CEO of JPMorgan, Jamie Dimon, is standing firm on its diversity, equality, and inclusion commitments after facing pressure from an activist shareholder, as per Business Insider. During an interview with CNBC at the World Economic Forum in Davos, Switzerland, Dimon said the bank will continue to move forward with its work in DEI work and environmental, social, and governance policies.
This month, the National Legal and Policy Center, a conservative nonprofit, suggested that the company assess how executive compensation is linked to the company’s racial equity goal.
“We are going to continue to reach out to the Black community, the Hispanic community, the LGBT community, the veterans community,” Dimon said in response to the activists. This comes after President Trump revoked a six-decade-old executive order that prohibited workplace discrimination by federal contractors.
JPMorgan’s history with DEI efforts
Business Insider reports that In 2020, the company launched an “accountability framework to look at executives’ progress toward the DEI goal, which affects compensation. JPMorgan doesn’t openly disclose what proportion of executive pay (including for Dimon) goes to DEI work.
That same year, it announced a $30 billion program to help work on racial equity in personal finance. The program included mortgage refinancing and working with Historically Black Colleges and Universities.
What other companies are opposing anti-DEI proposals?
Apple’s board of directors opposed a proposal by the National Center for Public Policy Research (a conservative think tank) to “consider abolishing its Inclusion & Diversity program, policies, department, and goals.”
In a proxy filing, Apple stated that the proposal was “unnecessary” as the company “already has a well-established compliance program” to guard against potential legal challenges. “We strive to create a culture of belonging where everyone can do their best work,” the company added.
Costo is also standing firm on its DEI efforts, stating that its DEI efforts are fundamental to its business growth and operational success. Costco associates its DEI efforts with its infamous “treasure hunt” retail strategy, which provides bespoke, limited-time products at eye-catching prices.
Image: Bloomberg/Manuel Orbegozo
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