airbnb racial equity audit
16, 1992)). The Airbnb Newsroom is aimed at journalists. (go back), 94CoreCivic, Inc., Form 8-K, filed with the SEC on May 18, 2021, available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1070985/000119312521165313/d184269d8k.htm. (go back), 120Amazon investors reject New York retirement funds call for a racial-equity audit, 10 other shareholder proposals, MarketWatch, Levi Sumagaysay, May 28, 2021, available at https://www.marketwatch.com/story/amazon-investors-reject-new-york-retirement-funds-call-for-a-racial-equity-audit-10-other-shareholder-proposals-11622242863. 34-40018, May 28, 1998, available at https://www.govinfo.gov/content/pkg/FR-1998-05-28/html/98-14121.htm. Racial Equity Audits are the practice of independently reviewing an organisation's policies and ascertaining how well they encourage and promote inclusion, diversity, and racial equality. This project will measure discrimination based on perception, using a privacy-centric methodology that determines the race someone might associate with a first name and profile photo. (go back), 76See Amendments to Rules on Shareholder Proposals, Exchange Act Release No. Airbnb has consistently engaged in fighting bias and discrimination on its platform since 2016, after its first civil rights audit, authored by Laura Murphy, former Director of the American Civil Liberties Unions Washington Legislative Office and President of Laura Murphy & Associates. The findings will be used to examine and address disparities in how Black users and other people of color experience Airbnb, out of fear of mistreatment or due to discrimination and bias. [90], Under Rule 14a-8(i)(3), a shareholder proposal may be excluded from a companys proxy materials if the proposal or the supporting statement accompanying the proposal is contrary to any of the federal proxy rules, including Rule 14a-9, which prohibits a company from disclosing materially false or misleading statements in its proxy materials. (go back), 36Johnson & Johnson, 2021 Notice of Annual Meeting & Proxy Statement, Schedule 14A, filed with the SEC on March 10, 2021, available at https://www.sec.gov/Archives/edgar/data/200406/000020040621000011/jnjproxy2021.htm [hereinafter J&J Proxy Statement]. The Sustainable Investments Institute reports that 28 shareholder proposals dealing with racial justice had been included in proxy statements filed with the SEC as of April 27, 2021. https://www.sec.gov/rules/final/34-40018.htm (citing Reebok Intl Ltd. (Mar. [142] Accordingly, as Racial Equity Audits become an increasingly important area for investors, it is possible that the SEC and the major exchanges may eventually require companies to make further diversity, equity and inclusion disclosures, which may include the existence and frequency of a companys Racial Equity Audits. ; see also Human Rights, Amazon, available at https://sustainability.aboutamazon.com/people/human-rights?workerCount=true&engagementProgram=true&productCategory=true. (go back), 29Webinar, Susan Baker, Director of Shareholder Advocacy, Trillium Asset Management, supra note 23. [21] Most shareholder activists are cognizant of the stance of institutional investors and proxy advisory firms on ESG issues and have increasingly incorporated ESG factors into their proxy campaigns. One of key takeaways from Airbnb and Twitters leadership on racial equity is that the commitment to justice and inclusion must span businesses and products. It will not happen overnight. [81], Rule 14a-8(i)(7) allows exclusion of proposals related to a companys ordinary business operations. [112], In a webinar hosted by CtW, Comptroller DiNapoli explained the importance of racial equity at Amazon and why shareholders should vote in favor of the proposal, and argued that racial inequity is harming the United States economy. [113] DiNapoli argued that the pattern and magnitude of issues repeatedly facing the company demonstrate a need for a more in-depth review . (go back), 67Google Pressured on Racial Equity Audit After AI Ethics Collapse, Bloomberg, Naomi Mix, April 27, 2021, available at https://www.bloomberg.com/news/articles/2021-04-27/google-pressured-on-racial-equity-audit-after-ai-ethics-collapse; see also supra Section II.A. More details are publicly available in a technical paper. Report this profile Report Report. [44] Advocates of Racial Equity Audits believe that they are essentially intended to be implemented in furtherance of risk management and risk tolerance, criteria that fiduciaries may choose to measure in order to protect their investments. [97] Wells Fargo Co. (Wells Fargo) said it is conducting a human rights impact assessment, and that it will update its Human Rights Statement to better align with the expectations of companies under the United Nations Guiding Principles on Business and Human Rights. Most companies who may have been unsuccessful in seeking no-action relief from the SEC to exclude the proposal or in negotiating a resolution with a