Racial Justice
Systemic racism creates material portfolio-wide and company-specific risks for investors. As the largest shareholders in many of the world’s largest companies, and in their role managing the retirement savings of millions of Black and brown workers, the world’s largest asset managers like BlackRock and Vanguard have a responsibility to assist in rooting out systemic racism from our economic system. The proxy voting decisions of asset managers can no longer be assumed to be neutral in the face of systemic racism.
RJ Capital Strategies Table
In 2023, Majority Action drove the establishment of a National Racial Justice Capital Strategies Table with SEIU, Color of Change, Hip Hop Caucus, and United for Respect- to recognize the importance of having organizations steeped in racial justice be able to inform bright-line standards in regards to corporate governance and racial equity. As organizations tied to the communities and stakeholders most impacted and harmed by “business as usual” corporate practices rooted in systemic racism, the RJCST exists to ensure the leadership and lived experiences of impacted stakeholders have the access they need in order to shape the conversation. The RJCST organizes accountability efforts, engages with systemically significant companies to advocate for community needs, and educates our community and labor bases on capital strategies to drive meaningful change.
RJ Priorities
Review Proxy Voting Guide & Sample Language
This guide provides examples of shareholder proposals to help investors integrate racial equity into their proxy voting policies
Vote For Worker-Backed Proposals at Walmart
Learn how Majority Action is advocating for Walmart to take bold actions on racial equity and environmental sustainability by visiting our detailed campaign page.
Webinar: MAY DAY WORKERS, ADVOCATES AND INVESTORS ROUNDTABLE: RACIAL EQUITY AND WORKPLACE SAFETY AT WALMART
The May Day Roundtable discusses the critical issues that directly impact Walmart workers health, safety, and belonging, the investment risks posed by these issues, and the shareholder proposals seeking to address them. Hear directly from workers, electeds, advocates, and investors about what investors can do to encourage Walmart’s leaders to foster a more equitable business model.
Equity in the Boardroom: 2023 Proxy Season
This report highlights how racial inequity not only represents a moral issue but also poses systemic risks that can negatively impact long-term investment returns. It analyzes the voting patterns of the 18 largest asset managers and two leading proxy advisors on racial equity issues during the 2023 proxy season, revealing a significant decline in support amid political attacks on civil rights and ESG strategies. Read the full report for an in-depth look at the need for asset managers to integrate racial equity into their proxy voting practices to mitigate risks and safeguard investments.
What Makes a Racial Equity Audit?
This fact sheet provides an summary of how a high-quality racial equity audit should be conducted and what it should include.
Big Money, Big Problems: How Asset Managers Help Corporations Buy Political Power and Hide it from Shareholders
During the 2023 proxy season, the "Big Four" asset managers -- BlackRock, State Street, Fidelity, and Vanguard -- consistently blocked shareholder proposals seeking greater corporate political transparency. As we enter a presidential election year, the Big Four's reluctance to vote for proposals that seek to elucidate the full extent of corporate influence in politics and policy has serious consequences for the future of democracy, racial equity, and long-term value creation for diversified investors.
Racial Equity & Stewardship: How the Largest Asset Managers Stack Up
A report from Majority Action shows that BlackRock, Vanguard, State Street, and Fidelity have serious gaps in their proxy voting policies that hold them back from mitigating the systemic risk of racial inequity.