Thursday, December 22, 2022

Has anything changed for the better? Yes

2022 wasn't all bad!

This will be our last edition of the Equality newsletter this year. See you in 2023!

Hi, it's Rebecca Greenfield, here to look back at some bright spots from 2022. But first…

This week's must-read news:

Tangible changes

This fall, sometime around the five-year anniversary of #MeToo going viral, a colleague asked me if the movement had resulted in any lasting change.

His tone was skeptical; Bloomberg News, for example, had recently published a story about a $12 million payment that buried a Goldman Sachs partner's claim of a sexist culture at the bank. #MeToo may have felled hundreds of powerful bad actors, but it had largely receded from the headlines and inappropriate behavior clearly continued at the highest levels of business and society.

It's easy to feel cynical — especially for journalists. But his question got me to really look back. And in even just the past year, there have been real attempts at reform. 

Two new bills from Congress, for example, are taking aim at some of the most powerful tools used by companies and organizations to keep harassment out of the public eye. The Speak Out Act, passed in October, scales back the use of non-disclosure agreements to keep workers from speaking up about harassment. Another bill from earlier in the year, bans the use of mandatory arbitration for sexual harassment claims.  

It's too early to know how these laws will shift things. But we're already seeing the effects of legislation from New York state that temporarily lifts the statute of limitations on sexual-abuse and harassment claims. We've seen lawsuits against former President Donald Trump, comedian Bill Cosby and billionaire Leon Black. (Their lawyers all deny the claims.) 

Investors have also stepped up pressure. This year proxy season saw a record of more than 200 ESG-related shareholder proposals. At least a dozen asked companies to conduct racial audits

Such votes, while non-binding, can result in tangible changes. This year, for example, Microsoft Corp. announced a series of new sexual harassment policies following a shareholder proposal. 

Of course, none of this comes without backlash. But as the year winds down, it's worth cataloging the attempts to improve the system so it offers greater opportunity and equality for all. —Rebecca Greenfield

By the numbers

73%
Women are that much more likely to die or get severely injured in a frontal car crash than men. 

What we're reading

New Voices

"Apple could have done all the things that the bankers wanted them to do—buy Netflix, buy Disney. Instead, they've been disciplined."
Kimberly Forrest
The chief investment officer at Bokeh Capital Partners LLC  on why Apple stock is doing better than other tech giants'.
Bloomberg News supports amplifying the voices of women and other under-represented executives across our media platforms.

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Bloomberg Media and EBONY are partnering to explore economic and societal inequities facing the Black community. Subscribe to Inside EBONY for more news from EBONY.com.

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