The FINANCIAL — Morgan Stanley announced the official launch of the Institute for Inclusion (IFI). Funded by an initial commitment of $25 million from the Firm, the Institute for Inclusion will create an integrated and transparent diversity, equity, and inclusion strategy that will drive meaningful change within Morgan Stanley and in support of underserved communities. The Firm also today announced the IFI’s Advisory Board which will provide independent, expert perspective and constructive feedback to help shape internal and external efforts.
“Morgan Stanley is committed to supporting diversity, equity and inclusion in underserved communities as well as fostering a culture of belonging at the Firm,” said James Gorman, Chairman and CEO, Morgan Stanley, and Chair of the Institute for Inclusion. “The Institute for Inclusion underscores that commitment by expanding the Firm’s internal strategy around Diversity and Inclusion, and also by expanding the work of our business and community outreach to eliminate barriers that prevent people of all racial, ethnic and gender identities from having equal opportunities.”
The Institute’s mandate includes the following three key pillars:
- Invest to advance economic outcomes in underserved communities through Morgan Stanley products, services, business practices, spending and thought leadership.
- Support underserved communities with philanthropy that strengthens underserved communities with near-term focus on racial equity to address some of the gaps created by long-term systemic disenfranchisement.
- Support and advise on internal Diversity and Inclusion efforts to enable Morgan Stanley to become a leader in attracting, developing and retaining people with diverse talent and to enhance the culture of inclusion at the Firm.
Morgan Stanley has created an advisory board of leaders from the education, business and nonprofit sectors to lend their expertise and support the IFI in its mission. The advisory board will be chaired and led by Morgan Stanley Chairman and CEO, James Gorman. Members of the Board include:
- José Calderón, former President and CEO, Hispanic Federation
- Geoffrey Canada, President, Harlem Children’s Zone
- Elizabeth Corley, former CEO, Allianz Global Investors
- Vivian Hunt, Senior Partner, McKinsey & Company
- Lanaya Irvin, President, Coqual (formerly Center for Talent Innovation)
- Gita Johar, Vice Dean for Diversity, Equity and Inclusion, Columbia Business School
- Simone Marean, Co-Founder and Co-CEO, Girls Leadership
- Colonel Rich Morales, Army Officer and West Point Professor
- Perry M. Traquina, former Chairman and CEO, Wellington Management
- Rayford Wilkins, former CEO, Diversified Businesses of AT&T
- Kenji Yoshino, Director of NYU Center for Diversity, Inclusion and Belonging
Elizabeth Corley, Perry M. Traquina and Rayford Wilkins also serve on the Board of Directors of Morgan Stanley.
“We are honored and excited to work with this distinguished group of professionals with impressive track records leading programs that have had meaningful impact on communities,” said Susan Reid, Global Head of Diversity and Inclusion, Morgan Stanley. “I look forward to their partnership and advice.”
The recently launched Morgan Stanley HBCU Scholars Program is the first initiative out of the Institute for Inclusion.