myAIPMBlack Lives Matter protests, LA, U.S.A. Photo by Joseph Ngabo on Unsplash
What CEOs Still Haven’t Said About Race and Policing
Aaron K. Chatterji and Michael W. Toffel | Harvard Business Review
"Many CEOs have spoken out over the past two weeks to share their thoughts on race and police misconduct in America. What would have been extraordinary only a few years ago — a corporate leader weighing in on a divisive political issue — has now become expected. As such issues rile their employees and customers, corporate chiefs are taking positions on topics ranging from LGBTQ rights to gun control and climate change—a phenomenon we have called “CEO activism.”
But CEOs have yet to advocate for policy solutions for police reform, focusing instead on their own corporate and personal values. Corporate statements in response to the death of George Floyd have explicitly rejected racism and discrimination (Coca-Cola), condemned intolerance and harassment (Boeing), and recommitted their organizations to build more a diverse and inclusive culture (BlackRock; IBM). Some corporate leaders, including Kenneth Frazier, the chief executive of Merck, and Mark Mason, the chief financial officer of Citi, adopted a more personal tone, drawing on their own experiences as Black men in America. Such statements can be important declarations of purpose and intent.
However, these pledges to improve their own organizations won’t be enough to reform the troubled interplay between race and law enforcement in America. Tens of thousands of protestors across America are calling for tangible and speedy change, bolstered by the overwhelming support of Americans, according to recent polling. With cities and states already launching reform efforts, and Congress unveiling new legislation last week, corporate leaders will be on the hot seat once again. They will be asked to offer more than their empathy; in fact, there are already calls to do more. In addition, we expect their stakeholders will call on them to deploy their political firepower to the fight to pass contentious legislation."
Read more
What CEOs Still Haven’t Said About Race and Policing, Aaron K. Chatterji and Michael W. Toffel, Harvard Business Review, 2020