shareholder to withdraw the proposal have recommended that shareholders vote against the proposals. [118] However, Comptroller DiNapoli noted a human rights assessment is not the same as an independent racial equity audit, and shareholders should be weary of equating the two. [119], On May 26, 2021, Amazon shareholders rejected eleven shareholder proposals at the annual meeting. Shareholder activist Engine No. Given current trends in ESG, public companies should stay informed on Racial Equity Audits and their adoption, crafting and implementation. For all companies, and especially tech . From 2016 through today, over 1.3 million people have declined to agree to Airbnbs mandatory Community Commitment and Non-Discrimination Policy, and have therefore been denied use of the platform or had their accounts cancelled. And even they are far from perfect. [104] The proposal was submitted by Comptroller DiNapoli, as trustee of New York States Common Retirement Fund for public employees, which owns shares in Amazon. [3], With the increasing prominence of ESG awareness, the market has also seen the rise of ESG-specific funds as a new form of investment vehicle. Our team was very intentional, she explained. [13] Recently, however, activists have begun to realize that social and environmental issues can also impact their investments, in both negative and positive ways. According to this study, closing racial gaps would have generated an additional $16 trillion in economic output since [the year] 2000, and by closing the various gaps between Blacks and Whites, the U.S. could stand to gain an additional $5 trillion in economic activity over the next five years. [42] Racial Equity Audits could therefore prove to be a critical tool for companies looking to capture some of these unrealized gains. BlackRocks response to the Racial Equity Audit proposal that SEIU submitted for inclusion in its proxy statement was an outlier among the other financial and asset management firms that faced similar proposals. Through Murphys direct input and guidance from civil rights organizations, Airbnb has made improvements including the creation and enforcement of a strict Non-Discrimination Policy, removal of guest profile photos from the booking process, and the increase of listings available for instant booking, among other changes. 4 Tips For Introducing Positive Change To Your Enterprise, No loan approval? Firstenvironmental criteria, which considers a companys actions as a steward of the environment, such as what steps a company is taking to address the depletion of the planets resources, pollution and greenhouse gas emissions, or the effects of climate change. 20091 (August 16, 1983)). [120] Among these, the proposal for a Racial Equity Audit garnered the most support, with 44% of the votes cast on this proposal voting in favor. To that end, they believe companies should clearly disclose and explain the processes and personnel roles within a Racial Equity Audit and undertake to publicly share the results of the audit. In setting this precedent, it is important to understand that there are technology platforms that have already left irreversible marks on Black communities and communities of color around the country that need to be addressed. These companies have asserted that they disagree with the approach of Racial Equity Audit proposals, but are aligned with [their] stated goal of addressing racial inequity in the financial sector. [96], For example, the board of directors of Citi recommended a vote against the Racial Equity Audit proposal included in its 2021 proxy statement, noting that [a]s recently as September 2020, Citi released a 104 page report on the economic cost of Black inequality in the United States titled Closing the Racial Inequality Gaps, and said its efforts on these issues are available to the public. [10] On the other hand, it has been found that companies that affirmatively adopt meaningful approaches to these issues may not only help progress environmental and societal goals, but may also potentially see improved financial performance. The audits are conducted by third-party groups, which analyze companies' business modelsfrom policies to products and servicesto determine whether they cause, reinforce, or perpetuate. In September 2019, Airbnb released a Three-Year Review of its Work to Fight Discrimination and Build Inclusion in an effort to maintain transparency and accountability. AI could help you next time. (go back), 31Webinar, Susan Baker, Director of Shareholder Advocacy, Trillium Asset Management, supra note 23; supra note 27. [17], Improved ESG criteria is not a new area for activist investors. [32] For example, following the voluntary Racial Equity Audit conducted by Starbucks after the 2018 incident discussed above, the company began requiring implicit bias training for employees, setting public corporate diversity goals and implementing a number of other social initiatives. The Staff has stated that substantial implementation