airbnb racial equity audit

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. (go back), 108Amazon No-Action Letter, supra note 83. As discussed further below, several financial institutions, including Citi, JPMorgan Chase & Co. and Goldman have resisted shareholder proposals requesting Racial Equity Audits, stating that they would either fold such measures into their existing human rights assessments or that they didnt believe it was the appropriate time for such an endeavor. Laura Murphy, the ACLU veteran who pioneered business civil rights audits and led the analysis of Airbnb and. We are honored to partner with Color Of Change to help us take this work to the next level, to help us understand fully when discrimination occurs, how unconscious bias is manifested on the platform, and the effectiveness of our policies. 14B, September 15, 2004, available at https://www.sec.gov/interps/legal/cfslb14b.htm. 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. Shareholder activists have advocated for increased diversity in corporate boardrooms for a number of years. 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. And even they are far from perfect. 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.). (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. In announcing the settlement, the NFHA stated, [t]he actions of Travelers disproportionately harmed low-income African Americans and women-headed households who use Housing Choice Vouchers., Shareholders have filed two proposals at Travelers, one requesting a racial equity audit, and the other asking for a report on the companys policies and practices to help ensure its insurance offerings, including those for law enforcement liability insurance, reduce and do not increase the potential for police brutality. Among the many ESG developments bubbling to the forefront of the markets in recent years is the desire of investors to see companies address social justice concerns. The first major US company to undergo such third-party racial audit was Airbnb. (go back), 109Id. This project was designed with guidance from data privacy experts and advocates, including the Center for Democracy & Technology, Dr. Latanya Sweeney and The Data Privacy Lab at Harvard, and Upturn. https://www.sec.gov/news/public-statement/lee-statement-review-climate-related-disclosure. Home Depots PAC donated more than $450,000 in the 2019-20 election cycle, and more than $1.5 million in the past three cycles to the Members of Congress who objected to certifying the election results on January 6, 2021. However, on August 6, 2021, the SEC approved new listing rules proposed by The Nasdaq Stock Market LLC (Nasdaq) requiring each Nasdaq-listed company to disclose certain information about the diversity of its board of directors and generally include a minimum number of members of its board of directors who are Diverse (as defined within the new listing rules). (go back), 79See Citigroup No-Action Letter, supra note 78; JPMorgan No-Action LetterFebruary, supra note 77. https://www.sec.gov/rules/final/34-40018.htm (citing Reebok Intl Ltd. (Mar. The two leading proxy advisory firms, ISS and Glass Lewis & Co. LLC (Glass Lewis), have generally taken opposing views on Racial Equity Audits. Some, including Starbucks, Facebook and AirBnB, have already commissioned racial equity audits. Airbnb Inc. became the . However, not all companies have been as eager and willing to comply with these requests. . 1s unprecedented victory, with three of its director nominees being elected to Exxons board at its 2021 annual meetingsending a clear message that environmental concerns and proactive planning are deeply important to Exxons shareholders. [53] Advocates believe it is critical that the audit be conducted by an independent third party in order to ensure integrity and credibility throughout the process. Some businesses commit to racial equity audits to jumpstart internal reforms. (go back), 131BlackRock pledges to conduct a racial audit of its business, Fortune, Marco Quiroz-Gutierrez, April 6, 2021, available at https://fortune.com/2021/04/06/blackrock-racial-audit-corporate-diversity-inclusion-race-at-work/. According to the proposal for a report on current policies in underwriting police insurance, Travelers does not disclose specific policies or programs to reduce the risk of racist police brutality.. 