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The Central American Bank of Economic Integration (CABEI) continues to invest in gender equity to protect current and future generations.

It is now more than three years since the Central American Bank of Economic Integration (CABEI) set out on its journey towards achieving gender equity. It’s a journey that has led it to undertake a rigorous third-party examination of gender representation, pay equity, effectiveness of policies and practices and the organization’s culture. It’s a journey also that has led to a survey of its employees to evaluate and measure their experiences in terms of career development opportunities in their workplace.

The Central American Bank of Economic Integration (CABEI) is an international multilateral development financial institution with a global reach that funds programs working towards the elimination of inequality and poverty. The organization supports strengthening regional integration and focuses on environmental sustainability, with social and environmental challenges and opportunities in Central America being a key element of the Bank’s strategic purpose.

It was in this context that it first approached EDGE and obtained its initial EDGE Assess certification in 2019. Two years later, the Bank was re-certified, confirming the actions and programs underway to ensure gender equity at all management levels, and designing flexible working options for all employees throughout the Bank. Now it is going further, exploring its policy and approach to parental leave for both women and men, improving their work/life balance, and proactively communicating policies to prevent workplace sexual harassment and discrimination.

The Bank has created spaces to have conversations about these topics, express concerns, share experiences, address problematic situations, and propose solutions aimed at improving the employee experience at CABEI.

Creating awareness and relevancy

Dr Dante Mossi, Executive President at Central American Bank of Economic Integration (CABEI), says the Bank has made strong efforts to create awareness about the significance and relevancy of gender equity, respectful and ethical behaviors through all the operations: “The Bank has created spaces to have conversations about these topics, express concerns, share experiences, address problematic situations, and propose solutions aimed at improving the employee experience at CABEI,” he explains.

Many things have changed. For example, the Bank formed an interdisciplinary task force to manage strategically all the CABEI gender issues and projects. As a result of this, the Bank is more interested in listening and understanding how colleagues perceive gender, inclusion, and respect in the Bank, generating some important initiatives to establish milestones through time. The Human Resources (HR) Department has also launched several projects oriented to promoting female talent, such as Female Mentoring, a Woman Lead Program, and the Gender Pay Gap Analysis, among others.

“Many things have changed. For example, the Bank formed an interdisciplinary task force to manage strategically all the CABEI gender issues and projects. As a result of this, the Bank is more interested in listening and understanding how colleagues perceive gender, inclusion, and respect in the Bank, generating some important initiatives to establish milestones through time. The Human Resources (HR) Department has also launched several projects oriented to promoting female talent, such as Female Mentoring, a Woman Lead Program, and the Gender Pay Gap Analysis, among others.”

EDGE Certification has enabled the Bank to work towards progressively meeting different objectives that generate more equitable spaces in the organization.

Dr Mossi believes that the EDGE Certification at the Assess level has brought visibility and credibility to the positive change happening inside the organization. At the same time, he believes it is creating the opportunity for diverse talent to thrive at work: “EDGE Certification has enabled the Bank to work towards progressively meeting different objectives that generate more equitable spaces in the organization,” he continues.

These initiatives have a real impact on how our female colleagues improve their skills and competencies, and at the same time, raise awareness among our male colleagues in gender issues. EDGE Certification requires the involvement of different areas, generating a participatory process, and distributing responsibilities across the institution, resulting in a global team committed to the proposed gender objectives.

“These initiatives have a real impact on how our female colleagues improve their skills and competencies, and at the same time, raise awareness among our male colleagues in gender issues. EDGE Certification requires the involvement of different areas, generating a participatory process, and distributing responsibilities across the institution, resulting in a global team committed to the proposed gender objectives.”

Equity and Inclusion have an important significance for our youngest generations.

Engaging future generations

Dr Mossi is aware that the drive towards workplace gender balance, diversity, and inclusion is not just vital today for employees, customers and investors, but also critical to the next generation and future leaders of tomorrow: “Equity and Inclusion have an important significance for our youngest generations,” he continues.

