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The Congressional Black Caucus (CBC) released a new report earlier this month in an effort to highlight effective DE&I practices and hold Fortune 500 companies accountable to their previously stated commitments.
The report, titled “What Good Looks Like: A Corporate Accountability Report on Diversity, Equity, and Inclusion,” was the result of meetings with over 50 CEOs and “hundreds” of C-suite executives since the start of 2024.
The report’s recommendations and supporting materials are in response to a letter signed by several attorneys general in states including Kansas, Tennessee, and South Carolina last summer, requesting that Fortune 100 CEOs “refrain from discriminating on the basis of race, whether under the label of ‘diversity, equity, and inclusion’ or otherwise.”
“In the wake of the death of George Floyd, corporations pledged $50 billion to racial equity and strengthening DE&I policies,” Rep. Steven Horsford (D-Nev.), chair of the Congressional Black Caucus, told the AP. “DE&I is now under attack, but the response from corporate America has been overwhelming.”
The report compiled questionnaires, letters, and DE&I reports from 139 Fortune 500 companies and examined examples of DE&I progress across 12 areas, including leadership accountability, culture and engagement, and pay equity.
Among the findings: Companies still face challenges retaining and advancing workers from underrepresented communities. However, the report also highlighted examples of successful DE&I initiatives, including how mentorship can improve career opportunities, senior leadership diversity, and retention among Black employees.
It also pointed to the importance of executive commitment to DE&I, noting how one company’s inclusion council, which meets regularly to monitor DE&I progress, is chaired by its CEO. The importance of transparency—whether related to diversity data or pay equity—was also cited multiple times, as it can help build trust with employees and hold the company accountable.
Overall, the CBC said that consistent performance standards and metrics, cultural learning activities, and ongoing dialogue with senior leadership are vital for racial equity. Moving forward, the CBC hopes organizations continue to implement DE&I initiatives, track their progress, and hold leadership accountable to that progress.
The report emphasized that, “organizations must move beyond mere statements of support and actively work to dismantle systemic barriers, increase inclusive environments, and ensure equitable opportunities for all employees.”