Following the successful launch of the DEI Code in the US and Canada we are continuing in our efforts to create a global code based on a regional rollout model. Learn more about what we have planned for the UK and Europe and how you can get involved.
While the six guiding principles of the Code remain the same, we recognize that each region has its own set of rules, regulations, cultural sensibilities, and are at different stages of maturity in their DEI journey. External DEI are therefore working on creating versions of the DEI Code for the UK and Europe. The regional versions of the Code will provide relevant practical guidance on implementing, tracking, and monitoring the six guiding principles.
The Role of the CFA Society Network
Local societies in the UK and throughout Europe are in an excellent position to work with us at External DEI in navigating the varying legislation, cultural norms, and practices, and help us find and connect with experienced industry professionals across the region.
DEI Code Working Group
We want to ensure that we create an industry relevant Code that is widely adopted with buy in at the most senior levels. A model that we utilized in the creation of the DEI Code (US and Canada) was to form a working group with a membership consisting of senior investment management professionals that have a keen interest in DEI. The aim is to take DEI out of the realms of HR and people management functions and embed it as a key business priority.
External DEI will be forming two working groups for the UK and Europe respectively, to support in the development of the codes.
DEI Code UK
The UK has a mature DEI landscape with extensive laws, advocacy organizations, and programs to foster inclusion in every aspect of peoples’ lives from housing, healthcare, and employment to the provision of goods and services. Employers in the UK collect possibly the widest range of DEI data of any country. People in the UK are protected from discrimination based on nine protected characteristics: race, sex, sexual orientation, disability, religion or belief, marriage or civil partnership, pregnancy and maternity, gender reassignment, and age. Some employers also consider additional characteristics such as socioeconomic status and neurodiversity in their DEI programs.
The UK is closer in its approach on DEI to the US, and hence there will be extensive cross over from the existing Code. Considering the relative maturity of DEI in the UK, we propose a working group of up to 10 members, the same as in the US and Canada.
DEI Code Europe
With its diverse cultures, languages, and sensibilities, Europe varies in its interpretation of DEI, the challenges experienced by minority groups, the maturity of DEI programs, and the collection of data. Although there are common threads, practice on DEI can vary from country to country.
Monitoring and tracking are a vital part of evaluating the effectiveness of DEI programs. Across Europe, there are many differences based on local laws and cultural norms on the type of data that can be collected. Generally, data is collected on fewer DEI characteristics in European countries in comparison to the UK and US.
Keeping all of this in mind, we propose a much larger working group with up to 20 members for Europe, ensuring the widest possible representation from across the region.
Support from the CFA Society Network
Working in partnership with societies is important to us. Local societies can support our work by recommending and introducing suitably experienced individuals that can assist in adapting the DEI Code by:
- Joining a working group to adapt the Code for the UK/Europe market,
- Providing a critique of the Code as we develop draft versions, or
- Providing informal consultation on the adaptation.
The first option would require up to 6 months’ work, with one-hour virtual meetings fortnightly for the first 3 months. The second and third options would be much lighter touch with 2–3 meetings in addition to time spent reviewing the Code.
- Ideal member profile: C-suite or Exco. The individual should be from a core part of the business rather than HR and have an active interest in DEI (part of the ERG, or sponsor of DEI progs).
Next Steps and How to Apply
We anticipate a September 2022 kickoff on the Code adaptations and would like to have the working groups in place by then.
Those interested in volunteering can complete the application here.
Should you have further questions on the nomination and selection processes for working group members or anything else related to this iniative, please contact:
Sarah Maynard, Global Head, External DEI:
sarah.maynard@cfainstitute.org
Abdul Wahab, Senior Manager, Global External DEI:
abdul.wahab@cfainstitute.org
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