INEQUALITY IN CAPITAL MARKETS CONTINUES TO HURT WOMEN, BIPOC AND LGBTQ: REPORT.

Racialized, Indigenous, women, LGBT

TORONTO • A culture of inequality continues to persist in Canada's capital markets sector and the brunt of it is felt by women and people who are racialized, Indigenous or identify as LGBTQ2S+, a new report says.

According to a study of 600 Canadian finance workers conducted by Women in Capital Markets in 2019 and released Wednesday, only half of women believed they are treated equally and have the same access to opportunities as other genders at their firm and just one-third thought their company is free from gender bias and that the promotion process is fair and objective.

Nearly 60 per cent of men said their workplace was free from gender bias, a rate double that of women, and 75 per cent of men believed harassment wasn't an issue at their employer.

“For Corporate Canada, we have a lot of work to do and the most frustrating point is how far we have to go with the BIPOC (Black, Indigenous, people of colour), LGBTQ community and women more generally. We just have miles to go,” said Camilla Sutton, CEO of Women in Capital Markets.

The study revealed that Black women were the least likely to say they were treated equally by their firm and manager, and the least likely to perceive they have equal career opportunities.

They were also most likely to report being afraid for their personal safety at work.

“I don't walk in these women's shoes in the capital market or finance sector, but this really concerns me and it should really concern leaders of such firms that Black women feel this way,” said Paulette Senior, chief executive of the Canadian Women's Foundation.

Data also showed that more than half of people identifying as LGBTQ2S+ (lesbian, gay, bisexual, transgender, queer or twospirited) in Canada's capital markets industry refrained from talking about their personal lives at work for fear of others making assumptions about them, and this group reported the lowest satisfaction with their employer's efforts to promote diversity and inclusion.

The report also revealed that concerns over pay disparities in the sector are ongoing. Only 34 per cent of women surveyed believed they were paid equally to other genders, despite there being equal pay provisions in the Employment Act, Sutton said.

“When I talk to leaders, all of them really authentically guarantee to me that they are paying their women equally and are frustrated by that,” she said.

“Maybe it's a perception gap. Maybe it's a realistic representation of the pay gap. Or maybe the truth is somewhere in between, (and) the people need to be much more transparent.”