Making a difference
The killing of George Floyd at the hands of police officers on May 25, 2020, caused a surge in anti-racist activism across the world. From Tokyo to Cape Town to Stockholm to Rio de Janeiro, Black Lives Matter protests advocating the basic principles of social justice – equity, rights and participation – have taken place in more than 60 countries. The social unrest has also ignited the debate about the role and responsibility of business as trustees of society to accelerate social progress. Racism is manifested in current social, economic and political disenfranchisement of historically marginalised and underrepresented ethnic groups such as the lack of opportunities, lower socio-economic status, higher unemployment and the racial wealth gap. Between Floyd’s death and the end of October, about one-third of Fortune 1000 companies responded by making a public statement on or commitment to racial equity, and the private sector pledged a total of $66 billion towards racial justice initiatives. Yet companies have been repeatedly reckoning with the gap between intentions and progress. There have only been 15 Black CEOs over the course of the 62 years of the Fortune 500’s existence, and currently, only 1% of Fortune 500 CEOs are Black. There are no Black female CEOs of the Fortune 500 and only three women of colour. Too often, company programmes take a broad-brush approach to diversity and offer uniform policies and training. These strategies fail to address norms and practices that are rooted in specific historical and societal patterns of exclusion, marginalisation and disadvantage. In addition, varying national laws and regulations, demographic compositions and societal norms across the world also mean organisations struggle to design common indicators and strategies. A global coalition to boost effectiveness To address these challenges and drive systemic and sustainable change towards racial justice, the World Economic Forum is creating a global coalition […]