The event has now concluded.
Summary
This panel focused on the relationship between CSR and racial equality. Based on their extensive experience in the private sector and empirical studies, our distinguished panelists analyzed the legal framework and policies of Brazil and South Africa on racial diversity and equality in the private sector and pinpointed existing gaps and challenges. The panel also explored how corporations can move from commitments to actions to advance racial equality and the importance of taking such initiatives within the corporation. These actions include developing training programs for racial minority groups, establishing employment equity policies, and for management team to take personal initiatives in promoting racial diversity and equality from the top down. As to the connection between CSR and racial equality, our panelists highlighted skill development and social-economic development of CSR as two key areas for enabling the transformation to a more diverse and equal workplace environment, which include providing scholarships to students of racial minority groups, building racially diverse talent programs, skill training and capacity building for diverse hiring, among others. The panel also addressed the role of IFC in assisting client companies to promote racial diversity, drawing on from past experience of promoting gender diversity in the boardroom.
Keys Takeaways:
- For businesses to advance creativity and development, there is an undeniable need to take actions within the corporation to promoting racial diversity and equality.
- Current anti-discrimination laws and policies needs to be further developed to support corporations to tackle the existing challenges of promoting racial diversity and equality in the private sector.
- Conversations of racial diversity and CSR needs to be framed beyond ¡°who¡¯s in the room¡± and towards ensuring an equal access to decision making in order to promote racial equality.
