CFA Institute has launched the European edition of its voluntary Diversity, Equity, and Inclusion (DEI) code for the investment profession, starting with the Netherlands.
Working with CFA Institute Societies across Europe, as well as groups of investment professionals, DEI leaders and EU entities such as the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, the code will be available to European investment firms of any size that seek to accelerate change by fostering a commitment to DEI. This includes European subsidiaries of organisations headquartered elsewhere.
Signatory firms voluntarily commit to six metrics-based principles intended to enable the greater inclusion of wider viewpoints from the best talent, which CFA Institute said leads to better investment outcomes, better working environments and a cycle of positive change for future generations. Those are expanding the diverse talent pipeline; inclusive and equitable hiring practices; inclusive and equitable promotion pathways; using leadership positions to promote and improve DEI; using influence to promote measurable DEI results; and measuring and reporting on progress.
In the Netherlands, CFA Institute consulted with the Dutch Authority for Financial Markets (AFM), sharing the belief with CFA Institute and CFA Society Netherlands that diverse perspectives within organisations lead to better decision-making and a better product offering for diverse customers.
PGGM N.V., the second largest pension fund provider in the Netherlands, is the first signatory to the DEI Code Europe. Their manager for corporate sustainability, Cécile Rozé, commented: “We are excited about the new CFA Institute DEI Code; it’s a great fit for our DEI values. At PGGM, diversity, equity and inclusion are our strengths. Everyone is welcome, valued and essential to our success. We therefore welcome and fully endorse the CFA Institute DEI Code.”
Sarah Maynard, global senior head of DEI at CFA Institute, added: “Our DEI Codes are designed to help organisations address complex behavioural issues around DEI in the investment industry. The European version summarises local practice while acknowledging the EU regulatory context. The special addendum for the Netherlands goes further and respects national variations in demographics, culture and societal norms, providing a structure that supports Dutch employers to build impactful and measurable DEI strategies.”
The DEI Code (Europe) follows the introduction of a DEI Code in the US and Canada in 2022 and the UK in 2023. The Code has been adopted by more than 200 investment organisations to date, representing nearly 30% of global assets under management.