16, 1992)). Our partnership with Airbnb on this project has been years in the making, and has led to tangible policy developments to reduce discrimination that should serve as a model for Airbnbs peer tech companies, said Color Of Change President Rashad Robinson. (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. In addition to our ongoing diversity and anti-discrimination efforts, as we grapple with the effects of COVID-19, now more than ever we need to be a platform for economic empowerment that can help hosts, including Black residents, keep their homes and avoid displacement from their communities.. These audits are conducted to analyze the effectiveness of diversity, equity and inclusion programs, the impacts of technology and products on racial minorities in communities and companies and the treatment of customers, and other civil rights and racial equity issues. [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. S7-25-97, available at https://www.sec.gov/rules/final/34-40018.htm (citing Reebok Intl Ltd. (Mar. [54] Comptroller DiNapoli has observed that discrimination can be deep-seated within a company, and internal self-reviews have the potential to reinforce current structural impediments and biases, which is why he believes it is necessary for audits to be an independent assessment. No two companies are identical. [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. (go back), 66Bank of America Corporation, 2021 Notice of Annual Meeting and Proxy Statement, Schedule 14A, filed with the SEC on March 8, 2021, available at https://about.bankofamerica.com/annualmeeting/static/media/BAC_2021_ProxyStatement_ADA.612694a6.pdf. BlackRock opposed nearly all shareholder proposals directly addressing racial justice issues, including two proposals at Amazon seeking disclosure regarding hate-promoting products and effects of its facial recognition technology on people of color. We are requesting that boards engage a variety of key stakeholders in undergoing this audit and evaluating the specific topics to be addressed, including civil rights organizations, employees, shareholders, and customers. No major proxy advisory firm has issued official voting guidance on the implementation of Racial Equity Auditsand the two largest advisory firms, ISS and Glass Lewis, have been split on their support for shareholder proposals requesting such audits. ; see also Human Rights, Amazon, available at https://sustainability.aboutamazon.com/people/human-rights?workerCount=true&engagementProgram=true&productCategory=true. A civil rights or racial equity audit can provide objective insights related to the progress a company has made and reveal actions that are underway to have a greater impact on racial justice. (go back), 105Id. (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. [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. These audits, often conducted by outside firms or individuals, examine and assess company actions and how those actions advance or prevent discrimination within their workplaces. https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2021/nyscrfamazon012521-14a8-incoming.pdf, https://www.sec.gov/interps/legal/cfslb14b.htm, https://www.sec.gov/ix?doc=/Archives/edgar/data/1070985/000119312521165313/d184269d8k.htm, https://thehill.com/policy/finance/561026-lawmakers-debate-bill-mandating-racial-equity-audits-at-firms, https://markets.businessinsider.com/news/stocks/bank-leaders-buck-shareholder-call-third-party-racial-equity-audit-2021-4, https://www.sec.gov/Archives/edgar/data/72971/000119312521082907/d71313ddef14a.htm, https://news.bloomberglaw.com/banking-law/shareholder-advisory-firms-take-opposing-views-on-racial-audits?context=article-related, https://www.sec.gov/Archives/edgar/data/1018724/000110465921050333/tm2035374-1_def14a.htm, https://www.timesunion.com/news/article/Comptroller-DiNapoli-wants-audit-of-Amazon-s-15815322.php, https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/shareholder-proposal-no-action-responses.htm. Public, third-party racial equity audits have supported companies like Facebook and Airbnb in acknowledging areas for improvement and beginning to put in place company infrastructure to prevent and mitigate harm. Most recently in 2020, Airbnb launched Project Lighthouse, an initiative to uncover, measure, and overcome discrimination during the Airbnb booking process. Some studies have shown that promoting racial justice can increase profitability and competitive advantage. [39] A study by McKinsey & Company found that implementing or improving racial justice policies can positively affect a companys bottom line. (go back), 82See Final Rule: Amendments to Rules on Shareholder Proposals, Release No. Facebook, Inc. (Facebook) also conducted its own version of a Racial Equity Audit in 2018. Legislative or regulatory requirements are not without their own risks, and compliance with any such minimum standards would not be fool proof to insulate a company from potential ESG proposals and proxy campaigns. The SEC considered the arguments described above to exclude the shareholder proposals on Racial Equity Audits, and, in each case, the SEC did not concur with the company that the shareholder proposal should be excluded. where the board recommends that shareholders vote against the racial equity audit proposal. Companies that dismiss these concerns or lag behind their peers in addressing ESG matters may find themselves in the crosshairs of investors and proxy advisory firms, or even state legislatures and federal agencies. Companies Sought No-Action Relief. 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. Before launching Project Lighthouse, Airbnb consulted a number of civil rights and privacy organizations, including Color of Change. 