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CFA Institute Launches DEI Code Backed by CalPERS and Columbia Leaders

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This content is from: Culture


CFA INSTITUTE LAUNCHES
DEI CODE BACKED BY CALPERS
AND COLUMBIA LEADERS


The new code aims to hold signatories accountable for their diversity, equity,
and inclusion promises.

 * By Jessica Hamlin

February 24, 2022

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CFA Institute Launches DEI Code Backed by CalPERS and Columbia Leaders

Amidst an industry-wide push for transparency on diversity figures, the CFA
Institute has developed a new code to help organizations track their progress on
diversity, equity, and inclusion.




The initiative is backed by investment professionals including leaders from the
Columbia Investment Management Company and the California Public Employees’
Retirement System, who helped design the code as part of the CFA Institute’s DEI
Code Working Group.

Expected to launch Thursday, the Diversity, Equity, and Inclusion Code for the
Investment Profession in the United States and Canada will ask institutional
investors to commit to reporting DEI metrics and progress related to their
talent pipelines, talent acquisition process, promotion and retention,
leadership, scope of influence, and measure. 

The CFA Institute will be the code’s first signatory. 



The drafting process for the initiative began in 2020, spearheaded by the DEI
Code Working Group, which consists of members of the CFA Institute DEI Steering
Committee, DEI practitioners, and investment professionals, including Marlene
Timberlake D’Adamo, chief diversity, equity, and inclusion officer at CalPERS,
the largest public pension plan in the country, and Kim Lew, chief executive
officer at Columbia IMC. 

When an organization signs onto the DEI Code, it will be required to complete a
reporting framework to measure its progress on diversity, equity, and inclusion
over time. The framework includes a questionnaire that asks about the firm’s DEI
policies, leadership, talent acquisition and pipeline initiatives. It also
includes a diversity data requirement, with signatories held responsible for
reporting the numbers and percentages of diverse employees in their
organizations. 

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“We’re going to be asking firms to self-report, and then we’re going to be
giving them a reflection of how we see that work progressing,” Sarah Maynard,
global head of external diversity, equity and inclusion at CFA Institute, said
in a Tuesday press briefing. 

Specifically, the framework asks signatories to list numbers and percentages
pertaining to employee gender, race, neurodiversity, veteran status, and
disability status. The DEI Code’s definition of diversity also factors in age,
ethnicity, socioeconomic status, first-generation college students, mental
well-being, citizenship status, religion, and intersectionality, which refers to
individuals who identify with more than one marginalized group.  



The firm-specific information collected by the CFA Institute will remain
confidential, but once enough signatories submit their diversity stats, the CFA
Institute will release the aggregate data as a snapshot of the overall industry.


“I refer to data in this space as the new gold,” said Timberlake D’Adamo of
CalPERS. “It’s really hard to come by but it’s super valuable if you know how to
interpret and read it.” 

Signatories will then receive a two-year grace period during which they’ll be
required to adopt a DEI policy and statement, develop an established senior
leadership and oversight governance process, and produce an implementation plan
to integrate DEI into their organizations’ processes and policies. While there’s
no established quota or improvement metric that organizations have to meet to
remain a signatory, the CFA Institute will provide “resources” to organizations
that don’t show much DEI improvement over time. 

“We don’t expect anyone is going to get a gold star on day one,” Columbia’s Lew
said. “It really is about progress.” 




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