The financial industry has been known to struggle
when it comes to representation and even though it has gotten significantly better in recent
years, there is still work to be done.
2002 saw the foundation of the Interbank Lesbian, Gay,
Bisexual and Transgender (LGBT+) Forum, an LBGT+ network for employees working in banking
and finance which aims to create a safe space to address any obstacles LGBTQ employees may
face in the workplace.
It also aims to solve issues such as career development,
recruitment and retainment of LGBTQ talent. A number of big banks are part of the initiative
including HSBC, Lloyd’s, Citigroup and Barclays.
Twenty years later, many such companies have gone public
and are providing us with pro-inclusive investment opportunities
Are you looking for ways to diversify your investing
portfolio? These stocks, cryptocurrencies and non-fungible token (NFT) projects are all
making moves in the right direction.
Stocks
The Human Rights Campaign Foundation’s
Corporate Equality Index (CEI) 2022 rates workplaces on lesbian, gay, bisexual, transgender
and queer equality.
In this year’s edition out of 1,271 companies that
participated in the research, 842 businesses met all the criteria to earn a 100% rating and
attained the distinction of “Best Places to Work for LGBTQ+ Equality”. Many of these firms
are listed on stock markets.
However, there are certain companies that have been
scoring 100% for 20 years. The top three include:
1. Apple Inc (AAPL)
The popular American technology company that specialises
in consumer electronics, software and online services has been priding itself in its
inclusion and diversity scheme for years. Apple’s CEO, Tim Cook, is the first openly gay CEO
of a Fortune 500 company and has been raising concerns over LGBTQ+ laws not just in the
United States, but globally too.
2. J.P Morgan Chase & Co. (JPM)
The American multinational investment bank and financial
services holding company has been the only financial services company to receive a perfect
score of 100% on the CEI for the past 20 years. The company launched its very first PRIDE
business resource group in 1996 and even created an Office of LGBTQ+ Affairs which partners
closely with stakeholders across the firm to promote intersectionality, equality and
inclusion for LGBTQ+ employees, clients, partners, and communities worldwide.
3. American Airlines (AAL)
American Airlines is a major US-based airline carrier
which has been an ally and advocate for LGBTQ+ rights for many years. In 2017, the company
was the only airline to join 36 corporation in an amicus brief in the Supreme Court’s
Masterpiece Cakeshop v. Colorado Civil Rights Commission case to endorse the principle that
businesses should remain “open to all” without discrimination including sexual orientation
and gender identity. It was also the first major US airline to protect LGBTQ+ team members
by
introducing gender identity and expression and sexual
orientation in workplace nondiscrimination policies.
Cryptocurrencies
Cryptocurrencies took off in late 2019 with
currently over 19,000 unique tokens in circulation. Some are powering entire blockchains
(such as Ethereum (ETH), Polygon (MATIC)) while others are simple jokes, inspired by popular
internet memes (Dogecoin (DOGE) and its number one rival Shiba Inu (SHIB)).
However, there are also cryptocurrencies that were
created to support the LGBTQ+ communities:
1. GaysInu
GaysInu is a cryptocurrency which aims to build a safe
place for people to share their experiences without judgement, ensure freedom and spread
love, diversity, individuality and sexuality through the community and the world.
The cryptocurrency also aims to create a better support
network for LGBTQ+ youth groups and young people. The token operated on the Binance Smart
Chain and is traded under the ticker symbol LGBTQ.
In addition to being a cryptocurrency, the community is
also planning to launch an NFT collection.
2. PrideInuEth
Pride Inu is a cryptocurrency that supports the Pride
movement and provides a space within the crypto market where the members of the LGBTQ+
community can find their place.
Trading under the ticker symbol PRIDE, the Pride Inu
token was built on the Ethereum blockchain and acts as a peer-to-peer store of value in
which people can invest in, or use to pay for goods and services.
NFT projects
2021 was the “it” year for non-fungible
token (NFT) projects with many taking off such as the Bored Ape Yacht Club, CryptoPunks and
Mutant Ape Yacht Club. Major companies and organisations also jumped onto the trend with the
National Basketball Association (NBA) launching their own collection.
NFT projects that support the LGBTQ+ communities as well
as celebrate representation, inclusivity and equal opportunities for all have also started
to come out.
1. Pride Icons
Pride Icons calls itself the largest LGBTQ+ NFT community
in the world. Its eponymous NFT collection pays tribute to legendary LGBTQ+ icons who have
shaped and inspired the community.
The collection was created by Max Bahman and is divided
into three groups, Prestige, Prime and Plus and each is carrying a different set of traits
and attributes.
Pride Icons is a young collection which only launched in
March 2022. This pride month, the collection is launching its first auction and minting
sessions which will last until 4 July 2022.
2. The Other Eden
The Other Eden is another NFT collection which launched
this pride month and supports the LGBTQ+ community in the UK.
In addition, sales proceeds from all sold pieces will be
donated to projects and initiatives created to support LGBTQ+ members including London’s
LGBTIQ+ Community Shelter, Centre, and Domestic Abuse Refuge, and the Outside Project.
3. The Queenly NFT
The Queenly NFT is not an NFT collection by an “ethical
cryptogallery” which advances the work of queer creators. The collection sells the NFTs of
queer artists through the Open Sea marketplace.
The cryptogallery was founded and is curated by drag
queen Ruby Powers and it supports not just queer creators but also the queer community. Each
NFT piece that is sold through the collective also commissions a small percentage of income
to a queer-positive charity.
While the finance industry has been struggling
with equal and fair representation, many companies have been trying to achieve change and
opening themselves as great investment opportunities for those individuals who find it a
priority.