Diversity, Equity and Inclusion
We believe that it is our responsibility, as an employer, to foster a workplace where all people are treated with respect and dignity, in an inclusive, diverse and safe work environment. Our talented people are the most valuable assets we have, and we know that the collective sum of their individual differences and unique capabilities represents a significant portion of overall success.
We strive to offer our employees a work environment that allows them to thrive and feel valued, respected and included. We are committed to creating and maintaining a workplace characterized by mutual trust and the absence of intimidation, discrimination, oppression and exploitation.
We will not tolerate discrimination – on the basis of, among other things, age, sex, sexual orientation, race, national origin, religion or disability – as well as sexual or psychological harassment, or violence in the workplace. We will take appropriate and immediate action in response to complaints or knowledge of violations of our policy.
Diversity, equity and inclusion are priorities for us, both as an employer and as an active owner in a variety of companies operating across numerous geographic locations. Our group companies attract a diverse team of employees, all with unique expertise and perspective, from different backgrounds, age groups, genders and nationalities. Attracting and retaining a workforce that reflects the communities in which we are located and the breadth of experience we need underpins our goal to be a great employer and to achieve our business objectives.
Our Code of Business Conduct and Ethics, our Respectful Workplace Policy and Procedures and our Diversity, Equity and Inclusion Policy (DE&I Policy), which apply to all current employees of the Corporation, reinforce not only our commitment to provide a work environment of equal opportunities in employment, appointment and advancement, based on appropriate qualifications, requirements and performance, but also our commitment to support a diverse, equitable and inclusive workforce in which all individuals realize their maximum potential.
Anchored by our Code of Business Conduct and Ethics, our Respectful Workplace Policy and Procedures and our DE&I Policy, we have focused our strategy on supporting a respectful, diverse, equitable and inclusive work environment through the implementation of the following programs:
Our Respectful Workplace Policy and Procedures describe behaviours that are prohibited, as well as the roles and responsibilities of everyone in maintaining a respectful workplace, free of discrimination, harassment and violence.
The policy also outlines the procedures and mechanisms that are available for anyone believing they have been subject to or have witnessed any behaviour which is contrary to the Policy, including a reporting hotline and web portal operated by a third-party provider that is available 24 hours a day, 365 days a year.
Power Corporation is also committed to handling all complaints swiftly and confidentially, to the extent possible in light of the need to take appropriate corrective measures. The Corporation will not take any reprisal or retaliation measures, including any adverse employment measures, against any Director, officer, employee and/or third party who in good faith brings forward actual or potential violations or other concerns.
We provide an annual training on our Code of Business Conduct and Ethics and on our Respectful Workplace Policy and Procedures, which emphasize our commitment to provide a respectful and equitable workplace.
Diversity, Equity and Inclusion
We support diversity at all levels of the organization. As it relates to our Board and senior management, this commitment was formalized through the Corporation’s policy relating to Board and Senior Management Diversity. The Board believes diversity ensures directors provide the necessary range of perspectives to achieve effective stewardship and recognizes that gender diversity is a significant aspect of diversity. Power Corporation’s objective Is to have at least 30% of its Board composed of women by 2025. Following the 2022 Annual Meeting of Shareholders, the number of women elected to the Board increased to four, representing 29% of Board.
As it relates to our employees in general, the Corporation's DE&I Policy sets forth our approach to fostering, cultivating, and preserving a culture of DE&I in which all individuals realize their maximum potential. This policy addresses topics such a reasonable accommodation, recruitment, career management, pay equity, DE&I-related training and learning, and diversity monitoring. Our talent management practices aim to foster equal opportunities in employment based on appropriate qualifications, requirements, and performance, including as part of hiring- and advancement-related decisions. Moreover, as a Quebec-based company, the Corporation has, since 2001, complied with the Quebec Pay Equity Act, which provides for the creation of a pay equity plan applicable throughout the enterprise and the conducting of a pay equity audit every 5 years.
As at December 31, 2022, the women in our business represented:
29% at the Power Corporation Board level
52% at the management level at Power Corporation
31% at the executive officer level within the Corporation's group companies (including its publicly traded operating companies and their respective principal subsidiaries)
Also, when considering executive officer positions at the Corporation and its publicly traded operating companies, there were four “members of visible minorities” (representing 11% of the executive officers of the Corporation and its publicly traded operating companies), one “person with disabilities” (representing 3% of the executive officers of the Corporation and its publicly traded operating companies) and no “Aboriginal peoples”, each as defined in the Employment Equity Act (Canada).
For additional information on gender diversity and ethnic/racial identity within the Power group of companies, please consult our 2022 ESG Data Tables.
Highlights from our Group Companies
Great-West Lifeco and IGM Financial, two of our publicly traded operating companies, have formalized their respective commitments to diversity, equity and inclusion (DE&I) through the adoption of board and senior management diversity policies as well as several policies and statements catering to DE&I within their respective workforce.