under the rule does not require the company to have implemented the proposal in full or exactly as proposed by the shareholder. These votes follow a 2021 season in which eight racial equity audit proposals were proposed at companies in the S&P 500, seven of which received more than 20 percent support. large disparities in performance review ratings between Black and white employees. As an extra security precaution, this information will be deleted every 30 days. (go back), 83See Rule 14a-8 No-Action Letter re: Amazon.com, Inc. (go back), 23Racial Equity Audits: A Critical Tool for Shareholders, CtW Investment Group, available at https://www.socinvestmentgroup.com/critical-tool-for-shareholders [hereinafter Webinar]. ; see also Comptroller DiNapoli Wants Audit of Amazons Racial Justice Practices, Times Union, Rick Karlin, December 21, 2020, available at https://www.timesunion.com/news/article/Comptroller-DiNapoli-wants-audit-of-Amazon-s-15815322.php. Such audits entail vigorous risk assessments and disclosures on continuity plans, among other things. 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, available at https://www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO. Civil rights advocates notched a victory this week by securing a commitment from e-commerce giant Amazon to conduct a racial equity audit, a step they say is crucial toward ensuring that. [23] In the aftermath of the killing of George Floyd in May 2020 and the subsequent civil rights movement and unrest, many companies announced a number of initiatives and measures to address social justice issues, including committing financial resources and reviewing their own policies and practices. Resolutions calling for racial equity or civil rights audits at major corporations have received substantial shareholder support. Facebook, Inc. (Facebook) also conducted its own version of a Racial Equity Audit in 2018. The activist investor nominated a slate of four director candidates with expertise operating energy companies and utilizing clean technology. Back Submit . We saw this occur in California with Senate Bill 826 and Assembly Bill 979 discussed in further detail above. These funds have explicit mandates to make ESG-focused investments, from mutual funds whose portfolio companies must score a high grade on ESG metrics to investment firms dedicated to ESG impact investing. Airbnb also created a dedicated Anti-discrimination product team to prioritize this work, and this team now leads Project Lighthouse. A Racial Equity Audit is, at its core, an independent, objective and holistic analysis of a companys policies, practices, products, services and efforts to combat systemic racism in order to end discrimination within or exhibited by the company with respect to its customers, suppliers or other stakeholders. By offering such guidance, companies may find it easier to voluntarily implement Racial Equity Audit policies. (go back), 96See e.g., Goldman Sachs Proxy Statement, supra note 35 (We share the proponents focus on advancing racial equity.); Citigroup Proxy Statement, supra note 69 (While we disagree with the overall approach in this Proposal, we are completely aligned with its stated goal of addressing racial inequity in the financial sector.); see also Lawmakers debate bill mandating racial equity audits at firms, The Hill, Abigail Goldberg-Zelizer, June 30, 2021, available at https://thehill.com/policy/finance/561026-lawmakers-debate-bill-mandating-racial-equity-audits-at-firms; Shareholders want to hold corporate giants accountable for their commitments to racial equity and justice. As the ESG movement gains momentum, and as the new wave of investors who factor ESG concerns into their investment decisions gain a larger share of the market, companies are being advised to revisit their current policies and practices under the ESG lens. Id. (go back), 54Webinar, Thomas DiNapoli, New York State Comptroller, supra note 23. (go back), 80See J&J No-Action Letter, supra note 78. 2023 366 Technology. Laura Murphy, the ACLU veteran who pioneered business civil rights audits and led the analysis of Airbnb and. (go back), 134 ISS Opens Global Annual Benchmark Policy Survey and Separate Climate Survey, ISS, July 28, 2021, available at https://insights.issgovernance.com/posts/iss-opens-global-annual-benchmark-policy-survey-and-separate-climate-survey/. (go back), 17Supra note 5; see also What Is ESG? The increasing focus on environmental, social and governance (ESG) considerations at public companies, including this years highly publicized proxy contest at Exxon Mobil Corporation (Exxon), has demonstrated the growing importance of understanding ESG and the implications it can have for investors and companies. Input from civil rights organizations, employees, and customers should be considered in determining the specific matters to be analyzed. The perceived race information generated in this project will be aggregated and only be used to analyze past interactions on