New York-based Bloomberg LP has launched the Bloomberg financial services gender-equality index (BFGEI) and the inaugural results commend the efforts of two of Canada’s big banks for their work in this area.

The BFGEI will provide investors and organizations with data regarding a company’s policies on maintaining a diverse workplace, product offerings and resources that create opportunities for women clients and community engagement, such as the sponsorship of external education programs.

“Evidence demonstrates that gender-equality policies and practices can affect a company’s financial performance, productivity and ability to retain top talent. While more and more firms are focused on addressing gender equality in the workplace, we’ve lacked a holistic set of data to better understand the issues facing companies, employees and clients,” says Angela Sun, head of strategy and corporate development with Bloomberg, in a statement released Tuesday

“The BFGEI gives investors an important new decision-making tool by providing objective, concrete data around difficult to measure areas such as policies and products,” she adds.

The 2016 edition of the index has recognized 26 financial services firms, including two Canadian banks, that have demonstrated a commitment to gender equality.

Toronto-based Bank of Montreal (BMO) was acknowledged for its product offering including the recently launched Women in Leadership fund, which invests in North American companies that have a female CEO or a board of directors with at least 25% female representation.

The judges involved in the creation of the BFGEI also cited online resources that the bank’s brokerage arm provides that are designed to educate and recruit women for investment advisory roles, according to an announcement released by BMO on Tuesday.

Toronto-based Canadian Imperial Bank of Commerce (CIBC) was also included on the index. The bank cites its support of the Canadian arm of Catalyst Inc., an organization dedicated to expanding opportunities for women in business, as one of its efforts in promoting gender diversity in a statement released on Tuesday.

CIBC also notes that 35% of its board of directors is made up of women and some of its females executives have been named the most powerful women in Canada by Toronto-based Women’s Executive Network, an organization for woman in business.

Firms that were interested in participating in the index responded to a survey that Bloomberg created in partnership with third-party experts, including Catalyst. The companies chosen for this year’s index had to receive a score of 60 points or more that reflects the achievement or adoption of best-in-class statistics and policies. Both the survey and the index are voluntary initiatives and the index is not ranked.

More information on the BFGEI and the process for submitting information for the 2017 edition of the index is available on the program’s website.

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