Saturday, May 15, 2021

The business community approaches diversity with a new seriousness

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Hello.

Fortune and Refinitiv hosted a conversation yesterday on our new partnership to encourage companies to publicly publish their diversity data. “ESG has been around for a while, and it’s really strong in some areas, including the climate,” said Refinitiv CEO David Craig. “But for a long time, the S in ESG has been lacking. We were surprised and shocked at the lack of ethnicity data collected. ”

PwC U.S. chairman Tim Ryan told the group why he made the rare decision to release his company’s diversity data. “We wanted the self-imposed pressure to do better.” His recommendation to others: “Don’t be ashamed of your numbers. They are what they are. What matters is progress. The critical factor, said Crystal Ashby of the Executive Leadership Council, is that “the CEO needs to be very clear on his position on this issue.” You can access the Refinitiv tool here, and be part of this important movement.

Separately, Merck CEO Ken Frazier and IBM Executive Chairman Ginni Rometty yesterday unveiled a major new effort, along with 35 other CEOs, to commit to training, hiring and promoting one million black Americans over the next decade, with a particular focus on people without four-year university degree. This effort proves that the business community is approaching this problem with new seriousness.

And since it’s Friday, some feedback. Lots of responses to Monday message about the new Council for Inclusive Capitalism with the Vatican“Not all of this in favor. OE wrote in:

“This partnership with an elitist anachronism like the Catholic Church seems to be an exercise in signaling virtue. Any projects he spawns are likely to be self-defeating and detrimental to the causes he is trying to advance. “

But KK took a closer look and was more impressed:

“I have read the specific commitments of each company and they are wonderful. I like the Pope’s simplification to “benefit the planet and the people”. “

Meanwhile, the markets continue to party. Airbnb’s IPO stock jumped 135% in its first day of trading, giving the company a market cap of over $ 100 billion. It’s more than Marriott, Hilton and Hyatt combined.

More news below.

Alan murray
@alansmurray

alan.murray@fortune.com



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