TORONTO, Feb. 23, 2021 /CNW/ - BMO Financial Group has been recognized as one of the World's Most Ethical Companies for the fourth consecutive year by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. BMO is one of four Canadian companies, the only bank in Canada, and one of only five banks worldwide, to be recognized in 2021, affirming the bank's commitment to support a thriving economy, sustainable future, and inclusive society.
"The global pandemic has presented significant economic and social challenges for our employees, customers and communities. As trusted stewards of the financial system and enablers of long-term growth, banks play a vital role in driving economic recovery. At BMO, we embrace our front-line role supporting the resilience of the communities we serve," said Darryl White, Chief Executive Officer, BMO Financial Group. "Having our employees recognized for the fourth year in a row is a tribute to the ways they lead with empathy and adaptability as they serve the millions of people who count on us every day to achieve their financial goals. It reflects our fundamental belief in doing what's right – consistently, equitably and sustainably. At BMO we sum it up in a simple statement of purpose that underpins everything we do: Boldly Grow the Good in business and life."
The annual recognition honours companies with individuals and leaders who are diligently working to build a world-class program and advance an environment that is defined by integrity. It is an affirmation of the leadership of companies contributing to the greater good. This award highlights the ongoing importance of culture and a shift in the purpose of corporations showcasing the importance of broader stakeholders and sustainability. In 2021, 135 honorees were recognized spanning 22 countries and 47 industries.
"This award recognizes leaders' and businesses' continuous commitment to prioritizing ethical behaviour as a means to improve the world, while enhancing business performance," said Timothy Erblich, Chief Executive Officer, Ethisphere. "Congratulations to everyone at BMO for earning the World's Most Ethical Companies designation."
BMO's commitment to creating positive change for its customers, employees, and communities has spanned more than 200 years. Since unveiling its Purpose commitments in 2019, BMO has made significant progress towards them, including:
- Surpassing its goal to align $250 billion in client investments with sustainable objectives
- Achieving 71 per cent of its commitment to mobilize $150 billion in capital by 2025 to companies pursuing sustainable objectives
- Reaching 64 per cent of its commitment to doubling the size of the bank's Indigenous Banking business by 2025
- Increasing the representation of Black, Indigenous and People of Colour (BIPOC) in U.S. senior roles by 20 per cent
In addition to its Purpose commitments, BMO announced new five-year diversity and representation goals in 2020 centred around eliminating barriers in society to inclusion. The bank's continuous focus on advancing diversity, equity and inclusion in its workforce and communities it serves, has helped the bank achieve important results:
- 41.9 per cent of senior leadership roles are held by women
- More than 40 per cent of independent Board roles are held by women
- More than 30 per cent of senior roles are held by BIPOC
Beyond the World's Most Ethical Companies recognition, BMO has recently received a growing list of notable achievements, including:
- Ranked 15th on the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital
- Ranked in the top 10 per cent of banks globally on the Dow Jones Sustainability Index
- Top ranked North American bank on Corporate Knights 2021 Global 100 Most Sustainable Corporations in the World
- Scored an A- on the 2020 CDP Climate Change Questionnaire
- Bloomberg Gender-Equality Index (2021) for the sixth year in a row
- Forbes 2020 Best Employers for Diversity (United States)
- Corporate Knights 2020 Best 50 Corporate Citizens in Canada
For more information on BMO's commitments to building social good, please read its 2020 Sustainability Report.
Methodology & Scoring
Grounded in Ethisphere's proprietary Ethics Quotient®, the World's Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity and initiatives to support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe. This year, the process was streamlined and question set expanded to gauge how applicants are adapting and responding to the global health pandemic, environmental, social, and governance factors, safety, equity, and inclusion and social justice.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World's Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance (BELA). More information about Ethisphere can be found at: https://ethisphere.com.
SOURCE BMO Financial Group