The fact that the Bank committed to establishing more fair and equitable conditions for our colleagues and stakeholders is a good indicator for them to feel they are working in a place with purpose, an organization that is aware of the necessary changes in our societies.

“The fact that the Bank committed to establishing more fair and equitable conditions for our colleagues and stakeholders is a good indicator for them to feel they are working in a place with purpose, an organization that is aware of the necessary changes in our societies.”

It is necessary to take steps thinking about what are the priorities on which we must be focused,” he concludes, “and which are the ones that possibly take us more time to carry them out.

The Executive President also says it is important to mention that every change has its context and timing. He knows that the cultural evolution on which the Bank is embarking will take time and success cannot come overnight: “It is necessary to take steps thinking about what are the priorities on which we must be focused,” he concludes, “and which are the ones that possibly take us more time to carry them out.”

ABOUT CENTRAL AMERICAN BANK FOR ECONOMIC INTEGRATION (CABEI)

The Central American Bank for Economic Integration (CABEI), is an international multilateral development financial institution. Its resources are continuously invested in projects that foster development to reduce poverty and inequality; strengthen regional integration and the competitive insertion of its member countries in the global economy; providing special attention to environmental sustainability.

Its headquarters are in Tegucigalpa, Honduras, and has regional offices in Guatemala, El Salvador, Nicaragua, Costa Rica , Panamá, Dominican Republic, and the Republic of China Taiwan.

ABOUT EDGE CERTIFICATION

EDGE is the leading global assessment and business certification for gender and intersectional equity. EDGE Certification involves a rigorous third-party review of representation across the pipeline, pay equity, effectiveness of policies and practices, and inclusiveness of an organization’s culture. As an integral part of the assessment, statistical data is analysed, policies and practices are reviewed and employees’ experiences of career development opportunities in the current workplace are accounted for. Depending on the specific results of each organization, an action plan is formulated, and firm commitments towards its implementation.

EDGE Certification meets organizations where they are in their gender balance journey (EDGE) and in their intersectional equity journey (EDGEplus) through its three levels of certification: Assess, Move and Lead. A certification at the EDGE Assess level recognizes commitment, one at the EDGE Move level showcases progress and a certification at the EDGE Lead level celebrates success in fostering gender equitable workplaces. An EDGEplus certification further recognizing its commitment to analyzing intersectional issues between gender and one or several of the following additional dimensions: gender identity, race/ethnicity, LGBTQI+, working with a disability, nationality and age.

EDGE Certification is built around the independent third-party certification of data and information and is distinguished by its rigor and focus on impact granted by one of the EDGE accredited independent third-party certification bodies – SGS, Intertek or FloCert, it remains valid for a period of two years. EDGE’s current customer base consists of over 200 large organizations in 50 countries across five continents, representing 30 different industries.

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Transcript :

IGC Secretariat – Seraina Eldada:

Hello, this is Seraina Eldada from the International Gender Champions Secretariat in Geneva. Today I’m delighted to speak to Aniela Unguresan, co founder of the EDGE certified foundation. This Swiss based organization assesses, accelerates and certifies gender and intersectional equality in the workplace, and was launched at the World Economic Forum in 2011. The EDGE certified foundation commitment is to contribute to more inclusive, equitable and prosperous societies powered by gender and intersectional equity. Aniela strongly believes that the time has come for us to move from vision to action. The EDGE Certification Process is intended to identify gaps and limitations, while providing a roadmap to achieve more inclusive workplaces. Welcome, Aniela, and thank you very much for taking the time to record this podcast.

Aniela Unguresan:

Thank you very much for this invitation. I’m delighted to be here.

IGC Secretariat – Seraina Eldada:

Fantastic. So this year, the IGC network welcomes the Gender-based Violence Pledge standing for zero tolerance of gender based violence and sexist attitudes and behaviors. What linkages do you see between this pledge and optimizing diverse, equitable and inclusive workplaces?

