Racial Justice Investing is a Black Lives Matter movement-aligned membership organization of activist investors.

Background

Racial Justice Investing (sometimes styled as the Racial Justice Investing Coalition) was founded as a group of activist investors aligned with the Black Lives Matter movement in December 2017. According to the organization’s website, it is a “non-proprietary coalition of investors.” ^{1 2}

Statement of Solidarity

On June 18, 2020, Racial Justice Investing published a document, “Investor Statement of Solidarity to Address Systemic Racism and Call to Action,” outlining its worldview and commitments in response to the deaths of Breonna Taylor, George Floyd, and Ahmaud Arbery publicized by the Black Liver Matter movement, as well as the advent of the COVID-19 pandemic. ^{3 4}

The statement, which echoes critical race theory, claims that the “investor community has contributed to and benefited from racist systems and the entrenchment of white supremacy,” and that the society and economy of the United States is “rooted in racist beliefs” and “systems designed to extract wealth and maintain the power of a white elite.” ⁵

Endorsements

Organizations and financial firms that endorsed Racial Justice Investing’s Statement of Solidarity  include the American Friends Service Committee, the American Sustainable Business Council, the American Baptist Home Mission Societies, Azzas Asset Management, Boston Common Asset Management, the Boston Impact Initiative, the Christopher Reynolds Foundation, Confluence Philanthropy, the Croatan Institute, the Interfaith Center on Corporate Social Responsibility, AFL-CIO, the Committee on Mission Responsibility Through Investment of the Presbyterian Church U.S.A., and the Service Employees International Union. ⁶

Working Groups

The organization has three working groups available to both participants and members. The first of these groups, Reimagination of Racially Just Capital Markets, focuses on developing a “reimagining” of capital markets aligned with the organization’s objectives, a platform to facilitate such markets, and a matching advocacy strategy. The second working group, Proxy Voting, focuses on how activist investors can use proxy voting, the legal mechanism by which shareholders appoint a proxy to vote in shareholder elections, to facilitate the organization’s aims. The third working group, Reparations, focuses on building a consensus on the present-day consequences of past racially prejudicial polices, such as slavery and segregation, as well as considering the “feasibility and appetite for reparations” among investors. ⁷

Leadership

Though no staff members are mentioned by name on Racial Justice Investing’s website, the organization notes on its Theory of Change resource page that a full copy of the group’s theory is available upon request from the organization’s program coordinator. ⁸

Though they are not necessarily staff of Racial Justice Investing, the co-leads of the organization’s working groups are named and listed on the organization’s website. Specifically, the co-leads of the organization’s Reimagination of Racially Just Capital Markets working group are Courtney Wicks, an employee of Investor Advocates for Social Justice, and Matthew Illian of the United Church Funds; the co-leads of Proxy voting are Mary Beth Gallagher of Domini Impact Investments and Mari Schwartzer of NorthStar Asset Management; and the co-leads of Reparations are Enith Williams and Theresa Jackson, both of the Reparations Finance Lab. ⁹

Adasina Social Capital

Adasina Social Capital, a San Francisco-based investment advisory firm that manages “strategic investor campaigns,” notes on its website’s Campaigns resource page that it is a “leading member” of Racial Justice Investing and claims responsibility for having co-created the coalition’s “Investor Statement of Solidarity to Address Systemic Racism and Call to Action.” ¹⁰

1. “Investors Commit to Address Systemic Racism through their Portfolios, Corporate Engagements and Policy Advocacy.” Interfaith Center on corporate Responsibility. June 18, 2020. Accessed June 13, 2023. https://www.iccr.org/investors-commit-address-systemic-racism-through-their-portfolios-corporate-engagements-and-policy
2. Homepage. Racial Justice Investing. Accessed June 13, 2023. https://www.racialjusticeinvesting.org/
3.  ^[1] “Investors Commit to Address Systemic Racism through their Portfolios, Corporate Engagements and Policy Advocacy.” Interfaith Center on corporate Responsibility. June 18, 2020. Accessed June 13, 2023. https://www.iccr.org/investors-commit-address-systemic-racism-through-their-portfolios-corporate-engagements-and-policy
4. “Investor Statement of Solidarity to Address Systemic Racism and Call to Action.” Racial Justice Investing. Accessed June 13, 2023.
5.  “Investor Statement of Solidarity to Address Systemic Racism and Call to Action.” Racial Justice Investing. Accessed June 13, 2023.
6. “Investor Statements.” Racial Justice Investing. Accessed June 13, 2023. https://www.racialjusticeinvesting.org/2020-solidarity-statement
7. “Working Groups.” Racial Justice Investing. Accessed June 13, 2023. https://www.racialjusticeinvesting.org/working-groups
8. “Theory of Change.” Racial Justice Investing. Accessed June 13, 2023. https://www.racialjusticeinvesting.org/toc
9. “Working Groups.” Racial Justice Investing. Accessed June 13, 2023. https://www.racialjusticeinvesting.org/working-groups
10. “Campaigns.” Adasina Social Capital. Accessed June 13, 2023. https://adasina.com/campaigns/