Making such disclosures will help firms’ approach to fairness and equality generally, and racial inclusion specificallyBritish firms are being shamed into acknowledging their links to the slave trade, and showing they are serious about combating racial inequality. Imagine how much greater these efforts might be if there was systematic pressure on the corporate sector to come clean about its history and make society fairer.
Lloyd’s of London, one of the institutions that was named, said it was sorry for the role it played in the slave trade of the 18th and 19th centuries — “an appalling and shameful period of English history, as well as our own”. It also promised financial support for charities and organisations promoting opportunity for black and other minority groups, though no amount was specified.
A pattern is emerging. When they are forced, companies and institutions reveal a far more complicated version of themselves than the one typically portrayed in their marketing. How have they got away with it for so long? It has taken the global outrage at the killing of George Floyd to bring these issues to the fore.
Shareholders could have an advisory vote on these disclosures — a simple public endorsement, or censure if the information is too thin. The reputational risk involved would be an incentive to take this part of the financial report seriously.
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Companies should reveal, or be shamed about, their slave-related historiesMaking such disclosures will help firms’ approach to fairness and equality generally, and racial inclusion specifically, writes Chris Hughes
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