I was honored to have the opportunity to participate in Confluence Philanthropy's Belonging Townhall. Akasha Absher, Lisa Hayles, Ivy Jack, and I participated in a panel that we titled "Stirring Up Some Good Trouble." The panel was inspired by the Honorable John Lewis, legendary civil rights leader and U.S. Representative from the 5th Congressional district in Georgia. Lewis passed away earlier this year.
The panel was an opportunity for open discussion led by experienced black female professionals with an audience of Townhall participants—a mix of black, indigenous, and people of color (BIPOC) and allies who are committed to addressing racial justice in the asset-management industry.
Our intent was to galvanize Town Hall participants toward actionable goals to advance racial equity. There is often a lot of talk about racial equity, but not necessarily action taken toward removing the barriers to it. We discussed how the barriers differ, including in terms of the magnitude of impact on outcomes. We considered issues such as recruiting, senior leadership buy-in, retention, sponsorship, and mentorship.
In response to our poll, the overwhelming response/feedback was that the lack of senior leadership buy-in has been a critical deterrent to racial equity in the asset-management industry. Buy-in by senior leadership without a focus on racial equity outcomes is, frankly, a lot of talk without meaningful change to the status quo.
Arguably, racial equity centers on relationships of power and how that manifests within organizations and our society. With that in mind, we discussed what “belonging” feels like and asked the audience to share their thoughts as well. Responses included "welcoming," "valued," "ability to fail…without being shamed," and "having colleagues who are rooting for your success."
We also challenged each other but kept coming back to the root issue: representation. When you have BIPOC and allies meaningfully represented:
We challenged Belonging members to commit to a 25%-by-2025 goal for representation of BIPOC professionals within their organization, ideally in all four areas of 1) hiring for investment roles, 2) staff representation in the junior- to mid-career ranks, 3) the “seats of power,” and 4) managing AUM. If necessary, start with one goal.
Let’s all keep “stirring up some good trouble” until this work is done.
- Tamara Larsen, Executive Director, Mission-Aligned Investing, Agility