the request.

Morgan Stanley reached an agreement with the investors in which, according to CtW, the company will conduct “an internal …read more

Source:: Businessinsider – Strategy


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