Institutional Investing Diversity Cooperative members to begin reporting firm diversity data
The Institutional Investing Diversity Cooperative's (IIDC) 24 members will begin reporting individual firm diversity statistics using the same definitions and standards the IIDC set for traditional asset managers.
“Our goal is to help our clients and the collective institutional investor industry understand the diversity practices and demographics across all the critical vendors in their investment programme using a consistent approach. We hope to begin providing institutional investment consulting firm diversity statistics in the first quarter of 2022,” says Shelly Heier, President of Verus and a founding member of the IIDC.
Participating firms will determine the appropriate means to share this data, whether by request or in a published form. In the future, the IIDC may explore retaining a third-party vendor to assist with aggregating the data for broader distribution.
Recognising the collection of employee demographic data is complicated, the IIDC has established a best-efforts approach to providing the data. In cases where a firm is unable to provide certain sets of data, the template will allow for explanation. The template is available for public use by consulting firms, regardless of participation in the IIDC, and by asset owners wishing to use the approach in requests for proposal. The template can be found at www.iidcoop.org.
With the recent addition of RVK and Cardinal Investment Advisors to the IIDC, the 24 members have more than USD32 trillion in assets based on P&I data collected from June 30, 2020.