FMA Statement on Racial Injustice

Our Commitment to Actionable Change

The tragic deaths, including those of George Floyd, Ahmaud Arbery, and Breonna Taylor, have caused us all to reflect on how we can eliminate systemic racial injustices.  Both in industry and academia, finance does not have a reputation for being a diverse field that is particularly welcoming of people of color, particularly the Black community.  There are deep and long-standing problems that must be addressed, starting now.  I would like to see meaningful change. 

While I realize change has been slow and inadequate and will not happen overnight, I am committed to making sure that the Financial Management Association (FMA) gives full consideration to ways that it can identify and address systemic racial injustice in our profession.  Toward that end, I plan to affirm and solidify our nascent mentorship program for underrepresented minority professors, continue to support diverse staffing at the FMA offices through proactive recruitment of people of color, and continue to explore collaboration with the PhD Project.  I have placed a discussion of racial injustice, these current FMA initiatives, and the exploration of other means to address race, implicit bias, and inequality on the agenda of the upcoming FMA Executive Committee Meeting and the Fall 2020 FMA Meeting of the Board of Directors. 

I know that we should do more, and I invite our FMA membership to: (1) provide suggestions for initiatives the FMA should consider implementing; and (2) volunteer to be part of current and future FMA projects that would advance people of color.  I also encourage FMA members to conduct objective and penetrating research on the causes and effects of racism, including economic inequality, regulation and possible unintended effects, etc., and to engage in your personal lives in civic activity that addresses the causes and effects of racial disparities.

On behalf of the FMA Leadership,
Jeffrey L. Coles
President, Financial Management Association International
Samuel S. Stewart, Jr. Presidential Chair in Business, The University of Utah