CFA Institute Launches Diversity, Equity, and Inclusion Code for the Investment Profession in Europe

CFA Institute, the global association of investment professionals, today launched the European edition of its comprehensive voluntary Diversity, Equity, and Inclusion Code for the Investment Profession (“DEI Code”), starting with the Netherlands.

The DEI Code is available to European investment firms of any size that seek to accelerate change by fostering a commitment to DEI. This includes European subsidiaries of organizations headquartered elsewhere.

PGGM N.V., the second largest pension fund provider in the Netherlands, is the first signatory to the DEI Code Europe. Cécile Rozé, Manager Corporate Sustainability at PGGM, comments: “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.”

Signatory firms voluntarily commit to six metrics-based principles intended to enable the greater inclusion of wider viewpoints from the best talent, in turn leading to better investment outcomes, better working environments, and a cycle of positive change for future generations.

“CFA Institute believes that diverse perspectives on investment teams and a commitment to DEI from the top results in better outcomes for investors,” said Margaret Franklin, CFA, President and CEO, CFA Institute.

“Following the successful launch of our DEI Code in the US and Canada, and the UK, we are honored to bring it to continental Europe starting with the Netherlands. We recognize that DEI means different things in different markets, and we have spent time consulting with local experts to ensure that investment managers in the Netherlands can readily implement the Code.”

Sarah Maynard, ASIP, Global Senior Head, Diversity, Equity, & Inclusion, CFA Institute comments:

“Our DEI Codes are designed to help organizations address complex behavioral issues around DEI in the investment industry. The European version summarizes 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 successful introduction of a DEI Code in the United States and Canada in 2022 and the UK in 2023. The Code has been adopted by more than 200 investment organizations to date, representing nearly 30 per cent of global assets under management (AUM).

To devise the DEI Code (Europe), CFA Institute worked with CFA Institute Societies across Europe and groups of investment professionals and DEI leaders. CFA Institute also held discussions with EU entities such as ESMA (European Securities and Markets Authority) and EIOPA (European Insurance and Occupational Pensions Authority) who are supportive of the initiative. In the Netherlands, CFA Institute consulted with the Dutch Authority for Financial Markets (AFM) which is equally supportive of the initiative, sharing the belief with CFA Institute and CFA Society Netherlands that diverse perspectives within organizations lead to better decision-making and a better product offering for diverse customers.

The CFA Institute European working group was co-chaired by Leanne Mair, CEO & Founder of Benefactum Consulting and Natalie Gill, Head of DEI Strategy & Industry Engagement at PGIM.

Natalie Gill comments:

“PGIM is committed to working collaboratively across the investment industry to effect positive change, and as such was an early signatory to the CFA Institute’s DEI Code in the US & Canada and in the UK, and we now welcome the launch of the European DEI Code. Our focus on DEI aligns closely to the six principles of the DEI Code, grounded in the belief that having a range of perspectives around the table drives better decision-making and contributes to generating optimal solutions for our clients.

“The CFA Institute’s DEI Code provides a framework that goes beyond pledging a commitment. The DEI Code’s Implementation Guidance includes useful and relevant actions that firms of every size and maturity can take, to ensure a sustainable pipeline of the best talent - which by definition is diverse - into the investment industry and to create an inclusive culture in which that talent can thrive and succeed.”

Leading the efforts to adapt the Code for the Netherlands was Anne-Marie Munnik, RBA, Executive Director of CFA Society Netherlands.

Anne-Marie Munnik, RBA comments:

“At CFA Society Netherlands, we are committed to fostering a culture of diversity, equity, and inclusion that infuses every aspect of our operations and interactions with our community. I am excited that the launch of the CFA Institute DEI Code for Europe will take place in the Netherlands, reflecting the strong support we have received and the ambition and commitment within our investment sector to foster an inclusive culture. I eagerly look forward to further engaging with the sector and CFA Institute to ensure the Code accelerates ongoing improvements in DEI."

To view the Diversity, Equity, and Inclusion Code for the Investment Profession (Europe) visit here.