Today, the BlackNorth Initiative recognizes the significant public commitment from Enbridge Inc. (TSX: ENB) (NYSE: ENB) CEO Al Monaco to set ambitious diversity targets and hold himself and his leadership team accountable for increasing the number of ethnic and racial minorities within the company and linking performance against those targets to executive pay. Enbridge is one of Canada’s largest companies with a market capitalization of $75 billion.
The ambitious goals CEO Al Monaco has made to raise the bar include the following targets:
- 20% of board members to be BIPOC
- 28% of employees to be BIPOC by 2025
- links diversity targets to executive compensation, as well as incentive compensation throughout the company, through a Short-Term Incentive Plan that all Enbridge employees are encouraged to participate in
- increase procurement from diverse suppliers and suppliers that support and invest in diversity and inclusion
“Mr. Monaco is a visionary industry leader and through his pledge to the BlackNorth Initiative, has led Enbridge to become one the first organizations to publicly announce ambitious diversity and inclusion goals that are tied to executive and employee compensation. This positive step shows not only that the business case for diversity and inclusion is strong, but that financial outperformance can be achieved by increased representation of BIPOC talent,” said Wes Hall, Founder and Chairman of the BlackNorth Initiative. “It is promising to see global corporations like Enbridge step up and commit to creating and nurturing Black talent pipelines.”
Following the signing of the CEO pledge, the BlackNorth Initiative supports signatory companies in the development of programs and initiatives focusing on increasing internships, enhanced recruitment, diverse representation in leadership programs, focused sponsorships and mentorships, representation in succession plans, and a requirement of all leaders and employees to participate in unconscious bias and anti-racism training.
“Today, it’s very clear that diverse and innovative thinking, along with inclusive teamwork, are essential to business success. That’s why I am proud to represent Enbridge’s employees in signing the BlackNorth pledge, particularly since it aligns so well with our own goals.” said Al Monaco, President and CEO, Enbridge Inc. “We’ve got a lot of work ahead of us as a society, but by publicly sharing our diversity and inclusion goals, driving our business to meet them and linking them to compensation, we’re putting our words into action.”
The BlackNorth Initiative believes in the importance of planning, managing, and measuring through the development of performance frameworks. This, in turn, establishes accountability, success and cost-effectiveness of any business. What gets measured gets managed. In addition to being morally imperative, diversity and inclusion strategies ensure that employees are empowered and participate in the business to their fullest potential.
For a complete list of Enbridge’s ESG goals please see Enbridge’s latest news to learn more.