Canadian Insurer Manulife Plans to Increase Diversity by 30% Within 5 Years

Manulife Financial Corp said on Friday it was making a push to increase the representation of minorities across its North American businesses, joining a host of companies that have pledged to improve racial diversity at workplaces.

The Canadian insurer is planning a 30% increase in minority representation in leadership positions by 2025, while hiring at least 25% through its graduate program, Manulife said in a statement.

A number of companies, including Microsoft Corp, Alphabet Inc’s Google and Royal Bank of Canada, are confronting discrimination after the death of George Floyd at the hands of Minneapolis police triggered protests in the United States against racial inequality.

Last month, Manulife and Bank of Nova Scotia pledged C$3.5 million ($2.58 million) and C$500,000, respectively, for diversity initiatives.

The Canadian Council of Business Leaders Against Anti-Black Systemic Racism in June urged corporates to commit to increasing Black representation in their workforce and boardrooms by 2025.

($1 = 1.3576 Canadian dollars) (Reporting by C Nivedita in Bengaluru; editing by Anil D’Silva)