10-05-2025
- Business
- Winnipeg Free Press
DEI in spotlight at Quadrant Private Wealth Behavioral Finance Conference
The question posed at a Winnipeg conference — 'Do investors value DEI?' — had a short answer: it depends.
But there was also a long answer, which Hoa Briscoe-Tran detailed in a yet-to-be-published academic paper.
His Friday presentation at the Quadrant Private Wealth Behavioural Finance Conference comes amid U.S. government administration-ordered cuts to diversity, equity and inclusion initiatives.
Meta and Walmart have axed their DEI programs in the U.S.
Meanwhile, some Manitoba businesses with U.S. dealings have quieted their own DEI promotion south of the border to keep peace, according to the Winnipeg Chamber of Commerce.
'You (can) see how the U.S. could impact multiple countries,' Briscoe-Tran said at the Canadian Museum for Human Rights in Winnipeg.
The assistant professor in finance at the University of Alberta and a partner studied immediate reaction to Florida's 'Stop WOKE Act,' which curbed workplaces from teaching about privilege and oppression among races and genders.
The researchers found, within the first week of the act's 2021 announcement, Florida firms saw a cumulative equity market value decline compared to other United States companies.
However, the impact hit businesses with pro-social investors harder. Some Florida companies' values increased in the short term of the act's announcement. The outcome depended on companies' investors, Briscoe-Tran said.
A U.S. court temporarily blocked the law's enforcement in August 2022. Once the blockade arrived, negative investment impacts on Florida businesses reversed, per Briscoe-Tran and co-author Stephan Siegel's research.
Briscoe-Tran wasn't aware of any Manitoba businesses backing away from their DEI activities.
Some policies are performative and inefficient, he noted. He said he is 'hopeful' any reductions in DEI initiatives will bounce back, because the main purpose — greater inclusion and awareness — is a good one.
Effective and efficient DEI strategies are key, Briscoe-Tran added.
Broadly, Winnipeg businesses have not cut their DEI programming. Those with United States operations — especially those dealing with U.S. President Donald Trump's administration — have rebranded how they talk about DEI policies, said Winnipeg Chamber of Commerce president Loren Remillard.
'It's not a withdrawal,' he said Friday. 'It's just a recognition that in the United States right now, the Americans are moving in a different direction. No one wants to get in a confrontation with the U.S. government or clients.'
A Winnipeg-based company in the U.S. might highlight its 'growing pipeline of talent,' without mentioning its DEI processes, Remillard explained. It's a departure from companies' marketing efforts showing diverse hiring practices.
Businesses consider the cultural norms of the country they're operating in, Remillard noted. In 2023, General Electric added a pride flag to its logo in North America; it didn't in Saudi Arabia, the Daily Mail reported at the time.
Morality and business advantages, such as outperforming peers, are reasons to keep DEI around, Remillard said. The Winnipeg Chamber of Commerce launched its CODE (Commitment to Opportunity, Diversity and Equity) program — in 2021. CODE has since been awarded by the Canadian Chamber of Commerce and expanded into Ontario.
'I think that companies continue to see the importance of diversity, equity and inclusion,' said Mike Shekhtman, a senior regional director at Robert Half, a human resource firm.
If anything, Canadian companies are 'redefining and refining.' They may not have the funds to support DEI initiatives like they did three years ago, given the current economy. It could lead to less investment and 'not-as-robust' programs, Shekhtman said.
Paul Bruch-Wiens hasn't clocked any DEI cuts with his clients. He's a private wealth manager and associate portfolio manager with Quadrant Private Wealth. The company and the University of Manitoba partnered on Friday's conference.
'It's difficult to understand exactly where this is leading over the long term,' Bruch-Wiens said, considering diversity programming changes in the United States. He's interested to see how such policy shifts will affect investments years down the line.
Briscoe-Tran's paper highlighted the short term. In July, a U.S. judge permanently blocked part of the 'Stop WOKE Act,' eliminating restrictions on workplace training.
Briscoe-Tran and Siegel have reached their paper's revision stage; they're hoping to see it published within the next few years.
A swath of academics presented their papers at the Quadrant Behavioral Finance Conference. Industry and fellow academics provided feedback. The process helps to bring 'theory to life,' Bruch-Wiens said.
Other topics included the efficacy of remote work for executives, newspaper closures and trading in local stocks.
Gabrielle PichéReporter
Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle.
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