The Unfinished Business of Independence.
By Michael Posner
When the Declaration of Independence proclaimed on July 4, 1776, that "all men are created equal," enslaved Americans were not part of the celebrations. It would take nearly a century before people forced into slavery in Galveston, Texas, received word that they had been liberated, the starting point of a long struggle for true equality and freedom. This week's Independence Day celebrations invite us to reflect on how far we've come toward fulfilling our nation’s founding promises — and how far we have yet to go, particularly on Black American economic progress. The numbers tell a sobering story, particularly about economic leadership: in 2025, only eight Black Americans lead Fortune 500 companies. Now, the recent corporate retreat from diversity initiatives threatens to undermine the progress that has been made.
The irony is particularly sharp during a week when we celebrate the ideals of liberty and equality. Corporate America made bold promises about diversity and inclusion in recent years, yet many companies are now quietly abandoning those commitments. Current debate presents a false choice between abandoning diversity efforts entirely or defending every aspect of existing programs without question. Both extremes miss the mark. The real challenge is not whether to pursue workplace diversity—the business and moral case for that is clear—but how to do it effectively, fairly, without discrimination, and in ways that build rather than divide our communities.
It wasn't until 1987 — 211 years after the Declaration of Independence — that the first African American, Clifton Wharton, became the CEO of a Fortune 500 company, TIAA. Reflecting on his experience in a 2016 PBS NewsHour interview, Wharton pointed to the issue of "institutional racism" that can be "built into the psyche of a people." He observed that, "collectively, there's a problem."
Read the full Forbes article.
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Michael Posner is the Jerome Kohlberg Professor of Ethics and Finance, Professor of Business and Society and Director of the NYU Stern Center for Business and Human Rights.