At the Deaconess Foundation, taking deliberate actions which advance equity for Black and Latinx individuals is a major thrust of our strategic plan. One of the areas we recently decided to further explore is the way we use our investment assets, and their management, to support this objective. We met with our investment manager to ask how we could advance racial equity through considerations such as these:
1. Investing in funds managed by Black or Latino/Latina fund managers, or which have explicit commitments to hiring Black or Latino/Latina employees and supporting them through career opportunities including pathways to senior positions
2. Investing in funds with investment theses focused on investing in companies which are 1) inclusive of Black/Hispanic individuals on their boards (with all the examples of how this works), 2) have a history of fostering an inclusive, equitable and diverse workplace culture, and 3) have a stated commitment to racial equity.
3. Investing in funds which have explicit anti-racist policies in selecting investments (e.g. excluding municipal bonds which can be used to settle police misconduct claims) or have their own stated commitments to racial equity which includes but also extends beyond fostering an inclusive, equitable and diverse workplace culture
4. Working with partners (such as the asset Custodian) who demonstrate commitment to racial equity in their practices and policies
5. Other practices not identified on this list but which are known and considered by others in the investment community
We also asked our investment manager to identify and share with us the practices the firm uses itself (such as its hiring and advancement practices) to advance racial equity.
This is an evolving process, so we look forward to sharing more about the actions we take in this area of our work. More to come! Meanwhile, if you have taken similar actions and have approaches, learnings, or ideas to share, please email me at cbelk@deaconessfdn.org.