“We convey our expectations for investee companies and managers as it relates to diversity and inclusion in their internal policies, talent strategies and training and will evolve toward formal policies and time-bound representation baselines for portfolio companies.”
The UPP has also established a proxy voting policy that identifies voting positions on the DEI policies and practices in the companies in which it invests. “For example, [the UPP] supports proposals requiring DEI policies and disclosures, including information on pay equity based on gender, race or ethnicity.”
The pension plan sponsor is also launching a dedicated member engagement program on responsible investment to further support its long-term investment strategy, said Bennett.
Fate Saghir, senior vice-president and head of sustainability at Mackenzie Investments, says while institutional investors can easily access data on environmental and governance factors, information on social factors is comparatively sparse, largely due to a lack of mandatory reporting on ethnic and racial diversity. She says direct engagement is the best strategy to fill those information gaps.
“It’s a big challenge, especially in Canada. Gender diversity is a priority because there’s regulations that require [companies] to report on board composition from a gender lens and the most senior women in a company. There’s isn’t any mandatory reporting beyond gender right now. . . . It’s really hard to integrate [social factors] into your valuation process, so when our investment teams are running their due diligence on a company, they’ll be able to engage and ask questions about their diversity strategy.”
While more companies are trying to collect this information, they can face challenges when asking employees to self-disclose ethnic or racial identity. Saghir says Mackenzie is asking disclosure of its own employees, in part to inspire investees to take similar measures.
“We’re conscious of that impact, but there’s some hesitancy for employees to disclose. We’ll disclose the employees that put up their hand and it’s held in confidence, but it’s a challenge.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