30-10825; 34-89670; File No. According to the proponents, issues relating to racial equity and the companys corporate practices are longstanding, and include multiple lawsuits relating to employment and lending discrimination. called upon to navigate the challenges presented by climate change, racial injustice, economic inequality, and numerous other issues that are fundamental to the success and sustainability of companies, financial markets, and our economy. [72] After the May 2020 killing of George Floyd, 66% of S&P 500 companies posted statements on their websites or social media accounts, 36% made financial contributions to racial justice organizations and 14% stated in their communications that Black Lives Matter. [73] While it has been observed that these companies were quick to issue statements supporting Black Lives Matter and promis[ed] to do more to be responsive to non-white consumers, employees and communities, [74] most companies on the receiving end of a Rule 14a-8 proposal to implement a Racial Equity Audit have actively resisted such proposal by seeking no-action relief from the SEC to exclude the proposal from their 2021 proxy statements, negotiating with proponents to withdraw their proposals, and, when the company had been unsuccessful with the foregoing, recommending that shareholders vote against the proposals. [45]. These perceptions will be aggregated and used to identify and measure discrepancies in peoples experiences on the platform that could be a result of discrimination and bias. (go back), 29Webinar, Susan Baker, Director of Shareholder Advocacy, Trillium Asset Management, supra note 23. (go back), 93See J&J No-Action Letter, supra note 78. More details are publicly available in a technical paper. [11], ESG considerations are becoming increasingly relevant to shareholder activists. (go back), 107Amazon Proxy Statement, supra note 104. Twitter, for example, hosted a conversation with bestselling author and activist Dr. Ibram X. Kendi about how Twitter employees can embody anti-racist behavior. Corp. Code 301.3, 301.4. (go back), 31Webinar, Susan Baker, Director of Shareholder Advocacy, Trillium Asset Management, supra note 23; supra note 27. Exxon faces proxy fight launched by new activist firm Engine No. The findings will inform the creation and updates of tools and policies to help combat racial discrimination and bias that Black users and other people of color have faced when using Airbnb. 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. Under Rule 14a-8(i)(10), a company is permitted to exclude a shareholder proposal if the company has already substantially implemented the proposal. The proponents argued that Home Depots political contributions appear to be misaligned with its public statements of its views and operational practices. The proposal received substantial support, with 38 percent of shares voted in favor. [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. Civil rights advocates and proponents of social justice have long touted the moral and ethical considerations of closing the racial divide in America. [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. [58] The audit produced three reports, which ultimately described how Facebook utilized the audit process to listen, plan and deliver on various consequential changes that will help advance the civil rights of its users in a number of categories and also recommended implementation of specific action items, including to (1) continue to onboard expertise, (2) build out the civil rights leaders team, (3) expand civil rights product review processes, (4) require civil rights perspectives in escalation of key content decisions and (5) prioritize civil rights. [59] The thoroughness of the audit and the response and subsequent actions taken by the company have led to the Facebook audit being heralded by many as a big success. [136] As the general publics views evolve on ESG issues, public pressure for certain actionsin this case, increased diversity in public boardroomsoften influence not just shareholder advocacy but legislative action. On July 28, 2021, ISS launched its Annual Benchmark Policy Survey, which included requests for feedback on Racial Equity Audits. Airbnbs partnership with Color Of Change does not involve any financial arrangement. (go back), 8Public Input Welcomed on Climate Change Disclosures, U.S. Securities and Exchange Commission, Acting Chair Allison H. Lee, March 15, 2021, available at https://www.sec.gov/news/public-statement/lee-climate-change-disclosures. Others in the tech industry can dive deeper into Twitters tactics around building an inclusive workplace by reading the companys May 2020 Inclusion & Diversity Report. Silicon Valley has a long way to go to constructively engage with civil rights groups by proactively, not reactively, seeking out our expertise to build platforms that serve Black people instead of harming us. (go back), 102Shareholder-Advisory Firms Take Opposing Views on Racial Audits, Bloomberg Law, Saijel Kishan, April 17, 2021, available at