US Socially-Responsible Money Managers Commit to Investing Against Racism
kneeling against racism: HSV and Kiel join
Even before the second division game of Hamburger SV against Holstein Kiel, the soccer professionals of both teams knelt around the middle circle. With the gesture, they jointly signaled racism on Monday evening. © Photo: Christian Charisius / dpa-Pool / dpa Before the game of Hamburger SV against Holstein Kiel, the players kneel as a sign against racism.
(Bloomberg) -- A group of socially-responsible money managers, who have been pushing companies to address issues like gender-pay disparities and carbon footprints, plan to direct more of their funds to companies that promote racial equality.
“We recognize that the investor community has contributed to and benefited from racist systems,” the Racial Justice Investing Coalition said in a statement today. “We therefore take responsibility and commit to hold ourselves accountable for dismantling systemic racism and promoting racial equity and justice through our investments and work.”
HBO Max temporarily pulls 'Gone With the Wind' from its catalog
Don’t expect to find Gone With the Wind on HBO Max for a little while. The streaming service has temporarily pulled the 1939 movie from its catalog to address the racism in the movie. It’ll come back with a “discussion” and denunciation of the racist stereotypes and their historical context, a spokesperson told Variety. You won’t see edits to the film itself, however, as HBO Max parent WarnerMedia wants to acknowledge that the racism existed. The company didn’t say if anything prompted the event. It comes amid widespread protests against racism and police violence, however, and soon after 12 Years A Slave screenwriter John Ridley called for Gone With the Wind’s removal.
As part of the investment-decision making process, the coalition said it will review portfolio holdings to identify companies that “reinforce systemic racism.” The goal is to ensure a company’s diversity and fairness in recruiting, promotions and compensation, while ending business dealings with entities that support “white supremacy.”
The RJI, started in 2017, has more than 250 socially-responsible investors. Its members include Domini Impact Investments, one of the pioneers of responsible investing, as well as Zevin Asset Management and the Nathan Cummings Foundation.
“Racism pervades everything and is the foundation of our economy,” said Pat Tomaino, director of socially responsible investing at Boston-based Zevin Asset Management, which oversees about $500 million.
Trudeau says racism exists in all Canada institutions
Prime Minister Justin Trudeau said Thursday that systemic racism exists in all Canadian institutions including the federal police, after the nation's top cop balked at the notion. "Systemic racism is an issue right across the country, in all of our institutions, including in all of our police forces, including in the RCMP," Trudeau said.
RJI’s decision to address racial inequities was done in conjunction with the Interfaith Center on Corporate Responsibility, whose 300 members collectively manage more than $500 billion. Interfaith members that signed the commitment include Boston Common Asset Management, NorthStar Asset Management and Trillium Asset Management. A smaller group called the Investor Advocates for Social Justice also is involved.
While such investors are generally small in terms of assets under management, they raise issues that are often backed by larger investment firms. In recent years, big pension plans have taken banks and other companies to task over their carbon footprints and gender pay gaps, resulting in corporate change.
The RJI said it will continue to hold technology companies accountable for their sale of facial-recognition software to law enforcement; financial companies for their role in alleged discriminatory lending; and energy companies for their construction of polluting facilities next to minority neighborhoods.
The group also said it commits to reinvesting more in Black-led community development projects.
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Airplane with racist banner flies over football stadium in Manchester .
© Michael Regan A racist campaign overshadowed a football game between the British Premier League clubs Manchester City and Burnley. A racist campaign overshadowed a football game between the British Premier League clubs Manchester City and Burnley. At the start of the game, a plane with a "White Lives Matter Burnley" banner flew over the stadium in Manchester. The slogan as an alternative to the anti-racism movement "Black Lives Matter" is criticized worldwide.