The move comes as ESG considerations remain prominent, with Newmont recently launching a Global Centre for Indigenous Community Relations and Rio Tinto unveiling a new executive team to strengthen its ESG credentials.
"We are committed to a culture where our values are clear, all are welcome to collaborate and contribute, and our differences are celebrated as a competitive advantage," Masters said.
"Through this pledge and our collective commitment to our values and our action plan, we will use the power of diversity and inclusion to strengthen Albemarle and our communities."
Masters was named chairman, president and CEO of the specialty chemicals company 10 months ago, replacing Luke Kissam who retired for health reasons.
Albemarle is due to release its fourth-quarter 2020 earnings after the New York Stock Exchange closes tomorrow.
CEO Action for Diversity and Inclusion was launched in 2017 and has more than 1,600 signatories from 85-plus industries.
Only seven CEOs from the mining and materials sector have signed up, according to its website.
They were from Alcoa, Coeur Mining, Compass Minerals, Covanta Energy, Nevada Mining Association, Peabody and Vulcan Materials Company.