Aniela Unguresan:

Thank you, Seraina, for this question. I think that the linkage is a very direct one. And here is why: researchers have found that the sort of organization that is particularly prone to gender-based violence and sexist attitudes and behavior is an organization which is male dominated, super hierarchical, and forgiving when it comes to doubtful behavior. So having more women in the workplace, so working to create more diversity in the workplace, in the workforce, but also in leadership, brings first of all different perspectives to the table, and strongly invites the historically over-represented group in the workplace – men, most often – to take into consideration these different perspectives. Also, a highly hierarchical male dominated organization is prone to less scrutiny and action, as sometimes high status provides cover for actions. So, victims and bystanders might be worried of what will happen to them if they speak up, and ultimately, time and again, those who are the instigators, and the perpetrators of such attitudes can get away with it because there is a low probability of both discovery and punishment. So for all these reasons, a focus to foster a diverse, equitable, and inclusive workplace is central to create a respectful work environment where everybody feels safe. If male dominated structures uphold a system of sexual harassment, such structures need to be changed, and women need to be promoted in the organizations, and need to be promoted, and be present, to the top levels in the organization. And even so, more women in management alone won’t eliminate sexual harassment and gender-based violence, and plenty of organizations with women in top leadership positions still grapple with these issues. But better gender balance can create more equity in how the power and the authority is distributed amongst men and women inside the organization and how they are being exercised.

IGC Secretariat – Seraina Eldada:

Thank you, Aniela. And as you just described, we see that inequalities in the workplace do still disproportionately affect women from representation to participation and belonging. And women, especially women of color remain significantly underrepresented in senior leadership. That being said, a majority of women also continue to experience day to day bias and microaggressions in their workplaces. And it doesn’t have to be this way. And can you please share some of the ways that you’ve taken personal action as an individual leader to address bias and microaggressions and any advice you have for fellow Champions?

IGC Secretariat – Seraina Eldada:

So coming back to something that you have mentioned Seraina, I couldn’t agree more to the fact that over the last months thousands of women have courageously broken the silence and shine the light on how pervasive sexual harassment, gender-based violence, microaggressions is across industries and across countries. And it happens to people of all gender identities, across different race and ethical backgrounds, sexual orientations, age groups, and it happens most often to the people with the least power. So, what determines whether or not an organization is tolerant of these behaviors? In a single word, it is leadership. So new leaders work hard to prevent this kind of attitudes and behaviors by talking about organizational policies, and modeling appropriate ways of treating and interacting with co-workers. Do leaders ensure that claims of sexual harassment, concerns related to discriminations, microaggressions, sexist behaviors are promptly investigated, and corrective actions handed out, even when the perpetrator is a top performer or higher up? Strong policies with real teeth and training are essential. In both, protocols need to be established for what employees should do when they see gender-based violence, harassment and discrimination happening. Consequences should be made clear, confidentiality for the victim should be maintained, and retribution against him or her prohibited. In short, one of the actions that I would ask all the fellow Champions to join us in is that as leaders, we must take a visible, consistent and firm stand that gender-based violence and sexist attitudes and behaviors will not be tolerated. This will create a safer, more respectful, and more inclusive environments for all.

IGC Secretariat – Seraina Eldada:

So you’ve just concretely described some of the institutional and organizational mechanisms that can be put in place within Champions’ organizations in order to ensure that gender-based violence, sexist attitudes and behavior are both avoided and systematically followed up should instances occur. From another angle, I would like to ask, what would you say to a leader or a fellow Champion seeking advice on how to individually be as impactful an ally as possible?

