Solidarity Statements

November 4, 2023

RJI Leadership and Staff Statement on the Escalating Violence in Gaza

As the news of overwhelming violence and loss of Palestinian and Israeli life continues to be top of mind and heart, the leadership and staff of the Racial Justice Investing Coalition have put together calls to action for the investor community. We condemn the atrocities and the violations of international human rights and humanitarian law committed both by Hamas and the Israeli state.

Racial justice is a vision of society where racial hierarchies no longer exist, and all people have the dignity, resources, power, and self-determination to fully thrive. Investors seeking to apply a racial justice framework must understand and address how systems of oppression, including settler colonialism and white supremacy, and human rights abuses present material risks to investors and companies. Investors have a responsibility to conduct heightened human rights due diligence of their respective portfolios, as called for by the UN Guiding Principles on Business and Human Rights (Guiding Principles) and OECD Guidelines for Multinational Enterprises (OECD Guidelines). The Guiding Principles and OECD Guidelines must be applied consistently and impartially across all investor work domestically and globally, including in Palestine/Israel. When companies we invest in do harm, so do we.

The suggestions below are non-exhaustive and do not necessarily reflect the views of participants in RJI’s programming. For detailed guidance on conducting business and investing in conflict-affected areas, check out this resource list compiled by the Investor Alliance for Human Rights.


Investors can engage their portfolio companies to:

  1. Advocate for:
    1. An immediate ceasefire in Gaza, and the immediate return of all civilians held hostage.
    2. Restoring the flow of humanitarian access and aid, including food, water and medical supplies and assistance, to Gaza.
    3. Lifting the siege on Gaza, including, but not limited to: the cutting off of water, electricity, fuel, internet, and basic services.

  2. Adopt and disclose policies and practices that identify, assess, and address heightened human rights risks and impacts that are linked to their operations, products or services.

  3. Where applicable, keep vital services (e.g., telecommunications) running in Gaza.

  4. Where applicable, address instances of online hate speech, incitement and violent discourse. Additionally, take decisive and immediate action against the alarming levels of disinformation and misinformation that have been widely disseminated across online platforms, both on social media and messaging apps.

  5. Not exploit the current escalation of violence for short-term financial profit.

  6. Ensure corporate contributions are supporting lobbying and political spending efforts in alignment with their stated values and commitments on issues such as racial justice and human rights.

Investors can:

  1. Adopt a human rights investment policy on all conflict-affected areas, including occupied territories, that is consistent with and based on the international human rights framework and international humanitarian law. Strengthen policies by making clear how and when tactics, such as shareholder engagement, should be used.

  2. Understand and integrate analysis of the risks the Palestine/Israel conflict poses across legal, financial, commercial, and reputational outcomes, with an enhanced focus on companies in violation of international human rights and humanitarian law standards.

September 15, 2023

RJI Leadership and Staff Statement of Solidarity with the Fearless Fund

The Racial Justice Investing Coalition’s Leadership team and staff would like to express our unwavering support for the Fearless Fund amidst the challenging circumstances it currently faces. As passionate advocates for equality and social justice, we wholeheartedly endorse the Fearless Fund's commitment to advancing racial equity and economic empowerment through supporting Black women-owned businesses.

The recent lawsuit that has been brought against the Fearless Fund, alleging “reverse racism” due to its focus on aiding Black women entrepreneurs in its Fearless Strivers Grant Contest, is a stark example of counter-efforts to impede the pursuit of justice. It is essential to underscore that addressing systemic inequities requires targeted and focused efforts, which the Fearless Fund admirably embodies.

The Fearless Fund's emphasis on supporting women of color-owned businesses is not a form of discrimination against other racial groups; rather, it is a commendable initiative that seeks to redress the profound disparities that have historically plagued marginalized communities, particularly Black women entrepreneurs. For far too long, visionary Black women have faced insurmountable barriers to accessing capital and investment opportunities due to deeply entrenched biases and structural impediments. The Fearless Fund's mission to amplify their voices and elevate their prospects is a significant step towards dismantling these obstacles and cultivating an equitable business environment.

In 2021, firms owned by women and people of color managed just 1.4% of assets in the $82.24 trillion asset management industry1. Black female startup founders received just 0.34 percent of the total venture capital spent in the U.S. in the first half of that year2. These statistics serve as a poignant reminder of the pressing need for transformative change within the investment industry. RJI Leadership firmly believes that initiatives like those led by the Fearless Fund are pivotal in driving progress towards a more inclusive and representative investment landscape. By directing resources towards Black entrepreneurs, the Fearless Fund is actively contributing to the broader societal goal of rectifying historical injustices and fostering a diversified economic ecosystem that benefits all.

Our endorsement of the Fearless Fund and its endeavors is grounded in our unequivocal dedication to promoting racial justice and dismantling systemic inequities within the investment industry. We remain clear that such efforts are not only morally imperative but also critical to the overall health of the US economy. The Fearless Fund's commitment resonates profoundly with our core values and aligns seamlessly with the broader movement to create robust and equitable opportunities for historically underrepresented groups in the realms of business and finance. We are confident that the Fund's endeavors contribute to fostering a more just and inclusive economic landscape for all, and hope they will also serve as a beacon of inspiration for others to follow. 



In solidarity,

RJI Leadership

Footnotes:

1 Knight Foundation, Knight Diversity of Asset Managers Research Series: Industry

2 Crunchbase, Black Women Still Receive Just A Tiny Fraction Of VC Funding Despite 5-Year High