By CultureBanx Team

• Microsoft, Starbucks and Amazon will sponsor the Black Board Initiative to get get 1 in 8 Black board members at S&P 500 companies by 2028
• 145 S&P 500 companies have appointed at least one Black director to their board since last June
  

Some of the world’s biggest companies are attempting to make their corporate boards a little more work by addressing the critical equity and corporate governance issue through the Black Boardroom Initiative (BBI). One-hundred forty-five S&P 500 companies have appointed at least one Black director to their board since last June, according to Latino Corporate Directors Association. The BBI aims to increase the ratio of Black executives sitting on S&P 500 corporate boards to one in eight by 2028. Zillow (Z %), Microsoft (MSFT %), Starbucks (SBUX %) and Amazon (AMZN %) will sponsor the BBI. Many are still left wondering whether or not corporate America’s top companies are finally turning the corner in diversifying their boards?

Why This Matters: The call for diversification in corporate America is as pronounced as ever. There’s research showing the many benefits of diversity in thought among corporate leadership. Research from McKinsey and MSCI shows companies with higher levels of diversity at the board level are more likely to have strong financial performance and fewer instances of poor corporate governance.

By Namon Freeman

• Black-owned homes are devalued by approximately $156B
• Solving the racial wealth gap could add up to $1.5T to the U.S. economy
  

The racial wealth gap and the case for reparations seem to be on the tip of everyone’s tongues recently. These calls continue to be countered by the usual ‘what-about us-ism’ responses, like the response to the appropriation for Black farmers in the American Rescue Plan. As the U.S. recovers from the pandemic the economy could use a jolt and housing could be the plug, even though Black-owned homes are devalued by approximately $156 billion. The average Black family has less than one-tenth the wealth of the average white family, but closing this gap could add $1-$1.5 trillion to the U.S. economy and ultimately benefit everyone.

Why This Matters: The average American holds most of their wealth in their home thanks to 20th century policies and practices that subsidized and protected the purchases, for white households. Contrarily, Black Americans have received the short end of the stick, being subjected to red-lining, discriminatory practices, terrorism, and predatory lending, resulting in extreme wealth extraction. Providing stable housing for black families could be a launching point. Rent arrears have reached almost $70 billion millions of renters, a disproportionate number of them black, face looming evictions as moratoria come to an end.

By Richard Johnson

• The NFL will no longer use “race-norming” as part of its $1B settlement
• 2000 NFL retirees (the majority of whom are Black) filed dementia claims, yet less than 30% of them have received any monetary compensation
  

The NFL announced it will no longer use “race-norming” as part of its $1 billion settlement in assessing how much a player who has reported traumatic brain injuries should receive. The long standing practice of Race norming in the NFL has been a strategy and/or process for statistically adjusting scores to account for the race or ethnicity of the person being scored. Hmmm, I’m sure you already see where this is going, but let’s continue, since more than 2000 NFL retirees (the majority of whom are Black) filed dementia claims, yet less than 30% of them have received any monetary awards.

Why This Matters: The financial wards from the NFL vary by roughly $200,000 for players with early-stage dementia and moderate dementia. In May, a group representing former players delivered 50,000 petitions to a judge demanding equal treatment for Black players.

By CultureBanx Team

• Simone Biles leaves Nike to align with women’s first brand Athleta
• The U.S. activewear clothing industry is valued at $55B
  

As the most decorated woman in world championship history, Simone Biles, is ending a nearly six year deal with Nike (NKE +0.70%) and taking her talents over to Athleta. The gymnast just inked a sponsorship contract with Athleta, a Gap (GPS +2.60%) brand fitness apparel company. Does this Athleta partnership exemplify a change in the nearly $55 billion U.S. activewear clothing industry, and start to narrow the pay gap for sponsorship of women in sports?

Why This Matters: The Gap has plans to expand Athleta, which they bought in 2008, a brand it hopes can draw new customers who want to wear athletic clothes to the gym, on the weekends, and even to work. Biles is clearly part of that plan to bring in a new consumer base as it’s set to open 20-30 stores this year. The retailer does not break out Athleta's annual sales, but the brand had more than 190 stores. In Q4 2020, the company claimed Athleta net sales were up 29%, and same-store sales rose 26%.

By CultureBanx Team

• A fourth stimulus check is unlikely as the economic damage from the pandemic eases
• Spending on credit and debit cards for stimulus recipients grew by 12.7% compared to the 2.8% for non-recipients
  

The message being delivered by the Biden administration around a fourth stimulus bill and the possibility of another check for American’s, well that depends on Congress. More than 164 million stimulus payments of $1,400 have been sent out since President Biden signed the $1.9 trillion American Rescue Plan in March. As people continue getting vaccinated and offices are reopening, the economic damage from the pandemic is easing, which most likely means there won’t be another check coming your way.

Why This Matters: If there’s any doubt about whether Americans should get stimulus checks, consider the powerful impact they have on families, communities and the economy. In fact, stimulus-related spending in households with incomes less than $50,000 increased at 22% year-over-year (YOY), versus 11% for low-income households who had no additional funding, according to a new report from Bank of America Global Research.