{"id":4497,"date":"2021-12-17T19:02:09","date_gmt":"2021-12-17T19:02:09","guid":{"rendered":"https:\/\/blog.rev.mydaye.com\/?p=4497"},"modified":"2021-12-17T19:02:09","modified_gmt":"2021-12-17T19:02:09","slug":"4497","status":"publish","type":"post","link":"https:\/\/blog.mydaye.com\/?p=4497","title":{"rendered":""},"content":{"rendered":"

CLOSING THE GAP from CNBC<\/strong><\/p>\n

https:\/\/link.cnbc.com\/public\/26066385<\/a><\/strong><\/p>\n

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Thursday, December 16, 2021<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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<\/a><\/td>\nJulia Boorstin is CNBC’s senior media & tech reporter. You can follow her on Twitter @JBoorstin.<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Not a week goes by that I don\u2019t see a report that shocks me with the dramatic lack of equity in the business world. New research from the Knight Foundation revealed that only 1.4% of the\u00a0more than $82 trillion<\/a>\u00a0in U.S.-based assets is managed by firms owned or run by women or people of color. I was so struck by that number \u2014 it\u2019s so tiny \u2014 I had to ask the Knight Foundation three times if I was reading it right.<\/p>\n

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But no indeed, that\u2019s not a typo: 98.6% of all U.S.-based assets are managed by firms owned or run by white men, according to research conducted by Bella Private Markets. Which means, if you\u2019re wondering who\u2019s making decisions about what companies or sectors to invest in \u2014 it\u2019s largely white men.<\/p>\n

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The Knight Foundation wanted to shed light on this dramatic homogeneity because the organization doesn\u2019t think it\u2019s right \u2014 and it doesn\u2019t make sense. Its $3 billion endowment is more than a third managed by diverse-owned firms, which, CEO Alberto Ibarguen points out, are more likely to yield higher returns. He writes in an op-ed in Barron\u2019s: \u201cDiversity is a hedge and can increase opportunity. Likewise, a diverse team of managers can identify investment opportunities more traditional managers might overlook. They bring new perspectives \u2014 for example, to assessing risk in traditional or emerging markets.\u201d<\/p>\n

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Knight surveyed the country\u2019s biggest foundations<\/strong>\u00a0to determine how much of their investment portfolio is managed by diverse firms. This year 60% participated and of those, 17% of their assets were managed by diverse-owned firms, far better than the average. Ibarguen calls on all major foundations to self-report on the percentage of their assets under management with diverse-owned firms \u2014 and for the IRS to consider requiring such a disclosure. This isn\u2019t just to benefit diverse money managers, but because diverse management better serves investors.<\/p>\n<\/div>\n<\/div>\n\n\n\n
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Another study out this week showed just how meaningful it is when companies disclose their diversity numbers and make a pledge to change. Catalyst, a global nonprofit focused on helping build workplaces that work for women, has 70 CEOs who have pledged to advance women across ethnic and racial groups into leadership roles, as part of its \u201cChampions For Change\u201d program.<\/p>\n

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New metrics out from some of those Champion companies found that in 2020, they promoted women at slightly higher proportions than men into senior leadership positions. The Champion companies also outpaced their peers in the Fortune 500 in terms of women\u2019s representation at the board of directors level, with 32.2% female representation, compared with a 26.5% average for the Fortune 500.<\/p>\n

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In light of the fact that women were more likely to leave the workforce during the Covid pandemic, Catalyst is calling on companies to develop new initiatives to focus on the reentry, recruitment, advancement and retention of women. A key piece of the puzzle: tracking and measuring progress against defined goals.<\/p>\n

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In my work I think a lot about the old adage, you can\u2019t be what you can\u2019t see. I think there\u2019s another key one when it comes to changing diversity numbers: it\u2019s hard to change what you don\u2019t measure. The more transparency there is, the easier it will be to push for equity \u2014 whether it\u2019s in promotions, board representation or asset management.<\/p>\n

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What type of transparency would you like to see in your company? Share your thoughts with us at\u00a0askmakeit@cnbc.com<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

CLOSING THE GAP from CNBC https:\/\/link.cnbc.com\/public\/26066385 Thursday, December 16, 2021 Julia Boorstin is CNBC’s senior media & tech reporter. You can follow her on Twitter @JBoorstin. Not a week goes by that I don\u2019t see a report that shocks me with the dramatic lack of equity in the business world. New research from the Knight […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4497","post","type-post","status-publish","format-standard","hentry","category-main"],"_links":{"self":[{"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=\/wp\/v2\/posts\/4497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4497"}],"version-history":[{"count":1,"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=\/wp\/v2\/posts\/4497\/revisions"}],"predecessor-version":[{"id":4499,"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=\/wp\/v2\/posts\/4497\/revisions\/4499"}],"wp:attachment":[{"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.mydaye.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}