Aniela Unguresan:

Well, I think that, you know, it starts with being very visibly committed to ensure a working environment which is free of any gender-based violence and sexual harassment. Sometimes we underestimate the power of having very clear, firm positions that are communicated. That is one of the first very important actions. Another very important action is to make sure that there is a very clear model and expectations on how inclusive behavior looks like. Sometimes, depending on the industries, depending on the organizations where we are coming from, we are prone to all sorts of examples of attitudes and behaviors. And we tend to put a very strong emphasis on what the undesirable behaviors are. But I think it’s very useful to shift and to say, well, this is how a respectful behavior looks like; this is how you can act; this is what you can do if you experience or if you witness these instances; and of course, making sure that prompt action is being taken and that there is a safe environment for people to voice their concerns and to feel that their concerns are being heard and addressed.

IGC Secretariat – Seraina Eldada:

Our final question to you, Aniela, relates to this early period of the year where Champions of the IGC are setting and renewing their personal commitments, and I would love for you to tell us a little bit about your personal commitments this year, for 2022 – and why you’ve prioritized these two actions.

Well, you know, you do have examples of workplaces that are diverse, but not necessarily inclusive.

Aniela Unguresan:

So I have to tell you that the IGC’s [GBV] Pledge really encouraged me to renew one of my 2021 goals, which is to require all the employees of our organization to complete an anti-sexual harassment and discrimination training. And you know, as many of the things that pertain to gender balance, diversity, equity and inclusion, I think that we all have to be very aware of the fact that this is a process that needs to be sustained over time; that this kind of trainings, this kind of goals and of actions need to be conducted on an annual basis. So, trainings that are interactive, that include a very clear example of what constitutes unlawful sexual harassment, what constitutes discrimination, very clear information on what to do, again, if somebody feels a victim of it, or witnesses it, and of course, a very clear indication on what the procedures to follow should be. So, you know, renewing and making these trainings, anti-sexual harassment and discrimination trainings a necessary annual encounter for the employees of the organization, is one of my renewed pledges for this year. And then the second one is often a topic that in the discussion with leaders of other organizations, you know, we all kind of shy away from setting targets and goals for gender composition across our talent pipelines. But you know, this setting of those targets and monitoring, how are we doing in reaching those targets? What works, what doesn’t work – and why – seems crucial. So my second commitment is to continue monitoring our progress against clear targets for the gender composition across levels in the organization. And it is a commitment that I strongly believe in, because, you know, we often talk about the fact that yes, we do need to have diversity, equity and inclusion in the workplace for those workplaces to be thriving places where, you know, employees can fulfill their potential, and organizations can achieve their missions. And we tend to have sometimes this debate in saying, “well, you know, you do have examples of workplaces that are diverse, but not necessarily inclusive” and this is true, but at the same time, we cannot have inclusiveness if we do not have diversity to start with. So that’s why the second commitment on setting those goals, ensuring that there is diversity as a basis, as a pillar, for the equity and inclusiveness that we want to see in our workplaces, is my second commitment.

IGC Secretariat – Seraina Eldada:

Aniela, thank you so much for coming to speak with us today and for sharing with us some of your insights regarding how Champions and in general leaders can really put into action, the values of the Gender-based Violence Pledge of zero tolerance against sexist attitudes and behaviors and gender-based violence. Thank you very much again, and wishing you success in the implementation of your 2022 commitments, and we look forward to speaking with you soon.

Aniela Unguresan:

Thank you very much Seraina.

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EqualVoice United 2025 brings together prominent Swiss companies to advance gender equity in the workplace

EDGE Strategy and EqualVoice, an initiative by Ringier AG to boost the visibility of women in the media, joined together for EqualVoice United 2025.

The initiative aims to support ten of the most prominent Swiss organizations in achieving gender equity in the workplace by 2025.

