1. Outcome of Race-Conscious Admissions Case Could Bar Company Diversity Efforts
The U.S. Supreme Court heard two cases on Monday over the legality of race-conscious admissions policies at Harvard University and the University of North Carolina after the schools were accused of discriminating against white and/or Asian American college applicants.
After five hours of tense arguments, the Supreme Court, which has a 6-3 conservative majority, seems to be leaning toward ruling against the schools, which could end affirmative action programs used by colleges and universities to enroll more Black and Hispanic students.
The cases present an opportunity for the court to overturn prior rulings, one of which happened in 2016 and allowed race-conscious admission policies. The cases also give the court “a chance to embrace an interpretation favored by conservatives of the U.S. Constitution’s 14th Amendment promise of equal protection under the law that would bar governments and other institutions from using race-conscious policies – even those crafted to benefit people who have endured discrimination,” Reuters reports.
2. The Inheritance No One Wants: Breaking Generational Poverty
In the latest article from our Dollar Divide series, Senior Business Writer Linda Bell looks at the causes of generational poverty and how to overcome it.
Generational Poverty happens when a family lives in deprivation for at least two generations, and while Black people make up a smaller share of the overall population, they experience poverty at higher rates. Sixty-four percent of Black Americans have experienced two generations of poverty while 83% have experienced three generations of poverty.
John Turnipseed, author, speaker and change agent, experienced four generations of poverty and turned to a life of crime to try to break the cycle. He told Bell his life changed when he met faith-based organization Urban Ventures, where he now serves as EVP and campus pastor. He said hopelessness is a key contributor to generational poverty.
“You look at your parents who are supposed to be your heroes,” he says. “This is all I have and I’m gonna grow up in the same situation.”
Factors that contribute to overcoming generational poverty include education, having the right mindset and wealth preservation.
3. McKinsey Study Looks at Diversity in Global Private Markets
A new report from McKinsey titled “The State of Diversity in Global Private Markets: 2022” looks at how institutional investors evaluate diversity on investing deal teams. The report takes a deep dive into their preference toward more diverse deal teams when allocating capital to private equity firms and the baseline for diversity in terms of gender diversity of private equity investment teams in the Americas, Asia Pacific and Europe and in terms of ethnic and racial diversity in the U.S. and Canada.
The findings show that Chief Investment Officers of leading institutional investors indicated they would allocate twice as much capital to a private equity firm that is more gender diverse when choosing between two firms that are otherwise comparable. They also said private equity teams that are more ethnically and racially diverse would receive 2.6 times as much capital.
The report also shows that there’s work to be done when promoting women and ethnic and racial minorities.
“Even when they make it to senior investing ranks, women and ethnic and racial minorities may still not hold the same position of power as their counterparts. Private equity investment committees (ICs) report 9% women globally and 9% ethnic and racial minorities in Canada and the United States—three to eight percentage points lower than their share of investing managing director roles,” McKinsey writes.
4. Fair360, formerly DiversityInc CEO Carolynn L. Johnson Featured on “Living Corporate” Podcast
In the latest episode of “Living Corporate,” a podcast focused on amplifying Black and brown voices at work through conversations with executives, entrepreneurs, activists, authors, influencers and elected officials, host Zachary Nunn sat down with Fair360, formerly DiversityInc CEO Carolynn L. Johnson.
Click here to listen to the full session, titled “Talking Data & Fair360, formerly DiversityInc.”
5. Black Cinema Celebration To Take Place on December 5
The Critics Choice Association will host its 5th annual Celebration of Black Cinema & Television at the Fairmont Century Plaza in Los Angeles on Dec. 5, 2022.
CCA announced this year’s honorees, which include:
- Berry Gordy, founder of Motown and singer, songwriter and producer, who will receive the Icon Award
- Angela Bassett, who will be honored with the Career Achievement Award
- Michael B. Jordan, who will receive the Melvin Van Peebles Trailblazer Award
- Scott ‘Kid Cudi’ Mescudi, who will receive the Groundbreaker Award
Many others will also be recognized across 15 categories of Black filmmaking and television.