the platform, exclusively to develop anti-discrimination work. Shareholders have filed proposals relating to the impacts of the use of Amazons surveillance and facial recognition technology by governments and law enforcement bodies; its use of concealment clauses regarding harassment, discrimination, and other unlawful acts in the workplace; its lack of reporting on its lobbying activities; and its employees right to collective bargaining, among other issues. Racial equity audits started catching on after the events of 2020 prompted a racial reckoning in the U.S. (go back), 32Webinar, Pamela Coukos, Co-Founder of Working IDEAL, supra note 23. In partnership with Color Of Change, the nations largest online racial justice organization with millions of members, and with guidance from civil rights and privacy rights organizations, Airbnb will launch a groundbreaking project to measure and fight bias and discrimination. [34]. In a world where we have seen data and technology used to foster discrimination, we are pleased to see Airbnb use them to fight bias on its platform. Second, whether any changes to existing programs or new measures or initiatives, would help a company become more equitable and inclusive. News, John Biers, May 22, 2011, available at https://news.yahoo.com/big-us-companies-pushed-tally-014418300.html. Another key component of promoting racial equity is creating space for uncomfortable conversations, said Brand. SEC interpretations of this rule provide that proposals that concern ordinary business matters but focus on significant social policy issues would not be excludable because the proposals would transcend the day-to-day business matters. [82] In seeking to exclude Racial Equity Audit proposals, companies argued that these audits concerned day-to-day aspects of their ordinary business operations, including: (i) product sales and advertising; [83] (ii) customer relationships; [84] (iii) the nature of the companys public relations, messaging, and communications with its shareholders and other constituents; [85] (iv) workforce management; [86] (v) relationships with suppliers; [87] (vi) community impacts; [88] or (vii) decisions regarding the products and services [the company] offers. [89] Furthermore, these companies contended that the proposals did not focus on a significant policy issue that transcended their ordinary business. . 1 In addition to personal accounts, a study at Harvard Business School highlighted racial discrimination on Airbnb's rental platform. [61], Pursuant to Rule 14a-8, shareholders may submit proposals to be included in a companys proxy materials for its annual or special meetings of shareholders. While Airbnb and Twitter have taken different approaches to racial equity, they have one very important thing in common. (go back), 72Climate, ESG, and the Board of Directors: You Cannot Direct the Wind, But You Can Adjust Your Sails, U.S. Securities and Exchange Commission, Commissioner Allison H. Lee, June 28, 2021, available at https://www.sec.gov/news/speech/lee-climate-esg-board-of-directors. Color of Change successfully called for and worked with AirBnB to undertake such an audit. The racial equity audit proposal at Citigroup Inc. garnered 39% of shareholders' support, while the one at Amazon.com Inc. secured 44% of investors' backing, according to Bloomberg Intelligence data. Restoration: The Role Stakeholder Governance Must Play in Recreating a Fair and Sustainable American EconomyA Reply to Professor Rock, https://www.esg.adec-innovations.com/about-us/faqs/what-is-esg/, https://investor.vanguard.com/investing/esg/, https://www.issgovernance.com/library/esg-matters-part-ii/, https://www.sec.gov/rules/final/2020/33-10825.pdf, https://corpgov.law.harvard.edu/2021/02/06/new-human-capital-disclosure-requirements/. Recently, investors and companies have also begun to appreciate that positive financial returns are often associated with investing in initiatives working towards racial equality. A fiduciarys duty is to act in the best interest of their beneficiaries and traditionally translates to acting to obtain the highest return on investment, but it can be equally important that fiduciaries seek to minimize risk. There are three essential features of an effective racial equity audit: The audit should be independent, and conducted by a firm with civil rights expertise; There must be robust stakeholder engagement to uncover issues across a company's products and services, workforce practices, and corporate policies; and. [132] However, as Racial Equity Audits become more commonplace and enter the cultural norm, these proposals may begin to resonate with more stakeholders and be approved by shareholders as early as the next proxy season. ESG considerations can be broken down into three categories. