BlackRock’s Reconciliation Action Plan (RAP) is the global investment management firm’s latest initiative to support reconciliation, aiming to enhance financial well-being and cultural recognition for Aboriginal and Torres Strait Islander peoples.
But is this plan a genuine commitment to reconciliation, a well-meaning but potentially insufficient effort or a robust framework for meaningful change?
ReconciliACTION Score
Reconciliation Action Plan Pros:
- The RAP includes partnerships with organisations such as Career Trackers and PlateItForward, with grants provided through the BlackRock Gives Network for education and employment opportunities for Aboriginal and Torres Strait Islander communities.
- Since 2018, BlackRock has provided paid 12-week internships to First Nations graduates, helping to develop skills for a career in financial services
- BlackRock plans to explore membership with Supply Nation and develop a business case for procurement from First Nations owned businesses
- lackRock manages funds for the Australia Indigenous Education Foundation (AIEF) and provides grants to support scholarships and career support for Aboriginal and Torres Strait Islander students.
Reconciliation Action Plan Cons:
- As of now, BlackRock’s Australian operations have no known staff identifying as Aboriginal and/or Torres Strait Islander people, which may hinder the perceived accountability and inclusivity of the RAP. (BlackRock employs over 19,000 people globally, with a team of over 180 in Australia)
- While the RAP details initiatives to increase recruitment, there is no specific mention of the retention rate of Indigenous employees, making it difficult to gauge long-term employment success.
- The RAP outlines plans to support Indigenous businesses but does not provide specific dollar amounts committed to these initiatives.
- While BlackRock participates in several community support initiatives, the overall impact and scale of these services are not quantified in terms of dollar amounts or specific outcomes.
Conclusion
In summary, BlackRock’s RAP presents a structured approach towards fostering reconciliation with Aboriginal and Torres Strait Islander communities.
But the true impact of these initiatives will depend on BlackRock’s ability to address identified gaps and ensure sustained, meaningful outcomes.
| Who | Reconciliation Claim | Barayamal Score | Public Score |
|---|---|---|---|
| RAP Our vision for reconciliation is one where the cultures, knowledge and histories of Indigenous Australians are accessible, understood and appreciated by all Australians. | 2/5 | 2.4/5 | |
| ASIC | RAP Ensuring that Aboriginal and Torres Strait Islander peoples can access the financial system and experience positive financial outcomes. | 3/5 | |
| Reflections Holiday Park | RAP Reflections will develop opportunities for cultural expression and celebration while delivering social, cultural and economic outcomes for Aboriginal communities. | 1/5 | |
| KPMG | RAP Guided by our purpose to ‘Inspire Confidence, Empower Change’, we are committed to placing truth-telling, self-determination and cultural safety at the centre of our approach. | 2/5 | 1/5 |
| Whitehaven Coal | RAP Promises Indigenous employment, economic opportunities and cultural engagement initiatives. | 1/5 | |
| IMB Bank | RAP Promises to foster meaningful relationships and create opportunities for Aboriginal and Torres Strait Islander communities | 1/5 | |
| Expedia Group | RAP Promises to foster reconciliation by enhancing relationships, respect and opportunities through targeted initiatives and measurable outcomes. | 1/5 | |
| BlackRock | RAP Commits to reconciliation through transparency, employment and community support. | 1/5 | |
| NSW Office of Sport | RAP Commits to advancing reconciliation through sport. | 1/5 | |
| HSBC | RAP Aims for Indigenous banking inclusion and developing supplier diversity. | 1/5 |