Environmental pillar
Outcome Statement: CDIC will review our emissions footprint and the sustainability of its operations to inform emissions reduction efforts that could contribute to the Government of Canada’s efforts to reach net-zero emissions by 2050.
Greening CDIC’s operations
By taking the following steps, CDIC is actively attempting to lessen its impact on the climate and enhance sustainability in its operations:
- CDIC has released its first Taskforce on Climate-Related Financial Disclosures (TCFD) report and is working on its greenhouse gas inventory.
- CDIC’s office spaces in Ottawa and Toronto are LEED certified and located near public transit.
- Future office space changes will prioritize sustainability considerations.
- CDIC has transitioned to a hybrid work model and emphasizing electronic record-keeping.
- CDIC’s investment portfolio is a significant source of emissions, totaling $7.3 billion as of March 31, 2023.
These investments financed emissions of 1,856 thousand tonnes of CO2e, highlighting the need for sustainable practices.
Measures
Tonnes of carbon dioxide equivalent (tCO2e) financed emissions per $1,000 dollars invested / year.
Social pillar
Outcome Statement: CDIC’s Public Awareness Strategy helps depositors make informed financial decisions and our culture prioritizes diversity, equity, and inclusion (DEI), as well as the growth and development of our employees.
CDIC’s Public Awareness Strategy
CDIC’s strategy aims to educate the public about deposit insurance, financial stability, and depositor protection. The effectiveness of CDIC’s Public Awareness Strategy, which focuses on the following initiatives, is measured against goals for awareness levels in the general public and certain groups:
- The goal is to maintain awareness levels among the general population and increase it among lower-aware groups, especially young women.
- Quarterly polling is conducted by CDIC to measure public awareness, with results serving as a key metric for the ESG Strategy.
- Maintaining awareness levels of 60-65% to ensure optimal depositor resilience and optimal bank run reduction.
- Continued collaborations with stakeholders, media, and community partners regarding public awareness and financial literacy, as well as continuous evaluation and adaptation of the Public Awareness Strategy.
Measures
Awareness of deposit protection among general population and awareness of deposit protection among young women.
Diversity, Equity, and Inclusion Strategy & Accessibility Plan
Through the Diversity, Equity, and Inclusion Strategy & Accessibility Plan, CDIC is fostering an inclusive culture to drive positive outcomes:
- Diverse and representative workforce to reflect the depositors we serve.
- Prioritized development and publication of the first-ever 3-year Accessibility Plan for people with disabilities that includes disability awareness training, corporate policy development, and alternative document formats.
- Support for reconciliation efforts for Indigenous women in Canada through a bursary program funded over three years.
Measures
- Employment equity representation for women, people with disabilities, racialized groups, and indigenous people in CDIC’s workforce.
- Number of Indigenous bursaries awarded and percentage of employees who completed Indigenous history and cultural training.
- Percentage of CDIC employees trained on disability and accessibility awareness; accessibility training for all employees who work on communications activities; and key documents for the public in alternative formats is provided.
Enhancing the employee experience
Along with creating new strategies for bringing in top talent in a competitive job market with fewer eligible applicants, CDIC is also aiming to retain current employees through the following programs:
- Prioritizing employee health and safety through wellness programs and workplace policies.
- Certification as a “Great Place to Work” by Great Place to Work Institute Canada.
- Conducting annual employee engagement surveys for improvement.
Measures
Improvement in Scores in the Great Place to Work Survey Trust Index, Great Place to Work Survey Employee Inclusion, Employee Engagement Survey, and Employee Engagement Survey Diversity and Inclusion.
Governance pillar
Outcome Statement: CDIC promotes transparency, accountability, and governance best practices in our work to maintain the trust of depositors.
Ensuring CDIC has well-developed corporate governance
As a federal Crown corporation and as prescribed by the Canada Deposit Insurance Corporation Act, CDIC has a well-established corporate governance framework that focuses on the following actions:
- Best in class Board Charter and education to guide decision-making.
- Measurement of progress through annual Board review activities and assessments.
- Rigorous Code of Conduct and Conflict of Interest Policies to which employees and Board members must attest annually.
Measures
Annual review of Board of Directors work against Board Charter requirements, Annual Board of Directors skills, training, diversity, and experience review, Board members’ and CDIC employees’ compliance with CDIC’s Code of Conduct, and CDIC’s Code of Conduct 3-year review process.
CDIC has established Board and Executive Oversight of the ESG Strategy
Establishing a governance framework for ESG is integral to the success of CDIC’s strategy and corresponding initiatives. ESG is overseen by the Board’s Governance and Human Resources Committee (GHRC), with CDIC’s executive team responsible for the Strategy’s success through mobilization and commitment to action planning:
- An ESG working group representing all functional areas of the organization contributes to the development of the strategy and plan.
- Annual review by GHRC.
- Completion tracking as a key metric.
- Ensures effective oversight and risk management.
Measures