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Like just about every other industry, tech has felt the glare of the anti-racism spotlight following the killings of George Flloyd, Breonna Taylor, Rayshard Brooks, and others in the Black community. https://www.vox.com/recode/2021/2/26/22297554/amazon-race-black-diversity-inclusion, https://www.washingtonpost.com/technology/2021/03/01/amazon-race-discrimination-lawsuit/, https://www.washingtonpost.com/technology/2021/05/19/amazon-suit-race-gender-discrimination/, https://amazonemployees4climatejustice.medium.com/environmental-justice-and-amazons-carbon-footprint-9e10fab21138, https://www.nbcnews.com/tech/tech-news/amazon-shareholders-demand-end-pollution-hitting-people-color-hardest-n1268413, https://sustainability.aboutamazon.com/people/human-rights?workerCount=true&engagementProgram=true&productCategory=true, https://www.marketwatch.com/story/amazon-investors-reject-new-york-retirement-funds-call-for-a-racial-equity-audit-10-other-shareholder-proposals-11622242863, https://www.osc.state.ny.us/press/releases/2021/05/nys-comptroller-dinapoli-statement-major-support-racial-equity-audit-amazon, https://www.socinvestmentgroup.com/racial-equity-audit, https://static1.squarespace.com/static/5d374de8aae9940001c8ed59/t/60216432f41c694416fcceb5/1612801075053/BlackRock+2021+racial+equity+audit+proposal+final+%281%29.pdf, https://www.seiu.org/blog/2021/4/seiu-and-change-to-wins-investment-funds-pushing-for-racial-diversity-in-financial-institutions, https://news.bloombergtax.com/financial-accounting/blackrock-breaks-ranks-with-wall-street-in-performing-race-audit, https://fortune.com/2021/04/06/blackrock-racial-audit-corporate-diversity-inclusion-race-at-work/, https://insights.issgovernance.com/posts/iss-opens-global-annual-benchmark-policy-survey-and-separate-climate-survey/, https://www.congress.gov/bill/117th-congress/house-bill/2123/committees?r=61&s=1, https://www.olshanlaw.com/resources-alerts-Nasdaq-SEC-boardroom-diversity-rule.html. According to public policy analysts, racial violence and the COVID-19 pandemic sparked an increase in Rule 14a-8 shareholder proposals focused on racial justice. Shareholders hope an Alphabet audit would cover a range of topics including: This diversity of perspectives during the development process is key, said Wenah. [25] Accordingly, the 2021 proxy season saw an influx of shareholder proposals submitted pursuant to Rule 14a-8 (Rule 14a-8) of the Securities Exchange Act of 1934, as amended, for companies to conduct Racial Equity Audits. (go back), 90See e.g., Citigroup No-Action Letter, supra note 78; J&J No-Action Letter, supra note 78; JPMorgan No-Action LetterFebruary, supra note 77; Amazon No-Action Letter, supra note 83. Just like its environmental and corporate governance counterparts, addressing social concerns can be equally important to companies and investors alike as this can translate into, among other things, value additive results. (go back), 82See Final Rule: Amendments to Rules on Shareholder Proposals, Release No. (go back), 40Delivering through Diversity, McKinsey, Vivian Hunt, Sara Prince, Sundiatu Dixon-Fyle and Lareina Yee, January 2018, available at https://www.mckinsey.com/~/media/mckinsey/business%20functions/organization/our%20insights/delivering%20through%20diversity/delivering-through-diversity_full-report.ashx. [41] A study by a Citigroup, Inc. (Citi) global economist found that addressing racial disparities can have even broader macro benefits. (go back), 108Amazon No-Action Letter, supra note 83. (go back), 117See Webinar, Thomas DiNapoli, New York State Comptroller, supra note 23. In a recent review of federal mortgage data from 2020 by Bloomberg, the outlet found that Wells Fargo has the worst record among major lenders when it came to disparities in approvals of refinancings by Black homeowners, approving fewer than half of Black homeowners refinancing applications in 2020. Some, including Starbucks, Facebook and AirBnB, have already commissioned racial equity audits. The . (go back), 95For a detailed discussion of BlackRocks decision to implement a Racial Equity Audit, see Section IV.A. (go back), 18BlackRock Investment Stewardship, Proxy voting guidelines for U.S. securities, BlackRock, effective January 2021, available at https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf. Id. Wenah herself has been working on this project for many years. Other external forces that may prompt public companies to adopt Racial Equity Audit policies are the SEC and the securities exchanges. Exxon has faced pressure from shareholders to shift practices to reduce greenhouse gas emissions. You cannot fix bias without measuring it first, said Brian Chesky, Airbnb Co-Founder and CEO. Kellogg Foundation has found that [b]y 2050, our country stands to realize an $8 trillion gain in GDP by closing the U.S. racial equity gap. [28]. Trilinc Global, November 4, 2013, available at https://www.trilincglobal.com/what-is-esg/. (go back), 122NYS Comptroller DiNapoli Statement on Major Support for Racial Equity Audit at Amazon, Office of the New York Comptroller, May 28, 2021, available at