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The increasing focus on environmental, social and governance considerations at public companies, including this year's highly publicized proxy contest at Exxon Mobil Corporation, has demonstrated the growing importance of .
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Shareholders representing $1.2 trillion in assets want big banks to conduct a racial equity audit.
The audit would be completed by a third-party law firm and the results would be public.
Bank leaders at Citi, BofA, and others are urging shareholders to vote against the proposal.
In the wake of George Floyd s death, a number of major banks and financial institutions announced billions in sweeping investments and donations to combat racial inequity along with internal plans to promote diversity.
Now, a group of investors representing over $1.2 trillion in assets, the Service Employees International Union (SEIU) s Capital Stewardship Program and CtW Investment Group, is asking some of those banks to have their plans, proposals, and policies audited by a third party, preferably a civil rights law firm. The group of investors say the firm would judge if companies go far enough to promote racial justice. They did not off