Ladies and gentlemen let us welcome BMO Financial Group to the party of how are we going to help Black and other indigenous groups succeed. BMO has announced the next steps in its commitment to a society with zero barriers to inclusion by working to eliminate racial inequities across the organization and the financial services industry. A variety of initiatives are now underway to address gaps that are impacting Black, Indigenous and People of Colour (BIPOC) employees, customers, and communities. Direct actions include working on new diversity goals, implementing a Black and Latino advisory council, creating leadership development programs for career advancement, and setting student hiring targets for BIPOC youth.
“To boldly grow the good in business and life we must be leaders in fostering diversity and inclusion in the workforce. More needs to be done to eliminate barriers to inclusion and we are accelerating initiatives that will create meaningful and sustainable change,” said Darryl White, Chief Executive Officer, BMO Financial Group. “Creating a more inclusive society is foundational to who we are as a company, and that includes removing impediments to career progression that disproportionately impact BIPOC employees across the financial services industry. It also means acknowledging existing gaps in representation, listening to the experiences of our employees, and working to dismantle systems that have not been equitable – both in our organization and in our communities.”
Community Support and Partnerships
BMO is committed to driving inclusive behaviours in its community alliances and partnerships in areas such as workforce development, healthcare, small business, affordable housing, arts, and culture. Ongoing support of minority-owned small businesses, including clients and vendors, continues as part of the overall diversity strategy.
Additional developments in community partnerships and support include:
Previously announced $1 million donation to North American organizations focused on social and racial justice.
Appointment of Eric Smith, Vice Chair BMO Harris Bank as chair of the U.S. Supplier Diversity Council, with a mandate to set more aggressive goals for spending with certified diverse suppliers, while building on existing relationships that positively impact local communities. The council will be expanded enterprise-wide in September.
BMO’s $10 million donation in support of the Chicago Mayor’s Economic Development Plan with United Way’s Neighborhood Network, which primarily serves Black and Latino communities.
BMO’s $10 million partnership with United Way Greater Toronto that brings together leaders from the business, public and not-for-profit sectors to create inclusive local economic opportunities.
BMO’s $3 million donation to Montreal Children’s Hospital Foundation, in support of Minnie’s Hope Social Pediatric Centre. The centre was establi
By Fall 2020 BMO will set new five-year goals aimed at addressing specific gaps in workforce representation of diverse groups in senior leadership and transparently measuring progress to promote advancement of BIPOC at BMO. This will include specific goals for BIPOC subsegments. These goals will be reviewed on an ongoing basis by the bank’s Performance Committee, chaired by BMO CEO Darryl White.
Creation of the Black and Latino Advisory Council (BLAC), co-chaired by Deland Kamanga, Darrel Hackett and Herb Mazariegos and comprised of senior leaders, which will focus on employee experience, advancement, and engagement of Black and Latino talent through dedicated taskforces and partnership with BMO’s Enterprise Resource Groups (ERGs). BLAC will also drive progress with respect to BMO’s three Purpose pillars: colleagues, customers, and community.
Created in January 2020 with Chiefs and Indigenous leaders from across Canada, the Indigenous Advisory Council (IAC) will continue to inform BMO policies and practices consistent with the Truth and Reconciliation Commission of Canada; specifically with the implementation of Indigenous Peoples history and cultural awareness training, creation of jobs and training for Indigenous Peoples, and achieving long-term sustainable economic growth for Indigenous communities.
BMO’s diversity and inclusion governance model is built on leadership accountability and working closely in collaboration with the 6,000 members of its 14 ERGs across the bank.
Listening, Learning, and Action
As part of its commitment to champion a culture of continual learning, BMO has establi
