The Corporate Racial Equity Alliance Launches Public Comment Period for New Business Standards
May 20 2024 - 1:49PM
Business Wire
Developed to provide U.S. companies with a
roadmap to embody the best of socially responsible business, the
Business Standards for 21st Century Leadership are available for
public feedback from May 20 through October 31, 2024.
Today, the Corporate Racial Equity Alliance published the draft
Business Standards for 21st Century Leadership and launched a
public comment period, inviting feedback to help shape the
standards that integrate equity, inclusion, and social
responsibility into all aspects of business. Informed by extensive
research and the voices of hundreds of people from all walks of
life, the standards provide businesses with a common language and
clear roadmap to strengthen business resilience and help build an
economy where everyone can thrive.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240520801615/en/
The Corporate Racial Equity Alliance – an initiative led by
PolicyLink, FSG, and JUST Capital – developed the standards through
a multi-year process with input from more than 500 corporate
leaders, investors, workers, community advocates, and many more.
The standards will help business leaders navigate the pressing
issues that are already top of mind for many, with a focus on
fundamentals: (1) addressing structural barriers to equal
opportunity; and (2) defining the level of sustainable business
performance that meets the needs and expectations of all corporate
stakeholders.
“We’re at a crossroads where businesses are struggling to meet
the needs of all their stakeholders, despite growing inequality and
broad demands for action from workers, consumers, communities, and
investors alike,” says Mahlet Getachew, managing director of
corporate racial equity at PolicyLink. “The standards aim to be an
indispensable tool for the business leadership we need today and in
the future. Detailed and comprehensive, we are leaving no stone
unturned on what it means to be a sustainable business that
delivers value to all stakeholders.”
On May 20th at 2:00 p.m. ET, the Alliance will host
a live webinar to introduce the draft standards,
share implementation plans, and how to get involved in this
effort. Alongside the latest report, the public can review the
first eight draft standards focused on governance, the workplace,
products, and the value chain. Those interested in attending the
webinar live can register here. A recording will be available
following the event. Six additional standards – focused on
community and societal impact – will be released for public
feedback in September.
The Alliance is requesting input from anyone who has a stake in
how business operates today and in the future. The input received
during the public comment period will inform ongoing revisions to
the standards, which the Alliance will launch in final form on a
digital platform in 2025.
“In today’s challenging economic, social, and political
landscape, ensuring businesses are contributing to creating shared
prosperity for all in our society has never been more critical,”
says John Harper, CEO of FSG. “The Business Standards for
21st Century Leadership provide corporate leaders with the tools to
embed equity, inclusion, and social responsibility into their
businesses and create positive societal impact for generations to
come.”
In the U.S. today, nearly one in three people face structural
barriers to equal opportunity, making it difficult for them to
achieve even a basic standard of living. Alongside civil society
and government, business leaders have a leading role to play in
building a society where no one is left behind and everyone can
thrive and achieve their full potential.
"Business leaders hold significant power to address the
inequities and challenges that are undermining not only the promise
of their own ventures but the promise of a democracy and economy
that can serve all," said Michael McAfee, president and CEO
of PolicyLink. "We are proud to support the leaders rising to this
challenge by providing a comprehensive set of standards that offer
clarity and focus to help them promote thriving, within their
business and beyond."
“For nearly a decade, our research has shown that the American
public expects companies to take action on important societal
issues, including investing in workers and communities, mitigating
environmental risks, and creating inclusive workplaces,” says
Tolu Lawrence, chief impact officer at JUST Capital. “The
Alliance aims to support executives in a tightening economic
environment, with common sense standards aimed at helping them
attract and retain a competitive workforce while strengthening
their operations. Businesses now have a plan of action to meet the
needs of their stakeholders and the call of the public.”
Help shape a new way of doing business:
https://corporateracialequityalliance.org/corporate-standards
For more information visit:
https://corporateracialequityalliance.org
PolicyLink is a national research and action institute dedicated
to advancing racial and economic equity by Lifting Up What Works®.
For over two decades, PolicyLink has been dedicated to amplifying
the expertise, wisdom, and resilience of people of color and
low-income communities to make our social and economic systems work
for all people. Learn more at https://www.policylink.org/.
FSG is a global nonprofit consulting firm that partners with
foundations and corporations to create equitable systems change.
Through customized consulting services, innovative thought
leadership, and learning communities, FSG is working to create a
world where everyone can live up to their full potential. Learn
more at https://www.fsg.org/.
JUST Capital is an independent nonprofit with a mission to
tackle the most pressing social challenges of our time by
galvanizing the collective power of corporate America and the
private sector. Guided by the priorities of the public, JUST
tracks, measures, and helps to improve corporate performance on the
most important stakeholder issues. Learn more at
https://justcapital.com/.
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Shae Collins scollins@wearerally.com