The February 2022 release of the DEI Code in the United States and Canada garnered significant interest from our global society network. Below, please find our responses to some frequently asked questions we received from the network to help you learn more about this initiative.
Is CFA Institute collaborating with other organizations to streamline or have uniform questions for the data? If yes, can you share who you are working with?
We worked with PRI and ILPA before launch and continue to do so. We are also part of SBAI’s Culture and Diversity Committee and both IADEI and IDAC.
Where can we find society marketing resources? Will additional or updated marketing resources be made available in the future?
The DEI Code marketing toolkit is available here, and the materials were updated in July 2022 with evergreen promotional assets. The marketing resources were developed to support societies with spreading the word about the comprehensive Code.
Please describe the vetting/consult process when an organization indicates interest to be a signatory.
The main consideration is that the organization is part of the investment industry—for example we had to decline an application from a headhunter despite the very good case they made. After that, the onus is on the organization to provide the information on the notification form online. The work really starts after that as the organization prepares for their first Reporting Framework within 12 months of signing.
What resources are available to signatories for data gathering, tracking, reporting (in all sizes)?
The Reporting Framework is the resource and can be found on the CFA Institute enterprise website. If signatories work through that, it can function as a guide to identify gaps and areas to prioritize. We understand some signatories will not yet have all the data asked for. The DEI Code is not tied to any data vendor or commercial entity, unlike several other initiatives in the market; however, some firms may opt to hire consultants or a vendor to gather data. We are creating DEI training to support the implementation of the DEI Code which we hope to launch in the course FY23. Firms can sign up to join a pilot by emailing deicode@cfainstitute.org and we will keep you informed on developments.
How “big” do you need to be to consider adopting the Code as a society?
There is no lower or upper limit. It is really about the motivation to do the work and how becoming a signatory aligns with the society’s strategy.
Would societies need to get member approval or board approval to join as a signatory?
Societies will need board approval—this is a critical governance pillar. Member approval is for the society to decide. We would counsel caution on a member vote. This is really about leadership and sometimes that can mean accepting that not everyone will be supportive from the start. Initiating the work will involve communications around the positive purpose of DEI, focused on building resilience and creativity, and avoiding some of the polarizing points made in social media.
What will signatories do differently going forward vs what they were doing now that they are signatories?
We know that the change includes regular reviewing, reporting, and monitoring of DEI initiatives and aligning those to strategic plans.
Would the DEI Code apply to the society staff, society board, volunteers, and/or members?
Potentially to all these groups. DEI applies wherever there are people! Thinking about how we work with different groups, how representative they are, how inclusive the culture they generate really is, and how we ultimately serve society are all aspects of applying the DEI Code.
Does CFA Institute encourage transparency for the hiring process?
Applicants would like to know what criteria is being used in the hiring decision. Yes, absolutely. In fact, it can help both applicant and organization to be clear about what is really needed, particularly the characteristics which are less amendable to change versus skills which can be learned. Similarly, a careful explanation of what is meant by merit and the dynamic of cultural fit versus cultural add can really help the process.
How can local societies help promote the DEI Code?
We hope societies will help spread the word about the comprehensive code in local markets via educational events, employer outreach, and/or communication channels to local stakeholders. To aid societies with this, CFA Institute developed evergreen promotional assets available here.
Are there plans to roll out the Code to additional countries and regions? If so, how can I provide my input?
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. 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.
Our External DEI Team is 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. We are recruiting volunteers to serve on two working groups to support the development of regional codes. Learn how you can participate here on Connexions.
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