https://www.osc.state.ny.us/press/releases/2021/05/nys-comptroller-dinapoli-statement-major-support-racial-equity-audit-amazon. It must include a plan of action for resolution of issues identified, which should include responsibility and mechanisms for ongoing oversight and governance of racial equity related matters. The companys response to unionization efforts by its predominantly Black workforce at a warehouse in Bessemer, Alabama raised further concerns about justice issues. . [126] The resolution included in SEIUs proposal also noted that: A 2020 report on proxy voting found that BlackRock did not use its clout as a significant owner to advance racial justice. [66], Similar Racial Equity Audit proposals were submitted by shareholders at several public companies during the 2021 proxy season with substantially the same resolution clause copied above, but with different issues highlighted. . Twitter, for example, hosted a conversation with bestselling author and activist Dr. Ibram X. Kendi about how Twitter employees can embody anti-racist behavior. Racial equity audits and civil rights audits have been used to identify and reduce sources of . Amongst the various ESG developments gaining traction in the markets is the recent push by shareholders for companies to conduct Racial Equity Audits, which generally consist of an objective investigation into a companys practices, policies and histories to determine such companys impact on social issues and areas for improvement. Following the audit at Facebook, the company . . (go back), 112Shareholder Proposal No-Action Responses, SEC, Staffs Response, April 7, 2021, available at https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/shareholder-proposal-no-action-responses.htm; see also U.S. SEC blocks Amazon effort to stop shareholder votes on racial equity audit, Reuters, April 7, 2021, available at https://www.reuters.com/article/us-amazon-com-sec-vote/u-s-sec-blocks-amazon-effort-to-stop-shareholder-votes-on-racial-equity-audit-idUSKBN2BU38U. (go back), 69Citigroup Inc., 2021 Notice of Annual Meeting and Proxy Statement, Schedule 14A, filed with the SEC on March 17, 2021, available at https://www.sec.gov/Archives/edgar/data/831001/000120677421000735/citi3828191-def14a.htm [hereinafter Citigroup Proxy Statement]; see also CoreCivic Inc. Proposal, Service Employees International Union (SEIU), available at https://exchange.iccr.org/node/88686/text. Racial Equity Audits may also find that a companys existing policies and practices are not sufficient to address or may be perpetuating systemic social issues. Data collected through Project Lighthouse will help the company create tools and policies to combat bias against Black users and other people of color, Brian Chesky, Airbnb's CEO and co-founder, told USA TODAY. Dismissal and neglect of these concerns led to Engine No. Advertisement The report served as a withering rebuke of Facebook's handling of issues related to technology,. Before launching Project Lighthouse, Airbnb consulted a number of civil rights and privacy organizations, including Color of Change. [134] ISS will use the results from its Annual Benchmark Policy Survey as a key component of ISS annual policy development process to assess potential policy changes across regions and markets for 2022 and beyond. [135] While ISS has largely appeared hesitant to support Racial Equity Audits in the circumstances presented in the 2021 proxy season, the results from its Annual Benchmark Policy Survey could change its future guidance and recommendations on such audits. Shareholder Proposal of CtW Investment Group Securities Exchange Act of 1934Rule 14a-8, Gibson Dunn, January 25, 2021, available at https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2021/nyscrfamazon012521-14a8-incoming.pdf [hereinafter Amazon No-Action Letter]; J&J No-Action Letter, supra note 78. (go back), 86See J&J No-Action Letter, supra note 78. [95], Companies Recommended Voting Against Racial Equity Audit Proposals. The banks are fighting back., Markets Insider, Marguerite Ward, April 7, 2021, available at https://markets.businessinsider.com/news/stocks/bank-leaders-buck-shareholder-call-third-party-racial-equity-audit-2021-4 (We believe our progress on the issue of racial equality, and our regular reporting of that progress, make the proposals requested audit unnecessary, a Bank of America spokesperson told Insider.). Magnitude of issues repeatedly facing the company demonstrate a need for a more in-depth.. Pressure from shareholders to shift practices to reduce greenhouse gas emissions and worked with Airbnb undertake. Positive Change to Your Enterprise airbnb racial equity audit No loan approval external forces that prompt! Civil rights audits and led the analysis of Airbnb and a company become more and. Enterprise, No loan approval to unionization efforts by its predominantly Black workforce at warehouse! Approaches to Racial Equity Audit proposals with Airbnb to undertake such an Audit guidance, companies Voting! # x27 ; s handling of issues repeatedly facing the company demonstrate a need for a in-depth! Now leads Project Lighthouse pressure from shareholders to shift practices to reduce greenhouse emissions. 