As of the end of August 2020, approximately 290 organizations had signed the CEO Pledge, with 30% of TSX 60 issuers being signatories.
2 Implement or expand education regarding unconscious bias and anti-racism. 3 Share best and unsuccessful diversity and inclusion practices with other companies. 4 Create and share strategic inclusion and diversity plans with the company board and establish at least one diversity leadership council that will develop and evaluate concrete and strategic action plans to prioritize and drive accountability regarding diversity and inclusion, including as it relates to Black employees. 5 Use resources to work with members of the Black community and to ensure that Black communities across Canada are aware of opportunities of employment within the company and that employment opportunities are set aside for Black people. Signatories commit to hiring at least 5% of their student workforce from the Black community and will invest at least 3% of corporate donations and sponsorships to promote investment and to create economic opportunities in the Black community, both by 2025 . 6 Review their corporate governance framework in order to ensure representation from the Black community on their boards and executive teams. Signatories will ensure that a minimum of 3.5% of executive and board roles based in Canada will be held by Black leaders by 2025 .
7 Create the conditions for success, which includes collecting data on race and ethnicity, including from Black employees, to understand where there are gaps and when progress is made. Signatories will work to attract and retain talent from the Black community and commit to developing and advancing Black people within the company. As of the end of August 2020, approximately 290 organizations had signed the CEO Pledge, with 30% of TSX 60 issuers being signatories. The total market capitalization of all committed organizations exceeds $1 trillion, representing almost one-third of the TSX’s total market capitalization. 151 As we move forward, we expect the BlackNorth Initiative will be one of many driving forces behind progressive change to the diversity landscape in the Canadian business community. While commitments, pledges and deadlines for change are not the complete answer, they are important steps in building an ecosystem of diverse workplaces and diverse companies in Canada. As noted by Mr. Hall, “Doing nothing now is akin to telling George Floyd to get up when he was powerless. Inaction is what has happened every other time the Black community has cried out. A system that oppresses Blacks is not a problem for Blacks to fix, it’s for the gatekeepers of the system. Those gatekeepers who fail to act must be moved aside. It’s time for a new and truly inclusive era.” 152
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Governance Insights 2020
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