Bank Cler, eBay, Insel Gruppe, ISS, Mastercard, Migros, Oerlikon, Swiss Post, Sunrise/UPC, Ringier, and Ringier Axel Springer have now signed a Charter to join the EqualVoice United 2025 network as a signal of their commitment to creating a more inclusive and equitable workplace. Their evolution will be measured and validated based on specific keys criteria:

• rooting equal opportunities and equality within their organizations
• promoting a mindset of equality and integration
• communicating the benefits of equality to other companies and wider society
• establishing modern working conditions for all employees

To support these commitments, the organizations will have access to EDGE Strategy solutions over the coming months, such as the EDGE Pay Tool, which will help them to measure the gender pay gap. Following this initial stage, they will then have the option to begin the certification process with EDGE, according to the EDGE Foundation Global Standard methodology. EDGE Certification involves a rigorous third-party review of representation across the pipeline, pay equity, effectiveness of policies and practices, and inclusiveness of an organization’s culture. As an integral part of the assessment, employees receive a comprehensive survey to assess perceptions of gender equity in the workplace.

EDGE is already working with more than 200 large organizations in 50 countries across five continents, from 30 different industries. With 9 of the 200 organizations in Switzerland, EDGE is looking forward to engaging more Swiss organizations into a more equitable and inclusive strategy.

It was inspiring to witness the commitment of ten of the most well-known companies in Switzerland sign a charter and become part of the EqualVoice United 2025 network. The EDGE Strategy team is looking forward to supporting all the members of EqualVoice United 2025 on the road towards gender equity.

Simona Scarpaleggia, EDGE Board Member, who joined EqualVoice’s Advisory Board in 2019, is pleased to see the positive work of EqualVoice is already doing to improve the visibility of women in the media now extended into the workplace: “It was inspiring to witness the commitment of ten of the most well-known companies in Switzerland sign a charter and become part of the EqualVoice United 2025 network. The EDGE Strategy team is looking forward to supporting all the members of EqualVoice United 2025 on the road towards gender equity.”

According to the Global Gender Gap Report 2020, it will take another 99.5 years for us to achieve global gender equality. We don’t want to wait that long.

Annabella Bassler, founder of the EqualVoice Initiative and CFO of Ringier AG, added: “According to the Global Gender Gap Report 2020, it will take another 99.5 years for us to achieve global gender equality. We don’t want to wait that long.”

We are delighted to have joined with nine other companies to create the EqualVoice United network and to achieve this goal in the Swiss professional world by 2025. Having EDGE on board ensures we have the necessary expertise.

“We are delighted to have joined with nine other companies to create the EqualVoice United network and to achieve this goal in the Swiss professional world by 2025. Having EDGE on board ensures we have the necessary expertise.”

About EqualVoice

The initiative was launched by CFO Annabella Bassler in November 2019 and is chaired by publisher Michael Ringier and CEO Marc Walder. It aims to advocate gender equality and improve the visibility of women in the media. The central element of the initiative is an indicator known as the EqualVoice factor. Further projects related to EqualVoice include the Female Experts List, Ringier’s internal tool for finding female experts, the EqualPyx photo challenge, aimed at generating images with more diversity, and the female experts’ workshop ‘Get Ready – Go Forward,’ which supports women in making the most of their expertise. An international expansion of the EqualVoice factor to include other media brands is planned for the near future.

About EDGE Strategy

EDGE Strategy offers an integrated SaaS-based DE&I solution allowing organizations to measure, accelerate, and get certified for where they stand in terms of gender and intersectional equity. EDGE’s customer base consists of 200 large organizations in 44 countries across five continents, representing 29 different industries, allowing you access to a large DE&I network.

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How did the business case for gender balance DE&I evolved over the last 18 months?

Renata Dourado: The advances we made were possible thanks to the strong commitment of our leadership and the acceleration of the Diversity and Inclusion theme throughout the Company. In recent years, with an area and management dedicated to the topic, we have invested in inclusive processes and gender equality in Recruitment, Development, Retention and Succession. For example, some of our goals here are to ensure that women are sought after in key trainings, mentoring opportunities and in succession plans for key positions. Today, gender equity is already a reality at L’Oréal Brazil – and the EDGE Lead certificate attests this.

