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Data: Fortune 500, Axios analysis of company statements, get the data; Correction note: A previous version of this graphic did not include Northrop Grumman’s $2 million and Progressive’s $1 million pledges; Chart: Andrew Witherspoon/Axios

The 100 largest U.S. companies have so far committed $1.63 billion to organizations fighting racism and inequality, according to company announcements and an Axios analysis.

What's happening: Since protests began over the death of George Floyd at the hands of Minneapolis police officers, companies have released statements of support for black communities and pledged donations to organizations like the NAACP, National Urban League, Equal Justice Initiative, and the National Center for Civil and Human Rights.

  • The response so far is a significant departure from years past when many large companies preferred not to talk about the killings or the role of racism in the United States.

Why it matters: Even without including donations made by firms outside the Forbes 100, the total through Sunday was the largest single outpouring of giving and investment of its kind, though it accounts for just 0.20% of the 100 companies' collective 2019 profits.

  • The "impressive" total is "a down payment on moving forward," Andre Perry, a fellow at the Brookings Institution, tells Axios.
  • But it falls short of the amount needed to produce real systemic change, and does not measure up to the benefits reaped by many white-owned companies from racist policies such as slavery, redlining and segregation, he says.

The big picture: "I appreciate corporations giving dollars, but we need to have a set metric that says here’s what we should be aiming for in terms of correcting for the policy violence of the past," says Perry, author of "Know Your Price: Valuing Black Lives and Property in America’s Black Cities."

  • "We’re not going to get to true recovery through pity and feeling sorry for folks. Black people were systematically stripped of resources and we’ve got to restore that value."

By the numbers: So far, 44 of the Fortune 100 companies have announced monetary contributions.

  • Just 10 companies make up 90% of the total commitment amount — the largest being Bank of America's four-year $1 billion pledge.
  • Excluding the 10 largest, announced donations totaled an average 0.02% of companies' 2019 profits.
  • The smallest was a $200,000 contribution from food processing giant Archer Daniels Midland, which earned $1.38 billion in profits last year.

Yes, but: Not included are significant contributions from companies like SoftBank, which pledged to create a $100 million investment fund devoted exclusively to companies helmed by people of color, and individuals like Box CEO Aaron Levie, who reportedly offered $500,000 of his own money.

  • The total also does not account for the increase in disbursements from charitable groups including the Ford Foundation or organizations like the NFL, which announced a $250 million program.

What's next: "What I have not seen is the strategy behind the giving," Perry says. "Giving in these times is a good gesture. However, giving without strategy can miss an opportunity to really uplift black communities."

Go deeper: Cities declare racism a public health crisis

Editor’s note: This piece was corrected to reflect that 44 (not 42) companies announced contributions by June 14 and that the NFL is not a nonprofit entity.

Go deeper

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Updated 5 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies — Federal judge blocks Biden's vaccine mandate for federal workers.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker

Arizona governor sues Biden administration over COVID funds tied to mandates

A teacher prepares a hallway barrier to help students maintain social distancing at John B. Wright Elementary School in Tucson, Arizona, on Aug. 14, 2020. Photo: Cheney Orr/Bloomberg via Getty Images

Arizona Gov. Doug Ducey (R) filed a lawsuit Friday against the Biden administration for ordering the state to stop allocating federal COVID relief funds to schools that don't comply with public health recommendations such as masking, the Arizona Republic reports.

Why it matters: The Treasury Department said last week that the state would have to pay back the money if Ducey does not redesignate the $173 million programs to ensure they don't "undermine efforts to stop the spread of COVID-19."