Industry Updates

BlackRock sets out strategy to tackle racial inequality

Tom Eckett

a man standing in front of a building with a flag

BlackRock has revealed plans to advance racial “equity and inclusion” including a commitment to increase the number of black employees by 30% over the next four years.

The world’s largest asset manager has also pledged to double the number of black senior leaders by 2024, who currently make up 3% of directors and above.

Larry Fink, chairman and CEO of BlackRock, said in a LinkedIn blog post, this will be achieved through five key actions:

  • Actively guiding and developing the careers of the firm’s black professionals

  • Focusing on people manager development and rewarding proactive inclusion and improved diversity outcomes

  • Increasing our commitment to recruiting and onboarding black professionals

  • Raising awareness of racial equity issues and resetting behavioural expectations

  • Embedding accountability and improving tracking and measurement of diversity metrics

“We are not where we want to be,” Fink continued. “We need to continue to enhance all aspects of diversity at BlackRock.

“Many of the actions here are specifically focused on black professionals, but they will promote improved recruiting and management of all diverse talent and enhance the inclusivity of our culture so that everyone has the chance to fulfil their potential.”

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The commitment comes amid a wave of Black Lives Matter protests against racial inequality after George Floyd, an unarmed black man, was killed by police.

Fink is one of a number of top executives who have since spoken out against racial injustices seen in the US.

In the UK, Gavin Lewis, managing director at BlackRock and co-founder of The Diversity Project, was responsible for launching the #IAM campaign across social media which asks black people and allies to answer the question “what are you?”.

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