CFA Institute Launches Voluntary Singapore Diversity, Equity, and Inclusion Code

Early Adopter Firms Signal Strong Commitments

Singapore, 30 October 2024—CFA Institute, the global association of investment professionals, and CFA Society Singapore, today launched the voluntary CFA Institute Diversity, Equity, and Inclusion Code for the Investment Profession in Singapore (“DEI Code Singapore”).

The launch marks the first release of the voluntary CFA Institute DEI Code in Asia, offering financial services organisations across Singapore, regardless of size, an action-oriented framework for developing impactful DEI strategies should they voluntarily choose to follow the code. 

Margaret Franklin, CFA, President and CEO of CFA Institute comments:

“We are incredibly grateful for the strong support from the investment profession in Singapore for their leadership in developing the DEI Code for Singapore. Diverse perspectives lead to better outcomes for investors and more innovative and engaged work environments. I’m particularly excited that industry leaders at the heart of Singapore’s role as a leading financial center are recognising diversity, equity and inclusion as both a business priority and a key element of their organisational values.”

Several organisations have signed up to the voluntary DEI Code Singapore. Founding signatory organisations include: GIC, GMO Singapore, Cambridge Associates, and CFA Society Singapore.

Simon Ng, CFA, President, CFA Society Singapore, comments:

“This important initiative allows the industry to meaningfully create pathways for greater inclusion, ensuring that everyone has a voice and an opportunity to contribute. We are proud to be among the founding signatories of the DEI Code in Singapore, fully committed to fostering inclusive work cultures across the investment sector. Our involvement reflects a proactive approach to integrating diversity into our organizational values and day-to-day operations. We believe that creating a welcoming and supportive environment for all individuals can lead to more innovative ideas, improved collaboration, and ultimately, better business outcomes. Together, we can build a more equitable future in the investment sector and beyond.”

Deanna Ong, Chief People Officer, GIC, adds:

“GIC is proud to support the launch of the DEI Code Singapore, setting out framework principles designed to drive positive systemic change in the financial services industry. It is consistent with GIC’s commitment to cultivating a diverse talent pool, an equitable workplace, and inclusive workplace practices, which we believe drive superior long-term performance.”

Scott Hayward, CEO, GMO, adds:

“As one of the initial 16 signatories of the CFA Institute DEI Code for the US and Canada, GMO is proud to renew our commitment by signing the newly established DEI Code in Singapore. GMO has had an office in Singapore since 2003 and it continues to serve as a key presence to deepen our commitment to the APAC region. We welcome the opportunity to support our employees, our clients and our industry in this meaningful way. One of GMO's key cultural hallmarks is valuing diverse perspectives and backgrounds. We know that using multiple lenses to solve investment problems creates better results for our clients.”  

Aaron Costello, Head of Asia, Cambridge Associates, adds:

“As a global investment firm, Cambridge Associates strongly believes that diversity, equity and inclusion is material to becoming a highly impactful organization that seeks to deliver excellent returns and partnerships for our clients. As a signatory of the Code, we are committed to continue fostering an inclusive investment industry and creating a positive impact in the world.”

DEI Code Singapore signatories voluntarily commit to six metrics-based principles, which aim to create better working environments and generate a cycle of positive change for current and future generations.

These principles include: 

• Pipeline: Expand the diverse talent pipeline.
• Talent Acquisition: Design, implement, and maintain inclusive and equitable hiring and onboarding practices.
• Promotion and Retention: Design, implement, and maintain inclusive and equitable promotion and retention practices to reduce barriers to progress.
• Leadership: Use our position and voice to promote DEI and improve DEI outcomes in the financial services sector. We will hold ourselves responsible for our organisation’s progress.
• Influence: Use our role, position, and voice to promote and increase measurable DEI results in the financial services sector.
• Measurement: Measure and report on our progress in driving better DEI results within our organisation. We will provide regular reporting on our organisation’s DEI metrics to our senior management, our board, and CFA Institute.

In devising the DEI Code Singapore, CFA Institute worked with CFA Society Singapore and a Working Group drawn from Singapore business and DEI leaders.

Cindy Tan, CFA, CA, Chair of the DEI Code Singapore Working Group, and CEO at GMO Singapore, adds:

“The launch of the Singapore DEI code highlights the commitment of leaders in financial services to address the challenges and opportunities that come with demographic, cultural, and societal variations. This transformative code will support Singapore organisations in crafting measurable strategies that enable better people management across our sector. We believe it also offers a real contribution to national efforts to develop the social compact, helping ensure we stay fit for the changing business and societal landscape.”

Additionally, within two years of signing, organisations that choose to adopt the Code are required to meet the following foundational reporting requirements:

• The establishment of senior leader ownership and oversight governance
• Formal, written, publicly available communications that outline the organisation’s DEI strategy, policy, and high-level objectives.
• A comprehensive plan to integrate DEI within the organisation’s people, processes, and policies.

To view the Diversity, Equity, and Inclusion Code for the Investment Profession (Singapore) visit https://rpc.cfainstitute.org/-/media/documents/code/dei/dei-code-singapore.pdf.

Detailed Implementation Guidance for employers and a reporting framework is available at https://rpc.cfainstitute.org/en/codes-and-standards/diversity-equity-inclusion-codes.

For further information and media requests, contact: [email protected].

-- Ends --

Notes to Editors

The DEI Code Singapore launch follows recent launches of DEI Codes in the United States, Canada, the United Kingdom, and the Netherlands. To date, the CFA Institute DEI Code for the Investment Profession has been adopted by nearly 200 investment organizations worldwide, representing around 30 percent of global assets under management (AUM)*. DEI Code signatory assets under management and assets under advisement are self-reported on becoming a DEI Code signatory.

*Value of global assets under management cited as a percentage of US$98 trillion in The Tide Has Turned Global Asset Management 2023 report, BCG.

DEI Conference

CFA Institute is pleased to support the Singapore Diversity, Equity, & Inclusion Summit taking place on 7 November 2024. Complimentary Summit passes are available for accredited members of the media. Journalists wishing to attend are invited to register their interest via: [email protected].