Nasdaq, Listed Companies Take Action to Advance Equality
As thousands of people around the world march in solidarity against racism, Nasdaq and many of the companies listed on its exchange are stepping up to take action to advance equality.
On Friday, Nasdaq announced a multi-pronged approach that would expand the company’s commitment to diversity and inclusion, including:
- Allocating $3 million from its COVID-19 philanthropic relief efforts for donations to the Equal Justice Initiative and the NAACP’s COVID-19 project, which are providing critical assistance to Black communities disproportionally impacted by the global health, economic, and social justice crises.
- Triple-matching employee donations to related community engagement and social justice organizations through the Nasdaq GoodWorks
- Increasing the company’s diversity and inclusion efforts across its global workforce, focusing initially on expanding training, recruiting, and professional advancement programs.
- Pledging to disclose demographic information about our workforce, specifically regarding gender and ethnicity, later this year.
Nasdaq’s announcement reemphasized the message that Nasdaq President and Chief Executive Officer Adena Friedman shared shortly after the death of George Floyd – that “our diversity is our strength.”
The on-going health crisis and recent events we have all witnessed have magnified the injustices disproportionally impacting Black communities. Through our continued efforts, we strive to support those who need it most and to take action to create positive change, both within Nasdaq and in the communities where we live.Adena Friedman, President and CEO, Nasdaq
The New York-based technology company is the latest company to take measures combatting social injustice following the deaths of George Floyd, Breonna Taylor and Ahmaud Arbery, which have sparked global protests. As the movement grows, other tech and media companies are also pledging to fight inequality. Some of those efforts include:
Alphabet (GOOGL), the parent company of Google, is donating $12 million to organizations working to address racial inequities, with the first grants of $1 million each going to the Center for Policing Equity and the Equal Justice Initiative. Alphabet and Google CEO Sundar Pichai noted that this latest initiative builds upon the $32 million the company has donated to racial justice over the past five years.
Amazon (AMZN) will donate a total of $10 million to organizations supporting justice and equality, such as the NAACP, National Urban League, Thurgood Marshall College Fund and UNCF, among others. The e-commerce giant will also match employee donations 100% up to $10,000 per employee to these organizations until July 6.
Apple (AAPL) recently launched its Racial Equity and Justice Initiative with a $100 million commitment. Starting in the U.S. and expanding globally over time, the new initiative will have a special focus on issues of education, economic equality and criminal justice reform. Apple will also launch a new entrepreneurial camp for Black developers, plans to increase representation across companies it works with and is committed to hiring and supporting people from underrepresented groups.
“Whether it's at Apple or anywhere in society, the burden of change must not fall on those who are underrepresented,” Apple CEO Tim Cook said in a video posted to Twitter. “It falls heaviest on those in positions of power, leadership, and influence to change structures for the greater good.”
Comcast (CMCSA) unveiled a comprehensive, multiyear plan to allocate $100 million to fight injustice and inequality against any race, ethnicity, gender identity, sexual orientation or ability. Chairman and CEO Brian Roberts said that $75 million in cash and $25 million in media will be distributed over the next three years.
Cisco (CSCO) Chairman and CEO Chuck Robbins said in a video statement that the company will donate $5 million to charities dedicated to fighting racism and discrimination. Robbins noted that this is “just the first step, and there is so much more that we can do beyond a statement of solidarity and financial support, including acknowledgment, understanding and action.”
Facebook (FB) recently announced that it would commit an additional $200 million to support Black-owned businesses and organizations. Chief Operating Officer Sheryl Sandberg said this commitment is of a broader $1.1 billion investment in Black and diverse suppliers and communities in the U.S. Sandberg also noted that that the company is "creating a new space in the Facebook app called Lift Black Voices and we’re building a more diverse and inclusive workforce so we can better support communities around the world."
Lyft’s (LYFT) transportation access initiative LyftUp will be providing $500,000 in ride credit to national civil rights organizations who have been working to facilitate essential transportation during the recent crises, namely the National Urban League, NAACP, National Action Network, Black Women’s Roundtable and National Bail Fund Network. In Minneapolis specifically, the company will donate ride credit to Lake Street Council to facilitate rides to volunteers assisting with rebuilding efforts.
Microsoft (MSFT) is donating a total of $1.5 million, or $250,000, to six organizations: Black Lives Matter Foundation, Equal Justice Initiative, Innocence Project, The Leadership Conference, Minnesota Freedom Fund, and NAACP Legal Defense & Education Fund. The company also pledges to match employee contributions to the eligible organizations.
“We all have a role to play. I will do the work. The company will do the work. I am asking each of you to do the work,” said Microsoft CEO Satya Nadella.
Netflix (NFLX) is committing $5 million to nonprofits dedicated to creating direct opportunities for Black creators, Black youth and Black-owned businesses. “Tackling racism and injustice in meaningful ways means creating long-term opportunities for the Black community,” said Netflix CEO Reed Hastings. “The main role we play is through our funding of and member viewing of important content like When They See Us.”
Peloton (PTON) announced it will be donating $500,000 to the NAACP Legal Defense and Educational Fund, writing in an Instagram post, “The Black community is hurting. Our Black Members, instructors, music partners and employees are hurting. #BlackLivesMatter, and it’s time to take action.”
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