The CEO of State Street Corporation decided it was time to address the inequality and racism \issues that have existed in most businesses. The 10 Actions Initiative emerged from that commitment, leading the company to become more inclusionary in the workforce, supply chain, communities, and industry. - BY Cecil Perang

State Street Corporation’s Chairman and CEO believed racial inequalities in society had been left unaddressed for too long, and so he decided the company would address racism and inequality directly. His vision is that what the company strives to achieve will empower the industry and society to make changes. State Street’s 10 Actions are not just talking points - they are called “actions” because they are change directives. DiversityPlus Magazine had the pleasure of talking to Christopher Stanley, VP, Global Supplier Diversity, at State Street Corporation. He plays a significant role in driving Action 5’s progress, which is to “Increase Spend with Diverse Suppliers” and has fully immersed himself in making progress and supporting any of the other nine actions whenever possible.

Firm Commitment to Action

The State Street 10 Actions are defined actions with progress tracking. The other nine Actions are: 1. Improve Black and LatinX Employee Representation, 2. Sharpen Focus on Black and Latinx Talent Development, 3. Conduct Anti-Racism Conversations and Training, 4. Implement Diversity, Equity and Inclusion (DEI) Practices for Management Committees, 6. Improve Black and Latinx Board Representation, 7, Leverage State Street Global Advisors’ Asset Stewardship Efforts, 8. Improve Black and Latinx Representation Across Our Industry, 9. Establish Combatting Racism as a Priority for State Street Foundation, and 10. Increase Civic Engagement and Reflection. Notice the 10 Actions include making progress internally as well as influencing external organizations and communities.

Chris Stanley is an excellent example of State Street leaders' commitment to ending inequality. “We are committed to driving dynamic engagement with suppliers owned by minorities, women, veterans, LGBT, and people in the community with disabilities. We strive to create more opportunities for diverse suppliers to improve the diversity makeup of our supply base and assist diverse suppliers in growing their businesses and expanding their impact on local communities.” Notice the desire to have a significant positive impact internally and externally. Chris implemented a vendor portal, held a sourcing fair, revised the RFP process to ensure inclusion, and sits on the boards of diversity advocacy organizations. “We commissioned a supplier diversity economic impact report that shows us that if we spend money with these diverse vendors, how many jobs are already created, and how much tax is generated? What is the impact of the GDP on the communities we serve?” Clearly, his efforts support more than one of the 10 Actions.

Recognized for Measurable Impact

State Street's actions have been noticed and appreciated. In collaboration with its partners in the National Business Inclusion Consortium (NBIC), the National LGBT Chamber of Commerce (NGLCC) - the business voice of the LGBT community - selected State Street Corporation as one of the Best-of-the-Best Award winners. The company is also committed to the leadership of tomorrow. The Management Leadership for Tomorrow has awarded State Street the MLT Black Equity at Work Bronze Certification. The company is also working to earn the MLT Hispanic Equity at Work Certification.

The CEO Action for Diversity & Inclusion has over 2,400 CEOs who pledged to support open dialogue on DEI, implement unconscious bias training, share DEI initiatives and programs, and engage board directors. Chris is a Fellow in this group, participating in the data-driven, technology-enabled, and solution-oriented approach to advancing racial equity and social justice. He explains, “We’re trying to move the needle for the 47 million Black Americans. My utopia is that one day, I work myself out of a job because equity is achieved. The reason we have a supplier diversity industry is because there’s disparities in the sourcing process.”

Chris was attracted to his job two years ago because of the steadfast commitment of CEO Ronald O’Hanley to taking action. State Street engaged a Washington, DC-based national civil rights firm to audit products, services, policies, and practices through the Civil Rights lens. The audit has provided recommended actions for State Street to consider moving forward to establish the bank as an industry leader in advancing civil rights and racial equity, and suggested it put mechanisms in place to monitor effectiveness. The audit commended State Street for its transparency and cooperation throughout the process, as well as its strong commitment to advancing civil rights and racial equity.

All About Action and Not Talk

Chris recently held a Supplier Diversity Day to foster education and awareness of the Supplier Diversity program. The event included State Street leadership making remarks, current diverse suppliers giving presentations, a panel discussion, and networking. He also had one of the Tier 2 suppliers talk about subcontracting. Chris is working with major Tier 1 suppliers to expand the Tier 2 program. He is also working to build supplier development programs, mentorship programs, and partnerships with diversity organizations.

The level of action on all fronts at State Street is amazing. Whereas some companies may have good intentions, progress is slow because there is not enough real effort and accountability. No one can say that about State Street Corporation.