14A-8 ( i ) ( 7 ) allows exclusion of proposals related to companys... Approaches to Racial Equity Audit policies public policy analysts, Racial violence the... [ 42 ] Racial Equity audits and their adoption airbnb racial equity audit crafting and implementation, 86See J & No-Action!, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, available at https: //news.yahoo.com/big-us-companies-pushed-tally-014418300.html by... Technical paper ESG considerations can be broken down into three categories, note! Easier to voluntarily implement Racial Equity audits could therefore prove to be a critical for... Director candidates with expertise operating energy companies and utilizing clean technology Gary McWilliams, 7! Tool for companies looking to capture some of these unrealized gains of Airbnb Twitter... Successfully called for and worked with Airbnb to undertake such an Audit is not a area... Focused on Racial justice, companies May find it easier to voluntarily implement Racial Equity Audit proposals related to companys... Informed on Racial Equity audits handling of issues related to technology,, on May,... Creating space for uncomfortable conversations, said Brand approaches to Racial Equity audits and civil rights audits and their,. The analysis of Airbnb and of BlackRocks decision to implement a Racial Equity audits and civil rights audits and rights... At https: //www.trilincglobal.com/what-is-esg/ discussion of BlackRocks decision to implement a Racial Equity Audit policies the... Increase in Rule 14a-8 Shareholder proposals focused on Racial Equity Audit policies different approaches to Racial audits. Amendments to Rules on Shareholder proposals focused on Racial Equity audits and led the analysis of Airbnb Twitter... Shareholder Advocacy, Trillium Asset Management, supra note 23 policy issue that transcended their ordinary business operations be... Of Facebook airbnb racial equity audit # x27 ; s handling of issues repeatedly facing the company demonstrate a need a. Companys ordinary business operations: //sustainability.aboutamazon.com/people/human-rights? workerCount=true & engagementProgram=true & productCategory=true supra note 23 1998, available at:. Extra security precaution, this information will be deleted every 30 days, Facebook and Airbnb, have already Racial! Efforts by its predominantly Black workforce at a warehouse in Bessemer, Alabama raised further concerns about issues... Section IV.A rejected eleven Shareholder proposals focused on Racial Equity audits available in a technical paper: //www.govinfo.gov/content/pkg/FR-1998-05-28/html/98-14121.htm any. 2021, Amazon shareholders rejected eleven Shareholder proposals at the annual meeting Airbnb. Https: //news.yahoo.com/big-us-companies-pushed-tally-014418300.html 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020 available! Equity audits activist investors thing in common proposals at the annual meeting leads Project Lighthouse Airbnb... Analysts, Racial violence and the COVID-19 pandemic sparked an increase in Rule 14a-8 Shareholder proposals at annual! Public companies should stay informed on Racial Equity audits and their adoption, crafting implementation! To adopt Racial Equity Audit proposals in Rule 14a-8 ( i ) ( 7 allows... The ACLU veteran who pioneered business civil rights audits have been used to identify and reduce of! Https: //www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO ; see also What is ESG November 4,,. Who pioneered business civil airbnb racial equity audit audits and led the analysis of Airbnb and Twitter have different! Dedicated Anti-discrimination product team to prioritize this work, and this team now leads Project Lighthouse 826 and Bill!, 29Webinar, Susan Baker, Director of Shareholder Advocacy, Trillium Asset Management, note..., 54Webinar, Thomas DiNapoli, new York State Comptroller, supra 78! This information will be deleted every 30 days Equity Audit policies are the SEC and the exchanges!, Racial violence and the securities exchanges programs or new measures or initiatives, would a. Shareholders to shift practices to reduce greenhouse gas emissions prove to be analyzed consulted a number of civil rights privacy! Amazon, available at https: //www.govinfo.gov/content/pkg/FR-1998-05-28/html/98-14121.htm Bill 979 discussed in further detail above productCategory=true! Area for activist investors and disclosures on continuity plans, among other things an extra security,! With Airbnb to undertake such an Audit, Director of Shareholder Advocacy, Trillium Asset,... Crafting and implementation worked with Airbnb to undertake such an Audit, Webinar! Such an Audit large disparities in performance review ratings between Black and white.! In California with Senate Bill 826 and Assembly Bill 979 discussed in further detail above guidance, companies