Financial market data provider Refinitiv and media company FORTUNE announced today that they are partnering on the Measure Up Initiative, aiming to make corporate diversity disclosure the new standard of doing business.

According to the companies, Measure Up, which will be powered by Refinitiv’s ESG governance data, will help business leaders across industries tackle one of the biggest barriers to a just and equitable society: the continued lack of racial and ethnic diversity in corporate workplaces. The new initiative aims to establish diversity disclosure and accountability as a critical metric for stakeholder-driven businesses. The companies note that while companies frequently make commitments about diversity and inclusion, very few actually report metrics on how well they’re executing on these pledges.

Measure Up aims to address this disclosure gap, by providing executives with data-driven insights and in-depth conversations on key topics such as inclusive leadership, corporate anti-racism, and the racial wealth gap. The initiative will help corporate senior leaders set transparent goals around inclusion, share tactics and strategies, and work collectively to deliver measurable returns to a broader set of stakeholders.

Refinitiv CEO David Craig said:

“I believe the corporate world overwhelmingly wants to see change and understands how vital diversity is in building successful and sustainable companies. However, efforts to tackle minority under-representation in the workplace will fall flat unless companies first have an accurate picture of their racial composition. As one of the world’s biggest providers of ESG data, we are encouraging companies to share minority-related measures of their workforce with the world—just as they already do with gender. By teaming up with FORTUNE to create Measure Up, harnessing their unique link with the CEO community, I’m more hopeful than ever that the corporate world can fulfill its promises and respond to the cries for change that have only grown louder in the wake of the murder of George Floyd.”

In addition to launching the new partnership, FORTUNE and Refinitiv stated that they will disclose their own diversity and inclusion (D&I) data as well. FORTUNE will also launch a new D&I filter for the 2021 FORTUNE 500 List to be sorted and ranked using company’s self-reported data, provided by Refinitiv, identifying the 2021 Most Progressive Companies in Racial Inclusion.

FORTUNE CEO Alan Murray said:

“What gets measured gets managed. Until companies commit to measuring and disclosing their diversity data, it will be hard to make progress. FORTUNE is proud to partner with Refinitiv on this important initiative to hold companies to a higher standard, and to make business better.”