"I write today with hope that we are at an inflection point, that real change is possible, and that T. Rowe Price’s actions and voice will make a positive difference."
Last Friday, May 29, the Management Committee of T. Rowe Price wrote to all our associates around the world to express our sadness and anger about recent incidences of racial injustice and violence against the Black community. We condemned the underlying bias and bigotry that so often lead to tragic events like these, and we offered our sympathy to all those affected. We expressed our commitment to our core values, which include welcoming diversity and fostering inclusion in all of its forms. I can say without hesitation that each member of our Management Committee is firmly committed to this message and to our core values. This May 29 communication is attached below.
Racial bias and injustice aren’t new to our country. They have been a part of our society since its founding and even in recent decades have not subsided. For many, it hovers just below the surface, occasionally spiking into our consciousness when terrifying examples become public, as they have recently. For our citizens of color, they are ever present.
As a Baltimore-based company, we have witnessed racial inequity firsthand. Over the years, our associates have been generous with time and treasure in support of programs that address structural racism and disinvestment in our communities. The T. Rowe Price Foundation has also been helpful, partnering with local and national experts to learn about inequity and incorporating these insights into its grant-making strategy. Together, our firm and our associates have consistently but quietly worked to bring about change. Racism and inequality persist nonetheless—and we and others have to do more.
I write today with hope that we are at an inflection point, that real change is possible, and that T. Rowe Price’s actions and voice will make a positive difference. As a company, we are strengthening internal programs that will enhance awareness of racial injustice, allow our associates to have constructive conversations with each other about it, and help our company become more inclusive and more diverse with each passing year. Though we have made real progress over the last decade on our diversity journey, we have much farther to go. I want you to know that our commitment to further progress is unwavering.