WASHINGTON, D.C. (February 5, 2015): The Multicultural Media, Telecom and Internet Council (MMTC) applauds Apple’s move this week to improve opportunities for diverse entrepreneurs and investors in the tech industry and beyond. MMTC has previously lauded Verizon for including minority-owned financial firms in bond offerings similar to Apple’s. Apple included two minority-owned firms in its $6.5 billion debt offering Monday in the largest high-grade corporate bond sale so far this year. MMTC commends Apple for taking its first steps in promoting diversity and inclusion in its bond sales, and we hope the company’s efforts will start a cascade of similar efforts from other tech giants.
The two minority firms in the transaction were Hispanic-owned Ramirez & Co., which has provided securities brokerage services for nearly 55 years, and African American-owned Williams Capital Group, which was ranked one of the nation’s top 10 brokers last year in both order size and liquidity. Apple has released over $39 billion in bonds since 2013, and this is the first time the company has included minority brokers.
“Apple’s multibillion-dollar bond offering is a breakthrough in casting a wider net when searching for diverse qualified candidates and vendors,” said MMTC President and CEO Kim Keenan. “As one of the most recognized tech companies in the world, Apple’s selection of both Williams Capital and Ramirez & Company is a key step in demonstrating that there is a larger pool of talented individuals and businesses in all aspects of the tech industry.”
Apple’s move follows the successful efforts of Rev. Jesse Jackson and the Rainbow PUSH Coalition last summer that resulted in the release of tech industry employment diversity statistics. This data showed that just 9.2 percent of the tech workforce is African American or Hispanic, and 28 percent is female. Since the release, some tech companies have made major efforts to reduce employment and supplier diversity disparities within the industry, including Intel’s $300 million Diversity In Technology Initiative announced last month.
* * * * *
About MMTC:
The Multicultural Media, Telecom and Internet Council (MMTC) is a non-partisan, national nonprofit organization dedicated to promoting and preserving equal opportunity and civil rights in the mass media, telecommunications and broadband industries, and closing the digital divide. MMTC is generally recognized as the nation’s leading advocate for minority advancement in communications.