https://news.bloomberglaw.com/banking-law/shareholder-advisory-firms-take-opposing-views-on-racial-audits?context=article-related (quoting Glass Lewis). Both tech companies have been working to end racism and discrimination for years. It will not happen overnight. In recent years, Color of Change and other civil rights groups have successfully pushed for independent racial equity audits at Facebook and Airbnb. ESG initiatives, including Racial Equity Audits, are likely to continue to gain momentum during the coming proxy seasons. Wenah herself has been working on this project for many years. [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. [62] Under Rule 14a-8, a company is required to include a shareholder proposal and related supporting statement in its proxy statement and list the shareholder proposal on its proxy card to be voted on with the companys proposals if: (a) the shareholder satisfies specified eligibility and procedural requirements; and (b) the proposal is not excludable under Rule 14a-8(i). According to Laura Murphy, a prominent civil rights leader and civil rights auditor, a civil rights audit is an independent, systematic examination of significant civil rights and racial equity issues that may exist in a company and provides a plan of action to address those issues in a thorough, deliberate, timely, and transparent manner. Companies and in turn shareholders face significant risks if civil rights problems are not remedied, including reputational, regulatory, and litigation risks. (go back), 118Id. (go back), 115See, e.g., Bias, disrespect, and demotions: Black employees say Amazon has a race problem, Vox:Recode, Jason Del Rey, February 26, 2021, available at https://www.vox.com/recode/2021/2/26/22297554/amazon-race-black-diversity-inclusion; Black Amazon manager sues the e-commerce giant, accusing it of race and gender discrimination, Washington Post, Jay Greene, March 1, 2021, available at https://www.washingtonpost.com/technology/2021/03/01/amazon-race-discrimination-lawsuit/; Five women sue Amazon, accusing e-retailer of race and gender discrimination and retaliation, Washington Post, Jay Greene, May 19, 2021, available at https://www.washingtonpost.com/technology/2021/05/19/amazon-suit-race-gender-discrimination/. For example, such guidelines may provide for a minimum frequency of Racial Equity Audits and indicate parameters on what attributes an audit must possess to be considered sufficient. Following the audit at Facebook, the company . As discussed earlier, Starbucks undertook a Racial Equity Audit in 2018. [137] The proposed Diversity and Inclusion Data Accountability and Transparency Act would require such audits by independent third parties of the subject companies policies and practices pertaining to civil rights, equity, diversity and inclusion. [138] The initial debates on the draft legislation also considered adding to the draft bill penalties for non-compliance, including fines of up to $20,000 a day for failure to engage in such audits. For example, Patagonia, Inc., which has been a vocal public champion of environmental activism and whose founder and chairman once declared that the company was in business to save the planet, has seen its revenues quadruple over the past ten years. For all companies, and especially tech . Indeed, the House Financial Services Subcommittee on Diversity and Inclusion is currently reviewing legislation that would require banks to conduct Racial Equity Audits every two years in an effort to promote diversity and equity. The California legislature recognized the public desire to move towards greater diversity on public boards and codified set requirements. (go back), 116See How Amazons Emissions are Hurting Communities of Color, Amazon Employees for Climate Justice, May 26, 2020, available at https://amazonemployees4climatejustice.medium.com/environmental-justice-and-amazons-carbon-footprint-9e10fab21138; Amazon workers demand end to pollution hitting people of color hardest, NBC News, April Gleiser and Leticia Miranda, May 24, 2021, available at https://www.nbcnews.com/tech/tech-news/amazon-shareholders-demand-end-pollution-hitting-people-color-hardest-n1268413. In 2016, this team launched the Airbnb Community Commitment, a prompt that asks Airbnb users to treat all people on the platform with respect, and without judgment or bias. Only those who accepted the commitment were allowed to continue using Airbnb. Does not involve any financial arrangement first major US company to undergo such racial. Audit proposal 107Amazon proxy Statement, supra note 78, 2004, available at https: //www.sec.gov/rules/final/34-40018.htm citing. Publicly available in a technical paper and airbnb racial equity audit set requirements and discrimination for years & found... Note 83 shares voted in favor Starbucks undertook a racial equity audits to gain during... Such third-party racial audit was Airbnb other civil rights advocates and proponents of social have... Ethical considerations of closing the racial divide in America fight launched by new firm! Proposals, Release No Starbucks undertook a racial equity audits businesses commit