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ERROR: type should be string, got "https://www.barrons.com/articles/apple-bank-of-america-paypal-and-other-companies-pledge-millions-to-address-inequality-51592053201\nApple, Bank of America, PayPal, and Other Companies Pledge Millions to Address Inequality\nKantaro Komiya\nSean Gallup/Getty Images\nSome of the largest companies in the U.S. have pledged millions of dollars to address racial inequality following a nationwide outcry after the killing of George Floyd in Minneapolis.\nSince late last month, corporate CEOs have denounced racism and some even showed support for the Black Lives Matter movement. Others joined social media campaigns such as the “Blackout Tuesday” on June 2.\nNow, companies are pledging to spend millions of dollars, either for minority-focused investments or for donations to nonprofit organizations.\n-- Bank of America (BAC) is allocating $1 billion in a four-year commitment to battle “economic and racial inequality accelerated by a global pandemic.”\n-- PayPal (PYPL) will spend $530 million, mainly to assist “black and underrepresented minority businesses.”\n-- Apple (AAPL), Comcast (CMCSA), Nike ’s (NKE) Jordan Brand, Walmart (WMT) and Warner Music Group (WMG), are among those that announced $100 million pledges. None have provided details yet on where the money will be directed. Google’s Youtube said it will use $100 million for “black creators and artists.”\n--Alphabet (GOOG) unveiled a $12 million plan with $1 million each to the Center for Policing Equity and the Equal Justice Initiative.\n-- Amazon (AMZN), Facebook (FB), Goldman Sachs Group (GS), Target (TGT), and Verizon Communications (VZ) will each spend $10 million.\n--Cisco Systems (CSCO), Walt Disney (DIS) and Procter & Gamble (PG) have each committed $5 million.\n--Coca-Cola (KO), Home Depot(HD), Intel (INTC), Microsoft (MFST), Netflix (NFLX), Salesforce (CRM), Starbucks (SBUX), Uber Technologies (UBER), Yum! Brands(YUM) allocated $1 million or more. These funds are typically earmarked for major nonprofits such as National Urban League, NAACP, National Center for Civil and Human Rights and Black Lives Matter Foundation.\n“At the end of the day, none of this [racial and economic inequality] will be cured unless capitalism drives the money,” Brian Moynihan, Bank of America CEO, said in an interview with Barron’s last week.\nA few companies took measures in its products and operations:\n- International Business Machine (IBM) has pulled out of its facial recognition technology, followed by Amazon, which will stop offering such services to police for one year, and Microsoft, which committed not to offer the technology to police department until a Congressional regulation is established.\n-Sephora, a cosmetics brand under LVMH Moet Hennessy Louis Vuitton (MC: France), signed a pledge to devote 15% of its shelf space to products from black-owned businesses.\nSome companies began to address the diversity in their workforce:\n-- Adidas (ADDYY), said it will fill a minimum of 30% of new jobs in North America with “black and Latinx people.” The announcement was made as the sportswear giant has been criticized by its employees for profiting off black culture without advancing them within the company. None of its C-suite executives or board members include a black person.\nBut how can investors tell if their initiatives are going to make real changes? According to Just Capital, a nonprofit organization measuring the issues corporate America’s stakeholders are facing, only 31 of Russell 1000 companies disclose the details of their workforce demographics. These data are collected by the official Equal Employment Opportunity Commission as the EEO-1 survey but made public only by the companies’ discretion.\n“One clear way companies can show their commitment to racial equity is to be transparent about where they currently are on diversity and their targets moving forward,” says Alison Omens, chief strategy officer of Just Capital.\nOmens said the far-reaching company statements this month marked a “significant difference” compared with past proclamations, but it’s just the first step.\n“We’ll be tracking this to see if companies who are publicly stating Black Lives Matter are willing to take the step to disclose their internal demographic numbers,” Omens said. On Friday, Just Capital released a list of companies with corporate responses that “stand out,” according to a statement.\nSome of the largest companies in the U."