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NeuGroup Brings Members Together to Support Black Communities via Finance and Treasury Actions

By July 30, 2020 August 6th, 2020 No Comments
Racial Justice and Equity Depicted

Following a Netflix webinar last week sharing their initiative to support and build Black communities, NeuGroup brought members together for a Virtual Interactive Session this week on Corporate Finance and Treasury Actions in Support of Racial Justice and Equity.

We have heard considerable interest from member companies in building on their D&I, ESG (Social) and CSR initiatives to support Black stakeholders and Black communities more broadly. In reaction to this, we brought treasurers and other finance leads together virtually to:

  • to share and learn openly under the Chatham House Rule
  • to move forward faster on meaningful action by treasury and finance functions to support racial justice and equity.

We started with the Netflix example, where they are working with the Local Initiatives Support Corporation (LISC) and Hope Credit Union and have committed up to $100mn of their $5bn cash portfolio (~2% of cash holdings on an ongoing basis) to Black banks (MDIs and CDFIs) and other institutions to create economic opportunity in Black communities.

Other members shared their initiatives to compare. We then broke out into smaller groups so that everyone could ask questions, share experiences and ideas while going deeper. You can explore their insights by clicking here.

In this way, NeuGroup serves as a clearinghouse to help ensure that everyone’s way forward will be well-considered and impactful.

  • Measuring and magnifying the impact (and the economic return on investment) is critical to corporate finance and treasury leads as fiduciaries.
  • Plus, there are hurdles standing in the way of doing the right thing that peer exchange can help clear.

We already see avenues where members will be collaborating going forward–beyond knowledge exchange– to include investing in each other’s investment funds and other initiatives to support Black communities.

This shows the power of NeuGroup.

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Joseph Neu

Author Joseph Neu

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