EDGE Certification brings visibility and credibility to the change happening inside the organization. At the same time, it creates the premises for diverse talent to thrive at work. Tell us some stories about how your employees benefit from the EDGE Certification journey of your organization.

Renata Dourado: Without a doubt, the steps we took to promote gender equity helped us to promote a more innovative and diverse environment. And this is reflected in our teams. In 2020, for example, women represented 53% of leadership positions and 64% of the workforce in Brazil. With this efforts, it was possible to achieve equity even in areas that are predominantly male in the market, such as Finance, Operations and Research & Innovation. In addition, another interesting indicator is about the sense of belonging and acceptance of our employees. In our internal climate survey, 94% of our employees say they are proud to work at L’Oréal, and 93% affirm they are treated fairly, regardless of their age, marital status, gender, disability, race, religion or sexual orientation. .

What do you think workplace gender balance, diversity and inclusion means to the next generation ?

Renata Dourado: We are very proud of this achievement, as it recognizes our commitment to promoting gender equality in the workplace with effective policies and practices. We want to show the market and our stakeholders that, more than possible, it is necessary to invest in plurality to be innovative. It is this diversity that makes us closer to our consumers. There is no other way for us to advance as a society without transforming organizations into inclusive cultures.

What’s the place of gender balance, diversity and inclusion in your broader sustainability agenda?

Renata Dourado: L’Oréal’s sustainable development is a long-standing commitment. As the world leader in beauty, we know that everything we do has the potential to have a significant impact. At L’Oréal, our purpose is to create the beauty that moves the world, and our business is driven by the diversity of beauties of our consumers. Therefore, diversity and inclusion are in our DNA and are strategic for our sustainable growth.

We have a very clear global strategy for diversity, focused on three priorities: the first, oriented towards people, seeking the best talent and creating an inclusive environment for employees; the second, focused on the consumer, so that this diversity is present in our product portfolio and in our communications; and the third, social, supporting causes and communities. This last point is directly related to sustainability, which is also a strategic priority for the Company. L’Oréal Brazil is a reference in social protagonism for the Group, with innovative projects for women’s empowerment and social inclusion of vulnerable communities and indigenous.

What are your personal commitments to advance gender balance, diversity and inclusion inside and outside your organization?

Renata Dourado: We are talking about an issue of cultural transformation. Therefore, challenging. It is necessary to unite everyone towards the same goal, which requires the constant breaking of paradigms, stereotypes and unconscious biases. Our goal is to build a truly diverse and equal opportunity organization – and society – by ensuring that everyone is committed to promoting a more inclusive work environment and world. It is necessary, for example, to promote powerful and difficult conversations between leaders. The themes are sensitive and complex, but talking about them helps to deconstruct taboos and encourages the creation of solutions together. We also need to build a clear vision to be shared by the entire organization and invest time, resources and energy into the topic, working towards clear goals and objectives.

What do you consider the most important business benefit of your organization being EDGE Certified?

Renata Dourado: Diversity generates real competitive advantages. It is proven that a diverse company has better economic results. A corporate environment where professionals have the same education, for example, does not create space for innovation. With a diverse team, we are able to create innovative processes and products. Inclusion is a powerful performance handle. And the EDGE Lead certification shows the market, our stakeholders and consumers that we are leaders in gender equality in the corporate environment. At L’Oréal, we invite our employees to draw inspiration from one another, blending ideas and transforming existing standards to create the Beauty of the future that is more diverse and inclusive.

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How did the business case for gender balance DE&I evolved over the last 18 months?

Michelle Phooko: In 2021 EBRD set its next medium-term strategy, which defined three crosscutting strategic themes, of which equality of opportunity and gender mainstreaming is one. Making this commitment as an organisation means that we must ensure we are also progressing and upholding our commitments to gender equality from an internal perspective. Progressing our EDGE action plan and achieving the next ‘Move’ level of certification is one way that we have been able to demonstrate the work we’ve been doing on this front.

