A new firm is betting on equality.
LGBTQ Loyalty Holdings recently launched the LGBTQ100 Index, which is made up of 100 companies that support lesbian, gay, bisexual, transgender, and queer people. The index includes Cisco, Coca-Cola, Apple, Microsoft, Amazon, and Netflix. While there are stock indexes already focused on equality, LGBTQ100 is the first ESG benchmark to seek constituent input for which companies should be included, LGBTQ Loyalty Holdings board member Billy Bean told Yahoo Finance On the Move.
“We have a chance to change the narrative,” said Bean, who was a Major League Baseball player. ”It’s gone from the brave pioneers in my community, when we didn’t have the numbers who were fighting simply for civil rights in our communities now we are from a position of strength and power and I think Corporate America is interested. There's a very small amount of people holding the well-being of millions of people in their hands, and this is an opportunity for us to be in the driver's seat.”
Every publicly traded company that's eligible to be in the index starts out with 100 out of 100 score in a couple of various human right index lists that advance acceptance in the workplace, said Bean. Then the companies have to satisfy the ESG compliance and code of ethics and once we have the remaining companies a large contingent LGBTQ community gets to weigh in and participate in a survey created by the Harris Poll, which the LGBT Loyalty Holdings hired, to create the final index list “based on their experience in things that matter to them in workplace products.” The list will be updated annually.
LGBTQ Loyalty Holdings boasts a slate of big name board members including former Massachusetts Congressman Barney Frank, tennis star Martina Navratilova and sports journalist LZ Granderson.
Bridgette Webb is a producer at Yahoo Finance. Follow her on Twitter @bridgetteAwebb.
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