As threats to abortion rights mount, companies face pressure to speak out and offer support

Citigroup is making its stance on abortion rights known, telling shareholders in a regulatory filing that it will cover travel costs for employees seeking abortions out of state following Texas’s SB8 and similar laws popping up around the country.

Citigroup is now one of the first public companies to adjust policies in response to abortion limitations, but as Axios notes, it’s possible others may have done so quietly. Apple confirmed to the outlet that their insurance policy also covers abortions, including any necessary travel.

Big (social) picture: So far, neither Apple nor Citibank have publicly touted their stances on social media or in ads the way companies like OKCupid have. Match Group, which owns OKCupid, has been vocal in its support of people seeking abortions since SB8 went into effect.

• In September, Match Group CEO Shar Dubey created a fund for Texas-based employees to receive out-of-state care.
• Bumble created a fund supporting reproductive rights and publicized it on social media.
• Uber and Lyft have publicly stated that they would cover legal fees for drivers subject to SB8 action.

Top-down: Citigroup’s policy change is the latest under CEO Jane Fraser, the first woman to lead a major Wall Street bank and someone who has not been shy about her values since stepping into the role.

“We bankers like to focus on return on equity as a number that measures financial performance,” she told Time in 2020. “But for society today, the word equity doesn’t appear on a balance sheet. Equity is about the changes we need to make to deliver social justice.”

What comes next: As more large employers respond to the Texas decision, it’s unclear if advertisers will start incorporating company stances into their creative or stay quiet to avoid getting caught in the crosshairs.

With other controversial policies in play, like Gov. Abbott’s directive to investigate some  pediatric gender-affirming health care as child abuse, the pressure on companies that do business in Texas to take a stance on such issues appears to be mounting. Read more about this important trend in tomorrow’s newsletter.—KH