4/4/21 8:00 PM
Internal Representation & Support
To evaluate this pillar, we take into consideration a range of factors, including but not limited to:
- Employee representation
- Diversity, equity, & inclusion (DEI)
We weigh a company’s degree of public commitment primarily on their monetary contributions to DEI matters or organizations fighting racial injustice.
Forms of monetary support we look for:
Employee donation matching
Wells Fargo has pledged to donate $400 million in processing fees from the Paycheck Protection Program to minority-owned businesses that have been hit particularly hard by the pandemic. This donation, coupled with a pledge of up to $50 million to six Black-owned banks, amounts to a significant 0.5% of their annual revenue.
In two separate instances during the summer of 2020, Wells Fargo's CEO Charles Scharf controversially blamed the company's inability to achieve its diversity goals on a "very limited pool of Black talent." Part of Scharf's initial response to the media stated (in clear nonapology fashion), "I am sorry my comment has been misinterpreted."
We scour the company’s website and official social media channels to determine what message they are sending around racial injustice, how they are communicating it, and whether their communications are perceived as genuine or performative.
Public statement: We verify that companies have made a formal statement regarding racial injustice.
Social media: We consider how a company uses their platform(s) beyond performative allyship.
Representation: For companies that have the opportunity to showcase diversity in their feed, we consider whether they have adequate Black representation and BIPOC representation across their models.
I. Internal Representation & Support:
Board of Directors:
> 15% Black, 31% - 35% BIPOC, 21% - 25% Women
10% - 11% Black, 21% - 25% BIPOC, 26% - 30% Women
> 40% BIPOC, > 50% Women
An appointed DEI senior leader and/or a dedicated DEI organization, A Black employee resource group