[Congressional Record Volume 149, Number 102 (Friday, July 11, 2003)]
[Extensions of Remarks]
[Pages E1446-E1447]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      FORTUNE MAGAZINE LISTS THE 50 BEST COMPANIES FOR MINORITIES

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                         HON. JOHN CONYERS, JR.

                              of michigan

                    in the house of representatives

                        Thursday, July 10, 2003

  Mr. CONYERS. Mr. Speaker, today I had the pleasure of reading in 
FORTUNE magazine a report by Jonathan Hickman of the 50 best companies 
for minorities. This important study identifies the increase in 
minority representation in the higher levels of major national and 
international corporations in terms of management positions, annual 
income, ownership in corporations, and leadership as exemplified by 
membership on corporate boards.
  These figures represent an overall increase and upward mobility of 
African Americans, both male and female, in our economic system, which 
establishes that progress is being made. It corroborates the work of 
the Rainbow Push Wall Street Project which has annually brought 
together leaders from corporate America, the federal and state 
governments, and businessmen and women from the African American, 
Hispanic, and Asian American communities nationwide. Its founder 
Reverend Jesse Jackson, Sr., has had in the annual national proceedings 
of Rainbow Push, a President of the United States, the Chairman of the 
Wall Street Stock Exchange, Richard A. Grasso, the Chairman of the 
Federal Communications Commission, Michael Powell, the Commissioner of 
Baseball, Bud Selig, and a wide variety of chief executive officers 
among whom can be found some of our most notable industrialists, 
manufacturers, wholesalers, food processors, bankers, leaders from the 
sports industry, heads of civil rights and human rights

[[Page E1447]]

organizations, church leaders, and others who have continued to break 
down the barriers and glass ceilings that have prevented the 
integration of the business and financial communities of America.
  There was particular focus in the article on the Reverend Charles H. 
Ellis III, Bishop of Greater Grace Temple in Detroit, who partnered 
with the PepsiCo Urban Development Program. This corporate outreach 
program provides a variety of services and transportation, facilitating 
seniors in their everyday living by providing local visits to the homes 
of their family and friends, the shopping center, the doctor's office, 
the bank, and other places of need or interest.
  There are many other corporations that deserve honorable mention and 
those of us who are members of the Congressional Black Caucus, the 
Congressional Hispanic Caucus, the Congressional Asian Pacific American 
Caucus, and the Progressive Caucus salute those companies who realize 
their responsibility to continue to democratize the world's most 
powerful economy that has been developed by this great country.

                    50 Best Companies for Minorities

       You can slow down the economy, but you can't slow down 
     progress. Anyone who believed that corporate America's 
     devotion to diversity would wilt in the face of hard times 
     should take a look at this year's Top 50. It has outdone the 
     2002 list across the board.
       How about some good news for a change? In this year's 50 
     Best Companies for Minorities list, we saw minority 
     representation rising in nearly every category we evaluate. 
     People of color make up 19% of boardrooms, vs. 18% last year 
     and 11% in 2001; management grew more diverse--26% of 
     officials and managers are minorities, an increase over last 
     year's 24% (up more than 50% from the inaugural list in 
     1998). Those improvements are mirrored in other areas--
     purchasing from minority-owned firms increased to 9% of the 
     total purchasing budget, from 7% last year, while some areas, 
     like diversity training and charitable contributions to 
     minority organizations, held steady.
       As in the past, we compiled our list by contacting the 
     FORTUNE 1,000, plus the 200 largest privately held U.S. 
     companies; 141 responded to our survey. Our questionnaire 
     delves into all aspects of diversity. We ask how well people 
     of color are represented in the general workforce but, more 
     important, how many are among the most senior officials and 
     highest-paid employees. And we ask if they're being promoted 
     into management at the same rates as white employees. Other 
     questions relate to the company's culture. Are managers held 
     financially accountable for meeting diversity goals? How 
     successfully have people of color been integrated into 
     succession plans? We look at the way companies interact with 
     the wider community. How strong are their purchasing programs 
     with minority-owned businesses? Have they used minority-owned 
     underwriters or pension-management firms? What portion of 
     corporate charity goes to programs benefiting people of 
     color? The data undergo a statistical evaluation and are then 
     synthesized to produce our list: Voila, the 50 Best for 2003.

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