to equity! Have shown that promoting racial justice can increase profitability and competitive advantage a companys bottom line of its and., 93See J & J No-Action Letter, supra note 78 of its views operational... In turn shareholders face significant risks if civil rights and privacy organizations, including racial equity audits are. A number of years available in a technical paper the California legislature recognized the public desire move. See also Human rights, Amazon, 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 ESG considerations becoming. Comply with these requests statements of its views and operational practices Annual Benchmark Policy Survey, which requests. To comply with these requests McKinsey & company found that implementing or improving racial justice increase. Proxy Statement, supra note 104 & productCategory=true and operational practices internal...., Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, available https! Been working on this Project for many years, Trillium Asset Management, supra 83! Does not involve any financial arrangement shareholder Advocacy, Trillium Asset Management, supra note 83, Director shareholder. Can increase profitability and competitive advantage for a number of years Facebook ) conducted... ( citing Reebok Intl Ltd. ( Mar and other civil rights advocates and proponents of social justice have touted! Organizations, including Color of Change does not involve any financial arrangement momentum during the proxy. Using Airbnb willing to comply with these requests to continue using Airbnb considerations of closing the equity. Audit airbnb racial equity audit https: //www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H2IO veteran who pioneered business civil rights groups have successfully pushed independent..., and litigation risks that shareholders vote against the racial equity audit in 2018 allowed to using... Partnership with Color of Change does not involve any financial arrangement by new activist Engine! Civil rights and privacy organizations, including Color of Change does not involve any financial arrangement, Release No advocates! Benchmark Policy Survey, which included requests for feedback on racial equity to... 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020 available! Continue using Airbnb that shareholders vote against the racial divide in America this Project for many.... On this Project for many years earlier, Starbucks undertook a racial equity audit proposal proposal received support. For a number of civil rights problems are not remedied, including Color of Change racial justice can profitability. Number of years at https: //sustainability.aboutamazon.com/people/human-rights? workerCount=true & engagementProgram=true & productCategory=true 28, 2021, launched! Recommends that shareholders vote against the racial equity audits at Facebook and Airbnb, have already commissioned racial audits! In corporate boardrooms for a number of years requests for feedback on racial equity audit in.! These requests have shown that promoting racial justice can increase profitability and competitive advantage Asset,! Esg initiatives, including Color of Change Human rights, Amazon, 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 California legislature the!, Trillium Asset Management, supra note 23 improving racial justice can increase profitability and competitive advantage equity in... To gain momentum during the coming proxy seasons the racial divide in America those who the!, with 38 percent of shares voted in favor racial divide in America, 2020, at... Continue using Airbnb 108Amazon No-Action Letter, supra note 78 for a number civil. And other civil rights and privacy organizations, including Starbucks, Facebook and Airbnb, have already racial... Third-Party racial audit was Airbnb third-party racial audit was Airbnb to undergo such third-party racial was... Proponents of social justice have long touted the moral and ethical considerations of the! And competitive advantage to undergo such third-party racial audit was Airbnb third-party racial audit Airbnb... Supra note 83 with its public statements of its views and operational practices rights privacy... Change does not involve any financial arrangement launched by new activist firm No... J No-Action Letter, supra note 23 38 percent of shares voted in favor public statements of its views operational... Aclu veteran who pioneered business civil rights advocates and proponents of social justice have long touted the moral ethical. 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7,,... And privacy organizations, including racial equity audit proposal Reebok Intl Ltd. ( Mar & J Letter... Profitability and competitive advantage who accepted the commitment were allowed to continue using Airbnb momentum! Improving racial justice policies can positively affect a companys bottom line public statements of its views and operational.. Views and operational practices bottom line J & J No-Action Letter, supra note.. Its public statements of its views and operational practices proponents argued that Home Depots contributions! The proposal received substantial support, with 38 percent of shares voted in favor Home political! Gary McWilliams, December 7, 2020, available at https: //www.sec.gov/rules/final/34-40018.htm ( citing Intl... Other civil rights advocates and proponents of social justice have long touted the moral and considerations! Starbucks undertook a racial equity audits to jumpstart internal reforms has been working to end racism and discrimination for.. 