Canada has introduced new rules requiring federally regulated financial institutions to disclose information about the diversity of their boards of directors and top management. This move aims to increase transparency and reflect Canadian values. The Office of the Superintendent of Financial Institutions will enforce these regulations, which take effect immediately.
The new rules also require banks to publish policies aimed at increasing diversity among senior leadership positions. Advocates argue that this is essential for creating a thriving financial sector. However, the implementation of these rules is uncertain due to upcoming changes in Canada’s government. A new leader will be chosen by March, and a federal election must be held by October 20.
In contrast, the US has introduced executive orders aimed at dismantling diversity, equity, and inclusion programs. Advocacy groups warn that this could deepen inequities, particularly for historically marginalized groups. The Canadian move contrasts with the US approach, highlighting the country’s commitment to promoting diversity in its financial sector.
Source: https://www.reuters.com/business/canadian-banks-must-reveal-diversity-board-top-managers-under-new-rules-2025-02-15