Commitment to Supplier Diversity
Strengthening Our Commitment
Led by Senior Vice President and Chief Diversity Officer, Dwight Robinson, Freddie Mac's Outreach, Diversity and Inclusion division is the driving force guiding Freddie Mac's corporate diversity and inclusion strategy ensuring we are a high performing business leader equipped to meet the challenges of the future.
At Freddie Mac, our goal is to embed diversity and inclusion into all our business practices. Supplier Diversity is a key pillar – and a competitive advantage – in helping us meet this goal.
By integrating and aligning senior management's vision with daily practices, we are ensuring the company is effectively utilizing diverse talent both among its suppliers and within its employee base, while communicating goals and progress organization-wide to influence cultural change.
Additionally, we continue to strengthen our commitment to both supplier diversity and workforce diversity. The national recognition we continue to receive as a top company for our supplier and workforce diversity efforts encourages us to keep working on expanding our marketplace opportunities and building an inclusive workplace, carrying forth our corporate mission, and strengthening the programs that allow us to reach these goals.
Since 2008, Freddie Mac has spent over $1 billion contracting with minority-and women-owned businesses. In 2010 alone, the company spent over $432 million (nearly 27 percent of the overall total procurement spend) with qualified diverse suppliers who maintain high-quality standards, are cost competitive and place a premium on customer service.
The Outreach, Diversity and Inclusion division working closely with Supplier Diversity and Procurement, allows us to better align our lines of business with diverse suppliers. These suppliers posses unique and innovative perspectives, including insights into emerging markets, that provide us with an expanded capability to carry out our vital mission and support the nation's housing and economic recovery.
Who Qualifies as a Diverse Supplier?
Freddie Mac promotes diversity and the inclusion in contracting opportunities for minorities, women, and persons with disabilities, and minority, women, and disabled-owned businesses.
Diverse Supplier Definitions
Minority-Owned Business means a business:
- More than 50% of the ownership or control of which is held by one or more minority individuals; and
- More than 50% of the net profit or loss of which accrues to one or more minority individuals.
Minority means any Black (or African) American, Native American (or American Indian), Hispanic (or Latino) American, or Asian American.
Women-Owned Business means a business:
- More than 50% of the ownership or control of which is held by one or more women;
- More than 50% of the net profit or loss of which accrues to one or more women; and
- A significant percentage of senior management positions of which are held by women.
Disabled-Owned Business means a business:
- Qualified as a Service-Disabled Veteran-Owned Small Business Concern as defined in 13 C.F.R. §§ 125.8-125.13; or
- More than 50% of the ownership or control of which is held by one or more persons with a disability; and
- More than 50% of the net profit or loss of which accrues to one or more persons with a disability.
Disability has the meaning defined in 29 C.F.R. § 1630.2(g), § 1630.3 and Appendix to Part 1630 - Interpretive Guidance on Title I of the Americans with Disabilities Act.
Service Disabled Veteran-Owned Business means a business:
- Not less than 51% of which is owned by one or more service-disabled veterans, or in the case of any publicly owned business, not less than 51% of the stock of which is owned by one or more service-disabled veterans; and
- The management and daily business operations of which are controlled by one or more service-disabled veterans, or in the case of a veteran with a permanent and severe disability, a spouse or permanent caregiver of such veteran.
Service Disabled Veteran has the meaning described by the United States Department of Veterans Affairs at www.vip.vetbiz.gov.
Gay, Lesbian, Bisexual and Transgender-Owned Business (or GLBT-Owned Business) means a business:
- At least 51% of which is owned, operated, managed and controlled by one or more gay, lesbian, bisexual or transgender persons who are either United States citizens or lawful permanent residents;
- That exercises independence from any non-gay, lesbian, bisexual or transgender-owned business enterprise;
- With its principal place of business (headquarters) in the United States; and
- Formed as a legal entity in the United States.
This definition is from the National Gay and Lesbian Chamber of Commerce.
"A strong supplier diversity program helps Freddie Mac's business and allows us to more effectively meet the needs of all the communities we serve."
– Donald H. Layton, Chief Executive Officer