The business community is tackling diversity with new seriousness

Good morning.

Fortune and Refinitiv hosted a conversation yesterday about our new partnership to encourage companies to publicly report their diversity data. “ESG has been around for some time, and it is really strong in some areas, including climate,” said Refinitiv CEO David Craig. “But for a long time the S in ESG has been missing. We were surprised and shocked by the lack of ethnicity data that gets collected.” 

PwC’s U.S. Chairman Tim Ryan told the group why he made the rare decision to release his company’s diversity data. “We wanted the self-imposed pressure to do better.” His recommendation to others: “Don’t be ashamed of your numbers. They are what they are. What’s important is progress.” The critical factor, said Crystal Ashby of the Executive Leadership Council, is that the “CEO has to be really clear where they stand on this issue.” You can access the Refinitiv tool here, and become part of this important movement.

Separately, Merck CEO Ken Frazier and IBM Executive Chair Ginni Rometty yesterday unveiled a major new effort, along with 35 other CEOs, to commit to train, hire and promote one million Black Americans over the next decade, with a special focus on those without a four-year college degree. The effort is evidence that the business community is tackling this issue with new seriousness.

And since it is Friday, some feedback. Lots of response to Monday’s post about the new Council for Inclusive Capitalism with the Vatican—not all of it supportive. OE wrote in:

“This partnership with an elitist anachronism like the Catholic Church seems to be an exercise in virtue signaling. Any projects it spawns likely will be self-defeating and harmful to the causes it attempts to further.”

But KK took a closer look and was more impressed:

“I read the specific pledges from each company and they are wonderful. I like the simplification by the Pope in ‘benefitting the planet and the people.’”

Meanwhile, the markets continue to party. Airbnb’s IPO stock jumped 135% in its first day of trading, giving the company a market cap of over $100 billion. That’s more than Marriott, Hilton and Hyatt combined.

More news below.

Alan Murray

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