Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada and Toronto-Dominion Bank, all based in Toronto, were among the 52 firms in 17 countries recognized as part of New York-based Bloomberg LP’s 2017 Bloomberg financial services gender-equality index (BFGEI).
The index provides investors and organizations with insight into the statistics, policies, product offerings and external engagement driving these financial services firms’ commitment to building gender-equal workplaces. The BFGEI has doubled in size since it launched in May 2016, when it included 26 firms headquartered in seven countries, including BMO and CIBC.
“Companies are increasingly focused on managing operational risks, including the attraction and retention of employees,” says Angela Sun, head of strategy and corporate development at Bloomberg, in a statement. “As investors look for new drivers of risk-aware alpha, the demand for data around gender equality and other social and governance metrics continues to grow. The BFGEI brings greater transparency to the practices and policies crucial to managing those risks and attracting investor capital.”
The firms recognized in the 2017 BFGEI scored at or above 60 points, a global threshold established by Bloomberg and its partners to reflect disclosure and the achievement or adoption of best-in-class statistics and policies.
“All [firms] demonstrated dedication to disclosure and best-in-class social policies and practices, providing Bloomberg with data across areas such as gender-equal compensation, supplier diversity programs, and retention rates of women clients,” according to a news release from Bloomberg.
“BMO is dedicated to creating a workplace that is equitable and inclusive. We made a commitment to achieving 40% representation of women in the top 1% of our senior leadership roles in the organization, a goal we realized in 2016,” says Sonya Kunkel, chief inclusion officer and vice president people strategies and insight, with BMO, in a statement.
Firms interested in participating submitted a social survey that Bloomberg created in partnership with third-party experts, including Women’s World Banking, Catalyst and Working Mother Media.
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