Groupe Bruxelles Lambert has also developed a Diversity & Inclusion Policy which supports and facilitates a diverse and inclusive environment that embraces differences and recognizes their beneﬁts. These differences can be notably age, gender, sexual identity and orientation, disability, ethnicity, and cultural and religious background.
In addition, Mackenzie Investments, IG Wealth Management and Investment Planning Counsel, as well as Canada Life and Wealthsimple, have all signed the BlackNorth Initiative’s pledge, which objective is to combat anti-Black systemic racism in corporate Canada. Furthermore, both IG Wealth Management and Canada Life are signatories of Winnipeg’s Indigenous Accord, committing to acting on one goal each year for three years to help advance a specific Call to Action of Canada’s Truth and Reconciliation Commission.
DE&I Strategy and Targets
Great-West Lifeco is putting in place the building blocks to meet the needs of a diverse and multicultural employee population, reflective of its customers. It is on track to grow representation of women in management roles to 50% across its business segments by 2030. It is also working to increase representation of underrepresented minorities in management roles to 25% by 2030.
At Canada Life, a subsidiary of Great-West Lifeco, building a culture that is inclusive, safe and welcoming where everyone can be their best, authentic selves is a priority. In 2022, it expanded its DE&I learning opportunities, launched a dedicated DE&I site on its intranet, invested in its employee resource groups, and updated its recruitment and talent processes using a DE&I lens. It also introduced diversity self-identification, new representation goals and diversity dashboards to measure its progress and strengthen DE&I accountability. Membership in six employee resource groups (Black and People of Colour, Women in Leadership, Pride @ Canada Life, Indigenous Peoples, Ability First and Young Professionals) doubled, and they each hosted events and activities that recognized significant DE&I days, attracting up to 2,300 employees. To recognize National Day for Truth and Reconciliation and in line with Call to Action #80, Canada Life provided a paid day off for employees to engage in meaningful learning and reflection activities on the path towards truth and reconciliation.
IGM Financial is committed to being a leading voice for DE&I across the financial services industry. Its DE&I strategy is focused on three pillars:
An inclusive workplace that nurtures a culture of allyship and inclusive leadership by embedding a DE&I lens into corporate culture, expanding DE&I awareness, capabilities and behaviours, and supporting business resource groups to deliver on their goals;
Attracting, developing, retaining and accelerating diverse talent by driving accountability for diverse representation, engaging with external partners to access talent and collaborating with IGM Financial leaders on talent initiatives; and
Leveraging DE&I in the marketplace by building synergy with IGM Financial’s sustainable investing and corporate sustainability effort, amplifying its social media voice through leadership and pursuing partnerships that enhance its strategy.
IGM Financial’s awareness and education initiatives include inclusive behaviour training to address unconscious bias. In 2022, 90% of employees completed behaviours training, 550 people supported 4 Seasons of Reconciliation training, 100+ people attended empathy workshops, 30+ education and engagement events. In addition, five virtual KAIROS blanket exercises were held to deepen understanding of the historic and contemporary relationships between Indigenous and non-Indigenous peoples in Canada. As part of its continuous improvement efforts, the company is working on developing an IGM-wide accessibility policy.
The talent acquisition team continued to embed DE&I into its recruiting practices through various initiatives, including: ensuring inclusive language in job postings, conducting interview training for leaders and hiring managers to reduce bias and creating new partnerships, deepening existing relationships with organizations serving diverse communities, and connecting with students in Canadian universities and colleges. Some of the external partners IGM Financial works with include Women in Capital Markets, Canadian Centre for Diversity and Inclusion (CCDI), Pride at Work Canada, The Gord Downie & Chanie Wenjack Fund, BlackNorth and Ascend Canada.
In 2022, 74% of IGM Financial’s employees voluntarily provided diversity information through its Count me in! initiative to ensure it is creating an equitable workplace for everyone. IGM Financial also partnered with experts to guide its strategy, reinforce the transformative work it is looking to tackle, and contribute to driving DE&I more broadly within its industry and communities. The company also expanded the number of DE&I volunteer, employee-led business resource groups (BRGs) to six, introducing the DiverseABILITIES and Pan-Asian BRGs. The work of the BRGs is focused on career development, mentoring, networking and business impact.
In addition, to drive continued progress, IGM Financial has updated its leadership targets in 2021 to 35% women at the vice-president level or above (including 40% at the assistant vice-president level or above), and 3.5% Black executive representation, by 2025. IGM Financial also set a target for its overall workforce to have a 3% representation from Indigenous Peoples by 2025 and 50% representation of underrepresented communities for internships. At the end of 2022, women occupied 33% of vice-president level positions or above (and 36% of assistant vice-president level positions or above), and Black executive representation was at 2.5%. Indigenous Peoples represented 1.27% of its workforce.