Canada moves to boost diversity in financial industry with new disclosure rules

The move contrasts with a retreat from diversity, equity and inclusion programs – aimed at combatting racism, sexism and other discrimination in the workplace – in the United States pushed by President Donald Trump Canada said Friday it would compel banks, insurance companies and other financial firms to disclose the number of women and minorities on their boards and in senior management positions. The move, announced in the government newspaper Canada Gazette, contrasts with a retreat from diversity, equity and inclusion programs – aimed at combatting racism, sexism and other discrimination in the workplace – in the United States pushed by President Donald Trump. It cited studies showing that “diversity and inclusion in corporate governance are important drivers of new ideas and innovation, organizational performance, and growth.” The new rules, which will affect 16 financial institutions, are similar to those already implemented for other federally regulated companies such as telecommunications providers, airlines and railways. Most provincial securities regulators in Canada already require publicly listed companies to disclose gender diversity on their boards and management teams.