Sunday, June 26, 2022
No Result
View All Result
Money Secrets Center
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting
Money Secrets Center
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting
No Result
View All Result
Plugin Install : Cart Icon need WooCommerce plugin to be installed.
Money Secrets Center
No Result
View All Result

: Citi reverses course on racial-equity audit, will look at $1 billion pledge made after death of George Floyd

by
October 25, 2021
in Latest News
0 0
0
Home Latest News

Citigroup Inc., which had urged its shareholders to reject a resolution calling for a racial-equity audit earlier this year, announced Friday that it has reversed course.

In explaining the about-face, Citi
C,
+1.22%

executive vice president Edward Skyler wrote in a blog post that the bank needs to assess its efforts to close the nation’s racial wealth gap, and that “measurement and transparency are important components of the work we are doing to advance diversity, equity and inclusion.”

The third-party audit will focus on the consumer-facing impact of the company’s Action for Racial Equity initiative, a $1 billion commitment meant to boost economic mobility for communities of color that Citi announced last year after George Floyd, a Black man, was murdered by police, sparking widespread protests against police brutality and racism. Components of the initiative include expanding access to banking and loans to minorities, investing in Black entrepreneurs, promoting Black homeownership and more.

See also: Companies that declared solidarity after George Floyd killing may be ‘woke washing,’ shareholder advocates warn

Skyler said Citi is working with the shareholder group that submitted the resolution as it considers its approach to the audit.

“Citi is taking a critical step toward confronting centuries-old harms against marginalized communities that are still present to this day,” Dieter Waizenegger, executive director of SOC Investment Group (formerly known as CtW Investment Group), said in a statement.

Waizenegger told MarketWatch that Citi approached SOC a couple of weeks ago to say it wanted to go ahead and agree to an audit after all.

“I’m glad Citi decided to take the lead and step out in front of this,” he said.

Waizenegger added that the 39% shareholder support for the racial-equity audit proposal was “significant right out of the gate” and must have played a role in Citi’s change of heart — and goes toward “living up to the commitments [it and other banks] made after George Floyd.”

See: Citigroup, Wells Fargo, Bank of America, Goldman Sachs, JP Morgan urge shareholders to vote against racial-equity audits

Citi joins BlackRock Inc.
BLK,
+1.24%
,
another leading financial institution that last year agreed to conduct such an audit.

Citi’s Skyler wrote that civil rights groups will be among the stakeholders whose input will be included in the audit, which will be conducted by Covington & Burling. The audit will begin in January and run through the end of 2022, and the company plans to share key findings shortly afterward, a spokeswoman for Citi said.

ShareTweetShare

Next Post

Stocks making the biggest moves in the premarket: Pinterest, PayPal, Tesla and more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Enter Your Information Below To Receive Latest News And Articles

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

  • Trending
  • Comments
  • Latest

China may be moving toward easy monetary policy, but it will have to tread delicately

October 22, 2021

Plug Power Leads Five Alt-Energy Plays Near Buy Points

October 31, 2021

FTC sues to block Nvidia’s $40 billion acquisition of Arm

December 2, 2021

The Essential Watchlist for Best Stocks Under $2

October 22, 2021

The Best Stocks Under $50 You Can Explore Right Now

0

The Essential Watchlist for Best Stocks Under $2

0

China Evergrande set to avert default as it reportedly pays off bond interest

0

‘The UK really is in trouble’: Doctors warn of a dire Covid crisis as officials reject restrictions

0

What’s Holding Back Boeing’s 787 Dreamliner?

June 26, 2022

Financial Face-Off: With soaring gas prices and inflation, should you take a vacation or ‘staycation’?

June 26, 2022

‘A cold dark place’ — Michael Burry thinks the market has plenty of room to plunge. But he finally sees value in these 4 stocks

June 26, 2022

Robert Kiyosaki says that hot inflation will ‘wipe out 50% of the US population’ — here’s what he means by that and how to protect yourself

June 26, 2022
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting
All rights reserved by www.moneysecretscenter.com
No Result
View All Result
  • Home
  • Latest News
  • Privacy Policy
  • Whitelisting

All rights reserved by www.moneysecretscenter.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In