BOSTON – The New Commonwealth Racial Equity and Social Justice Fund today announced that Eastern Bank Charitable Foundation and the State Street Foundation have each pledged $5 million over five years, $10 million in total, to the Fund. Their combined contributions provide essential support and resources to uncovering and dismantling racial inequities in Boston and across Massachusetts. In addition, each organization will match 2:1 their employees’ contributions to the Fund. Nineteen Black and Brown executives from Massachusetts’ leading corporations have united to create the Fund, which is raising $20 million initially and more than $100 million overall. Contributions are expected to be comprised of multi-year commitments from companies as well as the leaders themselves and individuals across the Commonwealth who are inspired to support the groundbreaking fund as allies.
Ronald O’Hanley, Chairman and Chief Executive Officer of State Street Corporation, said, “Philanthropic and corporate giving has the power to help mitigate racial inequities by funding Black- and Brown-led nonprofits. We are proud to be part of a fund that is transforming how philanthropy drives racial equity and social justice. Massachusetts has a long history of being at the vanguard of change and innovation, and I believe this Fund not only has the opportunity to look at the issue of race and inequality with a fresh perspective, but will also truly address key issues that, as a Commonwealth, we can all benefit from. Dismantling systemic racism and creating a more just and equitable society will take a herculean effort and we applaud these leaders for their willingness to step up and to help lead us to better solutions. In addition to supporting the Fund directly, we will also match 2:1 our employees’ contributions to it. This donation is an extension of our long-standing work investing in programs that address racial achievement gaps in education. It is one of the concrete actions we are taking to promote inclusion and diversity, both inside our company and within our community.”
Bob Rivers, Chair and CEO of Eastern Bank, said, “We are living in an extraordinary time where issues of systemic racism must be addressed if our Commonwealth is to thrive, and inaction is not an option. We recognize today’s combined philanthropic financial contribution is merely a start. First, our employees and work environment also play an important role in standing for racial equity and social justice, and by joining State Street in matching 2:1 employees’ contributions to the Fund, we provide another way for more people to participate and address the structural inequities in the communities where we live and work. Second, we believe that ending racial inequity in our local community requires a convening from the business community, support of our Black and Brown professionals and communities, and involvement from other CEOs and business leaders. Consider that if each of the largest 100 companies in Massachusetts makes at least a $1 million dollar commitment over four years to the Fund, a historic amount will be raised to tackle systemic racism in Boston and across our Commonwealth. We urge businesses and CEOs to unite with us on this issue.”
The Fund will initially focus on investing in initiatives and nonprofit organizations that support communities of color on: 1) policing and criminal justice reform; 2) health care equity; 3) economic empowerment; and 4) youth education, empowerment and civic engagement. The purpose is to spark a local movement and serve as a national model on how executives of color can lead on eliminating racial inequities.
“So many people have asked: ‘What can I do? How can we make real change?’” said Quincy Miller, Vice Chair and President of Eastern Bank. “This is one of the ways we believe we can truly be transformative. We have to do our part in helping dismantle systemic racism and make Massachusetts a more welcoming state for Black and Brown professionals, and we believe this effort will set the bar and encourage other Massachusetts companies to join us.”
“We need to listen to the voices of Black- and Brown-led nonprofits more closely as we make our investments. With this Fund, we can prove we can make a difference for Black and Brown communities in Boston and across Massachusetts by putting resources in the hands of people who are closest to the problems, empowering them, believing in them, allowing those organizations to grow their impact, and to grow their reach,” said Paul Francisco, Chief Diversity Officer of State Street.
For more information on getting involved or making contributions to the New Commonwealth Racial Equity and Social Justice Fund:
Contact Colette Phillips Communications at 617-357-5777 or firstname.lastname@example.org.
About the New Commonwealth Racial Equity and Social Justice Fund
The Fund was founded by a coalition of Massachusetts Black and Brown executives for the sole purpose of leveraging our individual and collective power to work together with community organizations to make transformative societal changes by addressing systemic racism and racial inequity in Massachusetts.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has over $11 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group subsidiary. Eastern takes pride in its outspoken advocacy and community support that has exceeded more than $140 million in charitable giving since 1999. An inclusive company, Eastern employs 1,800+ deeply committed professionals who value relationships with their customers, colleagues, and communities. For more information, visit www.easternbank.com
About State Street Corporation
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated
Colette Phillips Communications
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