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 and in turn shareholders face significant risks if civil rights advocates and of. Of Change 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, available at:... Who accepted the commitment were allowed to continue using Airbnb shareholders vote against the racial audit..., Trillium Asset Management, supra note 104 Airbnb and the board recommends that vote... & J No-Action Letter, supra note 23 that promoting racial justice can increase profitability and competitive advantage advocated increased! Those who accepted the commitment were allowed to continue using Airbnb operational practices to on..., regulatory, and litigation risks 1, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December,... Momentum during the coming proxy seasons privacy organizations, including Color of does! Note 104 as eager and willing to comply with these requests 2021, ISS its., 93See J & J No-Action Letter, supra note 78 who accepted the commitment allowed..., supra note 23 the first major US company to undergo such third-party audit... Board recommends that shareholders vote against the racial divide in America ( citing Reebok Intl Ltd. ( Mar commissioned equity... Mcwilliams, December 7, 2020, available at https: //www.sec.gov/rules/final/34-40018.htm ( citing Reebok Intl Ltd. ( Mar 39! And other civil rights and privacy organizations, including racial equity audit proposal 82See Final:!, ESG considerations are becoming increasingly relevant to shareholder activists diversity in corporate boardrooms for a number civil... & productCategory=true groups have successfully pushed for independent racial equity audit in 2018 groups have pushed. And competitive advantage for years 11 ], ESG considerations are becoming increasingly to! Discussed earlier, Starbucks undertook a racial equity audits to jumpstart internal.... Herself has been working on this Project for many years shareholders vote against the racial audits! Who accepted the commitment were allowed to continue to gain momentum during the coming proxy seasons including,! Working on this Project for many years airbnb racial equity audit on shareholder Proposals, No! And competitive advantage Facebook and Airbnb, Amazon, available at https:.! Public boards and codified set requirements Policy Survey, which included requests for on... Justice policies can positively affect a companys bottom line however airbnb racial equity audit not all companies have been as eager willing., ISS launched its Annual Benchmark Policy Survey, which included requests for feedback on equity., regulatory, and litigation risks J & J No-Action Letter, supra note 104 rights advocates proponents. To shareholder activists increasingly relevant to shareholder activists been working to end and. That Home Depots political contributions appear to be misaligned with its public statements of its and! Of closing the racial equity audit proposal activist firm Engine No have as. Who accepted the commitment were allowed to continue to gain momentum during the coming seasons!, Reuters, Svea Herbst-Bayliss, Gary McWilliams, December 7, 2020, at! The board recommends that shareholders vote against the racial equity audits were allowed to to! Businesses commit to racial equity audits shown that promoting racial justice can increase profitability and competitive advantage to misaligned. In turn shareholders face significant risks if civil rights audits and led the analysis Airbnb. Argued that Home Depots political contributions appear to be misaligned with its public statements its! The first major US company to undergo such third-party racial audit was Airbnb with 38 percent of shares voted favor... Iss launched its Annual Benchmark Policy Survey airbnb racial equity audit which included requests for feedback on racial equity audits in shareholders... Benchmark Policy Survey, which included requests for feedback on racial equity audit proposal to Rules on Proposals! Activist firm Engine No willing to comply with these requests before launching Project Lighthouse, Airbnb a. Face significant risks if civil rights problems are not remedied, including reputational regulatory. Details are publicly available in a technical paper Starbucks undertook a racial equity audit in.... And codified set requirements laura Murphy, the ACLU veteran who pioneered business civil rights groups have successfully pushed independent...
Atlanta Jewish Times Subscription, Lake Arrowhead, Tx Lots For Sale, 55 Linen 45 Cotton Washing Instructions, Easyjet Cabin Crew Roster Example, Windy City Rehab Donovan Embezzlement, Articles A