Refinitiv names world’s most diverse & inclusive companies

Refinitiv has announced the 2020 Top 100 most diverse and inclusive organisations around the world. BlackRock leads the list followed by Natura & Co, Accenture, Royal Bank of Canada, Industria de Diseno Textil, L’Oreal, Allianz, Telecom Italia, Novartis AG and Bank of Nova Scotia. Check out the Top 25 of the 100 below. 

Refinitiv’s D&I Index ranks the top 100 publicly traded companies globally with the most diverse and inclusive workplaces. The index, launched in 2016, measures 24 metrics across four key categories: Diversity, Inclusion, People Development and News Controversies. Only companies with scores across all four pillars are included.

Industries leading this year’s D&I Index Top 100 are banking, investment services and insurance firms with a total of 18. They are followed by pharmaceuticals (9) and telecommunications, specialty retailers (7) and personal and household products and services (7).  The US leads the Top 100 list with 20 firms. The UK follows with (13), Australia (9), and Canada and France (7).  

THE TOP 25

Refinitiv’s Top 25 D&I Index ranking and their corresponding overall percentage score (%).

INCREASING DIVERSITY

Commenting on this year’s results, Refinitiv’s Chief Revenue Officer Debra Walton stated: “Congratulations to the 2020 D&I Index Top 100 most diverse and inclusive organisations globally. We are delighted that our D&I Index continues to be used as a guide to help firms across the globe create a more effective workforce through diverse teams. The global pandemic has certainly brought to light a renewed focus on D&I, reinforcing the reality that we are all in this together.  Data-based insights and transparency are a fundamental element of a successful movement to achieve more diverse and inclusive workplaces.  We are committed to using our data to further our own goals and provide those insights to the broader market.”

Key findings for 2020 reveal that globally the cultural diversity of board members has increased from five years ago, but has stalled at around 30%. The EMEA region boats the most culturally and gender diverse boards. However, company boards in Asia Pacific are becoming less culturally diverse. The number of companies with an official flexible working policy has also increased by 54% over the last five years. In addition, of 25% more companies have a career development policy in place than five years ago. 

FUEL FOR BUSINESS

D&I in the workforce are core environmental, social and governance (ESG) themes, which financial professionals are more frequently incorporating into their investment strategies and capital allocation decisions. COVID-19 has shone a light on why diversity is critical for business recovery and resilience. As companies look to adapt to a new way of conducting business post-pandemic, D&I factors need to be on the agenda alongside financial resilience, environmental risks and workforce health.

The D&I index therefore continues to receive recognition from industry analysts across the globe. “The continued industry interest in the D&I index reflects the increased investor appetite to invest in ESG-related areas,” commented Aite Group’s Managing Partner Sang Lee. “Some of the largest asset managers in the world have this year become much more active in engaging in shareholder voting on the issue of improving diversity. Even the world’s oldest private banks have taken to the industry stage to discuss their investment strategies around ESG.”

D&I CENTRAL TO ESG

William Trout, Head of Wealth Management at Celent, agrees:  “ESG today has reached a tipping point. Issues related to employee welfare, gender equality, supplier diversity and other social concerns today vie with governance and environmental considerations for attention. Firms must prioritise D&I or face tangible pressure from activists and consumers as well as investors, particularly as stakeholder capitalism challenges the primacy of the shareholder in corporate decision-making.”

Social investing and D&I initiatives have become “front-and-centre on many executives’ agendas”, noted Will Jan, Vice President & Lead Analyst at Outsell.  “Offering insight and recommendations on investing in sustainable companies must not only be on information providers’ to-do list to support the social movement, but become part of their responsibility in promoting an ESG-driven business culture and metrics that lead to more diverse and inclusive workplaces. Moreover, as the war for talent returns, companies demonstrating success in this realm could be in the strongest position to hire.”

“The global pandemic and social unrest this year has reinforced the focus on D&I in the workplace,” pointed out Elena Philipova, Global Head of ESG at Refinitiv. “Our D&I Index emphasises the critical importance for companies to commit to, measure and report on their diversity journey beyond gender. Sustainable and resilient workforce is the fuel for businesses especially during volatile times. Refinitiv remains fully committed to using our data assets, expertise and influence to champion the importance of D&I in the workplace – including our own.”