Investment management company T. Rowe Price and its Foundation recently announced a $2mn commitment to organizations working to fight racial injustice.
The donation is a continuation of the firm’s commitment to racial equity, which became a stronger focus following the 2015 Baltimore unrest resulting from the death of Freddie Gray, said the company
The Foundation will work closely with an advisory committee that will include representation from the firm’s associates to determine the recipients of this donation. The firm also said that it is encouraging associates who are interested in financially supporting racial equity to take advantage of the company’s matching gift program.
This commitment follows a recent statement by the firm’s President and CEO Bill Stromberg on fighting racial injustice and builds on the firm’s existing efforts to promote racial equity.
Over the past five years, the T. Rowe Price Foundation has prioritized and continued to refine how it incorporates equitable philanthropy practices in all facets of its work to support local communities. This includes donations of more than $2.4mn in support of organizations with goals to empower youth and increase access and opportunity for Black and African American communities and marginalized people.
Commenting on the development, Bill Stromberg, President and Chief Executive Officer of T. Rowe Price said, “My hope is that we are at an inflection point and that our actions and voice will contribute to the encouraging momentum behind the call for racial justice. Today, on the eve of Juneteenth, the firm and its Foundation continue their commitment with the donation of $2mn to support organizations that are working to dismantle racial injustice.”
The recent development at T. Rowe Price is in line with what other major corporations have been doing to support the protests who took to streets after the death of George Floyd calling out racial discrimination in the United States.
Organizations like Google, Facebook, IBM and Apple have set up funds or committed to the causes with various policy changes to support the African-American community and to put an end to the century long tradition of discriminating people on the basis of their skin color and ethnicity.
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