Fortune 500 Needs Diversity Metrics, Congressional Black Caucus Says

(Bloomberg) -- The Congressional Black Caucus called on the biggest US businesses to maintain DEI programs and set measurable performance targets in the face of a growing backlash to the efforts.

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The group of Black lawmakers says companies should adhere to “consistent performance and reporting standards and metrics” to better track progress, collaborate on best practices and continue discussions about diversity, equity and inclusion. The CBC’s report was based on surveys, conversations and meetings with Fortune 500 leaders.

In recent weeks, a string of high-profile companies including automaker Ford Motor Co., home improvement retailer Lowe’s Cos. and motorcycle maker Harley-Davidson Inc. have pulled back from their DEI pledges, many of them made in the wake of George Floyd’s death. Others to announce pullbacks include Tractor Supply Co., Deere & Co. and Jack Daniel’s whiskey maker Brown-Forman Corp.

Of the companies in the Fortune 500, 28% provided documentation after the CBC sent a January follow-up letter after an earlier request that companies reaffirm their commitments to DEI efforts.

“Our goal in this effort is to encourage companies to remain steady in their commitments and deepen their investments in advancing racial and economic equity,” the September report said.

The CBC in December began contacting corporate leaders in the wake of a 2023 US Supreme Court ruling that barred colleges from using race as a factor in admissions, and asking the executives to reaffirm their businesses’ commitment to DEI.

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