As Martin Luther King III calls for corporate leaders to step up.
The impacts of the COVID-19 pandemic continue to reverberate within our neighborhoods, workplaces and homes and throughout our economy. In my annual letter to shareholders last month, we described the actions our firm is taking to support our employees, customers and communities. Things are changing quickly, so I wanted to update you on our recent efforts.
We’ve also assisted our corporate clients in raising capital, including many in industries that have been hard hit by the pandemic, from healthcare to travel and transportation. Year to date, we’ve helped clients raise $664 billion in investment grade financing, and also provided $104 billion of high yield financing.
We are also providing $50 million in philanthropic support to nonprofits working to help communities and people hit hardest by this public health crisis. For example, we provided support to enable the Healthcare Advancement Program to implement new training programs focused on crisis care and infectious disease preparedness.
Finally, we are proud that our firm has been well equipped to quickly step up and provide significant resources and support because we entered this crisis in a position of strength. This is a direct result of the actions and investments we’ve made over many years to build a strong, resilient company. We believe it’s our responsibility to be there for the people who rely on us in times like this. This is precisely why we work so hard to be that kind of company.
At Apple, our mission has and always will be to create technology that empowers people to change the world for the better. We’ve always drawn strength from our diversity, welcomed people from every walk of life to our stores around the world, and strived to build an Apple that is inclusive of everyone.
This is a moment when many people may want nothing more than a return to normalcy, or to a status quo that is only comfortable if we avert our gaze from injustice. As difficult as it may be to admit, that desire is itself a sign of privilege. George Floyd’s death is shocking and tragic proof that we must aim far higher than a “normal” future, and build one that lives up to the highest ideals of equality and justice.
This is not something that you can just leave behind when you log into work. The weight can be enormous, and so the question, of course, is what can we do, what should we do? We can't do it alone. I'm grounded in that, I realize that, but together I think we can, and we will drive change. Have empathy for those who are scared and uncertain, and join me and everyone on the senior leadership team, in advocating for change in our company, in our communities, and in society at large.We are a community in pain. That pain is not unique to the Twin Cities—it extends across America. The murder of George Floyd has unleashed the pent-up pain of years, as have the killings of Ahmaud Arbery and Breonna Taylor. We say their names and hold a too-long list of others in our hearts.
Since we opened our doors, Target has operated with love and opportunity for all. And in that spirit, we commit to contributing to a city and community that will turn the pain we’re all experiencing into better days for everyone.Many of you are paying attention to what took place earlier this week in Minneapolis and New York. These events are heartbreaking. There are too many of them and each one is unacceptable.
What our country experienced this week yet again reminds us of the need for us to support each other and to come together. Until we, as a nation, confront and address these hard realities, we will never achieve the best of what we can be.The past few weeks have been deeply painful for the black community. I am appalled – as is anyone who cares about diversity, fairness and justice – by the events of the last few weeks involving racial injustice in the U.S.
No organization is immune from the challenges posed by racial bias. As a firm committed to racial equality, we must also consider where racial disparity exists in our own organizations and not tolerate our shortcomings. We can only heal these wounds – building a more diverse and inclusive firm and contributing to a more just society – if we talk to each other and cultivate honest, open relationships and friendships.
Without question, living in various states of quarantine takes a toll on all of us in different ways and I know it’s not easy for any of us. But, it also stems from my concern about the recent deeply disturbing acts of hatred, racism and discrimination, and the broader implications of that. I know that acts of inhumanity – against any person or group – have a profound impact on our people; how that manifests in each person is unique and personal to them.
Importantly, our ability to excel as a globally interconnected work force must be buttressed by a collective sense of purpose and our shared values as a community.
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