TORONTO, July 13, 2020 /PRNewswire/ - BMO Financial
Group today announced next steps in its commitment to a society
with zero barriers to inclusion by working to eliminate racial
inequities across the organization and the financial services
industry. A variety of initiatives are now underway to address gaps
that are impacting Black, Indigenous and People of Colour (BIPOC)
employees, customers, and communities. Direct actions include
working on new diversity goals, implementing a Black and Latino
advisory council, creating leadership development programs for
career advancement, and setting student hiring targets for BIPOC
youth.
"To boldly grow the good in business and life we must be leaders
in fostering diversity and inclusion in the workforce. More needs
to be done to eliminate barriers to inclusion and we are
accelerating initiatives that will create meaningful and
sustainable change," said Darryl
White, Chief Executive Officer, BMO Financial
Group. "Creating a more inclusive society is foundational to
who we are as a company, and that includes removing impediments to
career progression that disproportionately impact BIPOC employees
across the financial services industry. It also means acknowledging
existing gaps in representation, listening to the experiences of
our employees, and working to dismantle systems that have not been
equitable – both in our organization and in our
communities."
Community Support and Partnerships
BMO is committed to driving inclusive behaviours in its
community alliances and partnerships in areas such as workforce
development, healthcare, small business, affordable housing, arts,
and culture. Ongoing support of minority-owned small
businesses, including clients and vendors, continues as part of the
overall diversity strategy.
Additional developments in community partnerships and support
include:
- Previously announced $1 million
donation to North American organizations focused on social and
racial justice.
- Appointment of Eric Smith, Vice
Chair BMO Harris Bank as chair of the U.S. Supplier Diversity
Council, with a mandate to set more aggressive goals for spending
with certified diverse suppliers, while building on existing
relationships that positively impact local communities. The council
will be expanded enterprise-wide in September.
- BMO's $10 million donation in
support of the Chicago Mayor's
Economic Development Plan with United Way's Neighborhood Network,
which primarily serves Black and Latino communities.
- BMO's $10 million partnership
with United Way Greater Toronto that brings together leaders from
the business, public and not-for-profit sectors to create inclusive
local economic opportunities.
- BMO's $3 million donation to
Montreal Children's Hospital Foundation, in support of Minnie's
Hope Social Pediatric Centre. The centre was established by and for
members of the Cree community of Whapmagoostui and the Inuit
community of Kuujjuaraapik on the southern shore of Hudson Bay, and is doing ground-breaking work
under the guidance of Montreal Children's Hospital, the pediatric
teaching hospital for McGill
University's Faculty of Medicine.
Cultivating an Inclusive Workforce and Society
In championing diversity and inclusion, BMO is committed to the
following initiatives and resources to diversify the composition of
its workforce:
- By Fall 2020 BMO will set new five-year goals aimed at
addressing specific gaps in workforce representation of diverse
groups in senior leadership and transparently measuring progress to
promote advancement of BIPOC at BMO. This will include specific
goals for BIPOC subsegments. These goals will be reviewed on an
ongoing basis by the bank's Performance Committee, chaired by BMO
CEO Darryl White.
- Creation of the Black and Latino Advisory Council (BLAC),
co-chaired by Deland Kamanga,
Darrel Hackett and Herb Mazariegos and comprised of senior leaders,
which will focus on employee experience, advancement, and
engagement of Black and Latino talent through dedicated taskforces
and partnership with BMO's Enterprise Resource Groups (ERGs). BLAC
will also drive progress with respect to BMO's three Purpose
pillars: colleagues, customers, and community.
- Created in January 2020 with
Chiefs and Indigenous leaders from across Canada, the Indigenous Advisory Council (IAC)
will continue to inform BMO policies and practices consistent with
the Truth and Reconciliation Commission of Canada; specifically with the implementation
of Indigenous Peoples history and cultural awareness training,
creation of jobs and training for Indigenous Peoples, and achieving
long-term sustainable economic growth for Indigenous
communities.
BMO's diversity and inclusion governance model is built on
leadership accountability and working closely in collaboration with
the 6,000 members of its 14 ERGs across the bank.
Listening, Learning, and Action
As part of its commitment to champion a culture of continual
learning, BMO has established the following educational resources
for employees:
- Through the BMO Institute for Learning, strengthening access to
development programs focused on building the leadership pipeline
and future skills for BIPOC talent.
- Ensuring 40 per cent of student opportunities are directed to
BIPOC youth.
- Launching new Indigenous learning for Canadian employees later
this year and ensuring Indigenous education workshops are available
to senior leaders by 2021.
In addition to these new programs, and under the guidance of
BMO's Black Professionals Network ERG, employees have access to
existing resources that will help them better understand Black
racism and the Black experience, such as:
- Launched in 2015, BMO's Learn From Difference is an
inclusive e-learning platform to build inclusive leadership
capability among BMO's people managers. In 2019, BMO launched Phase
II of the program for all employees, Learn From Difference For
All (LFD4A).
- A new website comprising of racial injustice educational
materials, including an Education and Check-in guide
which provides a rich initial background into understanding recent
issues of racial injustice in the Black community.
- Learning platform BMO U includes a pathway titled
Understanding and Taking Action Against Racism and a
specific series of resources.
Supplementing direct actions already underway across the
organization, BMO CEO Darryl
White has endorsed the Canadian Council of Business Leaders
Against Anti-Black Systemic Racism's CEO Pledge alongside other
leaders in the financial services industry. The commitments
outlined in the pledge are aligned with BMO's plans related to
representation and advancement, education, collaboration with the
Black community, and setting conditions for success. It also
provides an opportunity for corporate leaders to share goals and
learnings across industries to foster a more equitable
landscape.
Additional details related to BMO's ongoing focus on racial equity
will be announced in the coming weeks. For more information on
BMO's commitment to diversity and inclusion, visit:
https://corporate-responsibility.bmo.com/.
About BMO Financial Group
Serving customers for
200 years and counting, BMO is a highly diversified financial
services provider - the 8th largest bank, by assets, in North
America. With total assets of $987 billion as
of April 30, 2020, and a team of diverse and highly engaged
employees, BMO provides a broad range of personal and commercial
banking, wealth management and investment banking products and
services to more than 12 million customers and conducts business
through three operating groups: Personal and Commercial Banking,
BMO Wealth Management and BMO Capital Markets.
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SOURCE BMO Financial Group