Tejal Patel, Executive Director of SOC Investment, reflects on her post-2020 experience, shedding light on the complex dynamics and mixed reactions faced when pushing large financial institutions to go beyond mere diversity targets.
Tejal joined the SOC Investment Group in 2016 as Corporate Governance Director, where she focused on shareholder advocacy issues including the opioids crisis and racial equity audits.
In her current role, she has worked with investor coalitions to develop strategies for issuer engagements, shareholder proposals, director accountability, and asset manager outreach. She currently serves as a director and the Labor Constituency Co-Chair for the Council of Institutional Investors (CII) and previously served on the U.S. Asset Owners Advisory Council from 2019-2021. She holds a J.D. from the University of Connecticut School of Law and a MSc. from the London School of Economics.
In this week's episode, we explore the delicate balance between setting meaningful goals and the resistance encountered when calling for a deeper, more substantial commitment to racial equity and implementing preventative measures.
We also talk about:
- Corporate accountability and what it looks like when you have an outsider influencing internal accountability and disclosures
- Translating of social issues into business risk
- The three types of resistance faced by financial institutions who are required to undergo a racial equity audit
- Pitfalls of diversity and inclusion (in the way forced or advocated by the companies themselves)
- The cost-benefit analysis of conducting racial equity audits versus facing fines for discriminatory practices. The numbers for the latter will astound you!