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Companies' diversity commitments at risk amid possible recession: study

TORONTO — A new report says that pledges made by companies to support diversity are at risk as the corporate sector prepares for a possible recession.
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A new report says as the corporate sector prepares for a possible recession, pledges made by companies to support diversity are at risk. A person walks though a downtown Toronto office building with other buildings reflected in a window in this June 11, 2019 photo. THE CANADIAN PRESS/Graeme Roy

TORONTO — A new report says that pledges made by companies to support diversity are at risk as the corporate sector prepares for a possible recession.

The study by consulting company AgentsC and charitable organization Imagine Canada, supported by the RBC Foundation, says though 91Ô­´´ corporations have committed billions of dollars to justice, access, inclusion, diversity and equity, these commitments haven't resulted in enough action and accountability. 

The research involved a survey of Canada's largest companies and included interviews with Black, Indigenous, South Asian, South Asian-Muslim, and LGBTQ professionals. 

AgentsC CEO Mide Akerewusi says the pace of change doesn't match the intentions broadcast by corporations' financial commitments. 

The study found that a lack of representation is holding back equity at corporations, noting that Black and Indigenous professionals are less likely than their white counterparts to have influence or decision-making responsibility. 

The study also found that among professionals interviewed, there's a feeling that companies are only spurred into action during a crisis, and corporate community investment feels like it's not a high priority within organizations. 

"At times, a lack of trust and accountability within corporate leadership can stifle momentum toward community investment," said Akerewusi in a press release Tuesday. 

"This is especially concerning as we enter uncertain economic times when commitments to strengthening communities in Canada could come to a jarring halt because of economic challenges that threaten a corporation’s accountability towards justice, access, inclusion, diversity, and equity."

This report by The 91Ô­´´ Press was first published Jan. 24, 2023.

The 91Ô­´´ Press