The Globe and Mail reports in its Monday edition that diversity experts are urging Canada's most prominent financial institutions to build on commitments to combat systemic racism by developing more detailed staffing targets that would help ensure the most marginalized employees do not get left behind.
The Globe's James Bradshaw writes that Royal Bank of Canada, TD Bank, Manulife and Sun Life have all raised their targets to boost representation of employees who are black, indigenous and people of colour (collectively known as BIPOC) in leadership and executive roles.
Bank of Montreal has pledged to set specific five-year goals by this fall to close representation gaps, and CIBC is setting a new target to put black leaders in 4 per cent of board-approved executive roles by 2023.
"Over all, it's definitely a lot more progressive than anything we've seen in the past," said Meryl Afrika, president of the Canadian Association of Urban Finance Professionals. "We love to see this momentum."
However, to deliver on promises to make Canada's financial sector more inclusive, Ms. Afrika said executives should create more specific targets to raise representation for black and indigenous employees.
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