26 September, 2023 / Analysis
EDI: Time to stop, collaborate and listen
By Anna Fedorova
Investment industry needs to work collectively with the businesses they invest in to effect real change
Equality, diversity and inclusion (EDI) are the hallmarks of a healthy environment, be it in the workspace or in the broader community. Multiple studies over the years have shown that a diverse workforce makes quicker and better decisions, and produces more revenue for the business.
According to a recent PwC survey, 85% of financial services CEOs polled saw benefits to their business performance from promoting diversity and inclusion, while a 2019 study by McKinsey & Co revealed that top-quartile businesses for racial and ethnic inclusion were 36% more profitable than those in the fourth quartile.
Yet while there has been some improvement, particularly when it comes to women’s representation on boards, progress has stalled over the past year amid a challenging economic climate.
How asset managers are looking at EDI internally
Within their own organisations, asset managers are starting to think about their policies and cultures, with media initiatives such as City Hive’s ACT Standard and Framework, which establishes an industry agreement on how to improve EDI internally, and MA Financial’s own Campaign for Better Governance, which encourages the industry to hold a mirror up to its own culture, leading the way.
A part of the Mark Allen Group.