Big Six make progress on Indigenous staffing

Indigenous staff comprise less than 2% of staff at most of Canada’s biggest banks, according to the institutions’ latest sustainability reports.

CIBC is the sole exception: 3% of its staff is Indigenous, which means the bank has already achieved its goal to reach that 3% by 2024. (All figures are as of Oct. 31, 2022, which is the end of the banks’ most recent fiscal year.)

CIBC’s goal was also the most ambitious of the Big Six. Other goals range from 1% by 2023 (National Bank of Canada) to 2.6% by 2025 (Bank of Nova Scotia). All but Toronto-Dominion Bank have set public Indigenous-specific staffing goals.

Three of the Big Six reported Indigenous representation at the senior management level in their most recent sustainability reports, but only CIBC has a public goal for this representation (2% of board-appointed roles by 2025). At CIBC, 1% of senior managers are Indigenous, while TD has 1.5% and Scotiabank has 0.2%.

The labour market availability for Indigenous employees in banking, according to Statistics Canada, is 1.7%.

“As a leading employer, we should be helping to undo some of the barriers … that are preventing [Indigenous peoples] from being represented in financial services roles,” said Brent Chamberlain, vice-president of inclusion with CIBC.

He said the bank achieved its general staffing goal due to a combination of staff training, both generally and specifically for recruiters; working toward more inclusive banking for all customers, including Indigenous customers; and community outreach and engagement.

“It’s through our community partnerships [with Indigenous-focused organizations] that we’ve made the most change,” he said. “They help us connect directly with communities and build long-term relationships. This is not something that happens overnight.”

Chamberlain said CIBC would consider making its staffing goal even more ambitious, but “of equal importance to us is ensuring that all parts of the bank are achieving that goal,” not just the bank overall. He said the bank is particularly focused on increasing Indigenous representation in its wealth and asset management divisions, and has created scholarship programs specifically to support this goal.

Under Canada’s Employment Equity Act, federally regulated employers such as banks must report annually about representation of Indigenous peoples in their workforce. (Employers must also report representation of women, visible minorities and people with disabilities.)

Outside of compliance efforts, however, financial institutions have taken other steps to improve relationships with Indigenous peoples and the businesses they lead.

Four of the Big Six have enrolled in an Indigenous relations program run by the Canadian Council for Aboriginal Business (CCAB) called Progressive Aboriginal Relations, or PAR.

Bank of Nova Scotia and Bank of Montreal are both PAR Gold companies and the only financial services firms at this level. PAR Gold companies must “demonstrate sustained leadership in Indigenous relations,” the CCAB states.

CIBC and National Bank are PAR Committed companies, which mean they are in the beginning stages of tracking and managing their Indigenous relations strategies. Other PAR Committed financial services firms include ATB Financial, Sun Life Financial, TMX Group Ltd. and Vancity.

The Truth and Reconciliation Commission, which released its calls to action in 2015, has asked the business community “to ensure that [Indigenous] peoples have equitable access to jobs, training and education opportunities in the corporate sector.”

And in June 2022, more than 20 Indigenous organizations released the National Indigenous Economic Strategy, which contains immediate actions to take to support Indigenous prosperity. Actions specific to the financial services industry include requiring that publicly traded companies report on Indigenous employment and contracting.

Indigenous representation at the Big Six

All figures are as of Oct. 31, 2022, except for National Bank of Canada’s, which are as of Dec. 31, 2022.

Melissa Shin

Melissa is the editorial director of Advisor.ca and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at mshin@newcom.ca. You may also call or text 416-847-8038 to provide a confidential tip.