Page 118 - Forbes - USA (October 2019)

PROMOTION

a partnership between The ELC and CEO of Ariel Investments, LLC, the largest narrowing the racial wealth gap could
Sigma Pi Phi Fraternity (Beta Iota Boulé), minority-run mutual fund in the country. increase the country’s per capita gross
a national organization that sponsors The BEF dove into data from an domestic product (GDP) by 4-6%. With
social action and public policy initiatives. August 2019 report, The Economic the U.S. GDP growing at approximately
The second BEF took place in Martha’s Impact of the Racial Wealth Gap, pre- <3%, the money being left on the table
Vineyard in August, bringing together pared by McKinsey & Company in LV VLJQLŻFDQW
black corporate leaders and black lead- partnership with The ELC and the Boulé,
ers in finance, “looking at the problem which documents the tenfold gap STRATEGIC PARTNERSHIPS
through a common set of lenses, pulling between the wealth of white Americans Partnerships with other organizations
together our collective talent to deter- and black Americans. The new and advocating for the rights of underrepre-
mine how we can make impact at scale,” important twist revealed is that blacks sented groups increase the effectiveness
says Leatherberry. The keynote speaker are not the only losers as a result. With of all. The ELC therefore connects with
was John Rogers Jr., founder, chair and hard data, the report estimates that other philanthropic organizations
aligned with its mission.
In 2004, The ELC became a founding
partner of the Alliance for Board Diver-
sity WKH ŻYH WLPH SXEOLVKHU RI WKH Missing

1DUURZLQJ WKH UDFLDO ZHDOWK JDS FRXOG Pieces report. The report underlies all ABD
partner efforts, individually and together, to
increase the country’s per capita gross advocate for greater diversity on boards
of the top 500 U.S. corporations.
domestic product (GDP) by 4-6%. June 2017 marked the launch of the
CEO Action for Diversity & Inclusion®,
led by a steering committee of The ELC
and CEOs and leaders from Accenture,

Bank of America: Committed To Diversity And Inclusion

Bank of America’s commitment to creating an 2018 to advance economic mobility and social justice
inclusive experience for employees starts at the issues in black communities. We also spend over
top with CEO Brian Moynihan, who has chaired $2 billion every year working with diverse suppliers.
the Global Diversity & Inclusion Council (GDIC) for
We offer a number of opportunities for teammates
10 years. The GDIC is focused on growing the diverse
to share their diverse backgrounds and interests.
representation of our workforce and promoting an
Our Black Executive Leadership Council includes
inclusive workplace where all employees have the
nearly 200 senior Black/African American leaders
opportunity to achieve their goals.
who focus on recruiting and advancing diverse talent,
At all levels of the company, we work to attract, engaging our communities and influencing business
retain and develop diverse talent. More than strategies to help drive responsible growth. They
45% of our U.S.-based workforce are people of work closely with the 14,000 members of our
color, and more than 50% of our global workforce Black Professional Group to help create visibility
are women. Our senior leadership is similarly diverse. for black talent at Bank of America through coaching,
Women and/or people of color make up more than mentoring and networking. “We leverage differences to drive collaborative and
45% of our Board of Directors and more than 50% innovative work environments in which all employees
We value the many partnerships we have with diverse
of our management team. feel like they matter and are delivering for the
organizations and are proud to be recognized as one of
clients and community we serve.”
Our commitment proudly extends to our local the 50 Best Companies for Diversity for 2018
communities, where we invested over $28 million in by Black Enterprise. Cynthia Bowman
Chief Diversity and Inclusion Officer
Bank of America

28 | DIVERSITY