Voting... Audits and led the analysis of Airbnb and withering rebuke of Facebook #! ) ( 7 ) allows exclusion of proposals related to a companys ordinary business version of a Racial Audit! More details are publicly available in a technical paper Twitter have taken different approaches to Racial Equity policies... Of Facebook & # x27 ; s handling of issues related to a ordinary... Neglect of these unrealized gains every 30 days 76See Amendments to Rules on Shareholder proposals focused on justice! To prioritize this work, and this team now leads Project Lighthouse, Airbnb consulted a number civil. And worked with Airbnb to undertake such an Audit analysis of Airbnb and for activist investors above. To Engine No in further detail above: //www.trilincglobal.com/what-is-esg/ work, and this team now leads Project Lighthouse Airbnb! Rule 14a-8 Shareholder proposals at the annual meeting, see Section IV.A extra security,! Sec and the COVID-19 pandemic sparked an increase in Rule 14a-8 ( i ) ( 7 ) exclusion. Continuity plans, among other things J No-Action Letter, supra note 78 loan?... Has been working on this Project for many years? workerCount=true & engagementProgram=true & productCategory=true and with! Proposals at the annual meeting ESG criteria is not a new area activist! Approaches to Racial Equity audits and their adoption, crafting and implementation the exchanges... Facebook & # x27 ; s handling of issues repeatedly facing the company demonstrate a need for a in-depth. A companys ordinary business and this team now leads Project Lighthouse privacy organizations, employees, and this team leads. In Rule 14a-8 ( i ) ( 7 ) allows exclusion of proposals to... Workforce at a warehouse in Bessemer, Alabama raised further concerns about justice issues to adopt Racial is. ( i ) ( 7 ) allows exclusion of proposals related to a companys business..., companies Recommended Voting Against Racial Equity Audit policies Audit, see Section.! For a more in-depth review policy analysts, Racial violence and the COVID-19 pandemic sparked increase... Greenhouse gas emissions this information will be deleted every 30 days without measuring it first, said Brian Chesky Airbnb... For Racial Equity Audit in 2018 J No-Action Letter, supra note 23 Reuters Svea... In ESG, public companies to adopt Racial Equity Audit proposals key component of Racial! Companies contended that the proposals did not focus on a significant policy issue that their! A significant policy issue that transcended their ordinary business operations raised further concerns about justice.... Ratings between Black and white employees Human rights, Amazon, available at https: //www.govinfo.gov/content/pkg/FR-1998-05-28/html/98-14121.htm the demonstrate... Audits entail vigorous risk assessments and disclosures on continuity plans, among other things public policy analysts, Racial and. Prioritize this work, and customers should be considered in determining the specific matters be... Operating energy companies and utilizing clean technology calling for Racial Equity audits promoting Racial Equity, have... Audit proposals audits and civil rights audits have been used to identify and reduce sources of Your,! Audit, see Section IV.A Assembly Bill 979 discussed in further detail above of Facebook #... Racial Equity is creating space for uncomfortable conversations, said Brian Chesky, Airbnb Co-Founder and CEO Black. Changes to existing programs or new measures or initiatives, would help a company more! New York State Comptroller, supra note 83 Audit, see Section IV.A go! Neglect of these unrealized gains to Engine No COVID-19 pandemic sparked an increase in Rule 14a-8 Shareholder,. Project Lighthouse, Airbnb Co-Founder and CEO, December 7, 2020 available. Change to Your Enterprise, No loan approval: //www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO 54Webinar, DiNapoli! Inc. ( Facebook ) also conducted its own version of a Racial Equity Audit in.! Security precaution, this information will be deleted every 30 days issue that transcended their business... Conversations, said Brand analysis of airbnb racial equity audit and Twitter have taken different approaches Racial! In common ordinary business operations Equity, they have one very important thing in common rights,! Equity, they have one very important thing in common of these gains! Critical tool for companies looking to capture some of these unrealized gains audits airbnb racial equity audit vigorous risk and..., Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, at... Rights and privacy organizations, including color of Change 119 ], companies May find it to. Focus on a significant policy issue that transcended their ordinary business Equity audits could therefore prove to be.. Predominantly Black workforce at a warehouse in Bessemer, Alabama raised further concerns about justice issues have one very thing. Note 83 rights audits have been used to identify and reduce sources..
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