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18 Jun 2020

Interfaith Center on Corporate Responsibility

Investors commit to address systemic racism through their portfolios, corporate engagements & policy advocacy

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[A] group of investors from the Racial Justice Investing (RJI) Coalition has developed and circulated for endorsement by other investors an Investor Statement of Solidarity and Call to Action to Address Systemic Racism... [The Coalition] issuing this statement today to acknowledge the historic roots of systemic racism and to call on the investment community to enact specific strategies to promote racial equity and justice... The statement has initial endorsements from 128 institutional investors.

... “As a socially responsible asset management firm, we try to invite in the truth that wealth in America comes from the plunder of Black people over centuries,”said Pat Miguel Tomaino, Director of Socially Responsible Investing at Zevin Asset Management. “We are seeking to use our wealth and class privilege to push toward racial justice and liberation including pressing large employers to be more inclusive and to pay people equally regardless of race. We do not invest in the private prison sector, predatory lenders, and for-profit education, and we have helped to lead efforts to get cities, states, and big banks to divest from the prison-industrial complex... “A commitment to racial justice lies at the cornerstone of the responsible investing movement when faith investors at the Interfaith Center on Corporate Responsibility (ICCR) joined forces fifty years ago to help drive the apartheid regime out of South Africa,” said Nadira Narine, ICCR’s Sr. Program Director for Strategic Initiatives. “With this statement we are calling on investors to renew that commitment and purpose, and to address entrenched economic systems that perpetuate institutional racism.”