EDGE Certification brings visibility and credibility to the change happening inside the organization. At the same time, it creates the premises for diverse talent to thrive at work. Tell us some stories about how your employees benefit from the EDGE Certification journey of your organization.

Michelle Phooko: We hear from staff that they appreciate the Bank’s commitment to such a thorough certification process which communicates transparently on our data, as well as on our policies and practices. This transparency, combined with a public commitment to actionable improvements, allows us to measure tangible progress and hold ourselves accountable to our staff. We also know that our staff value the independent audit, as it ensures a fair analysis and outcome without any potential bias.

What do you think workplace gender balance, diversity and inclusion means to the next generation (e.g., of leaders / customers / investors)?

Michelle Phooko: The next generation will want to see tangible diversity and inclusion progress within the workplace. For the EBRD, this comes back to the Bank’s mission and strategic priority, as we know that without equality of opportunity, pools of talent will remain untapped and unproductive.  It is vital that we work hard to ensure we practice what we preach, and that we are transparent and honest in order to attract future talent and remain an attractive employer.

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In 2021 Banco BHD León achieved EDGE Assess certification, the first EDGE certification level, demonstrating its commitment towards gender equity in the workplace. It became the first organization in the Dominican Republic, and indeed the first private company in the Caribbean, to undergo the rigorous third-party assessment required to obtain EDGE Certification.

Headquartered in Santo Domingo, Banco BHD León has more than 4,000 employees and serves over one million customers. Its certification was acquired with the advice of IDB Invest, in the context of a strategic alliance between the two entities to support small to medium-sized enterprises (SMEs) owned and led by Dominican women. But its commitment and ambition for gender equity spreads further than this. Banco BHD León takes seriously its position to support not only its employees by creating a more gender-balanced workplace, but also the development of Dominican women and contributing to a better country with improved gender equity.

Steven Puig is CEO of Banco BHD León and Martha Peralta is Vice President Senior Talent Management at Banco BHD León, and both are proud of the work they are doing both inside and outside of their organization to create positive change.

How did the business case for gender balance DE&I evolved over the last 18 months?

Martha Peralta: Since 2015, with the creation of our BHD León Women’s Gender Strategy, our entity has focused on developing important internal changes so that gender balance, diversity, equity and inclusion are part of our culture, and our work environment. For example, we were the first financial entity in the Dominican Republic to increase paternity leave, and we have also created various programs to train leaders in terms of inclusion. In 2020, in response to the COVID-19 pandemic, we strengthened initiatives to promote the psychological health of our staff and strengthened our inclusion project for employees with special needs, among other initiatives. In 2021 we continued to focus on strengthening these proposals, making banking increasingly more responsible, more innovative and closer to our employees.

Where does gender balance, diversity and inclusion fit within your broader sustainability agenda?

Steven Puig: The sustainability strategy we execute at Banco BHD León is based on the implementation of the Sustainable Development Goals (SDGs) and focuses on carrying out social, environmental and economic initiatives. Gender balance, diversity and inclusion are at the top of our sustainability agenda. For example, since 2015 we have implemented a gender strategy that is exclusively dedicated to guaranteeing the creation and execution of initiatives that work in favor of gender balance, promoting gender equity, equal labor practices and developing different programs that support the role of women in the social, economic and environmental sectors. We are currently working on another strategy that has already made significant progress, which includes training and capacity-building in different areas regarding the management of diversity and inclusion. Gender balance, diversity and inclusion are part of our business management.

What are your personal commitments to advance gender balance, diversity and inclusion inside and outside your organization?

Steven Puig: More than a commitment, it is a responsibility that both the Banco BHD León team and I have assumed as an organization and as individuals to contribute to the positive transformation of society, making a sustainable world that provides opportunities for all people. We carry this corporate responsibility at all levels of the entity, and it is part of the DNA of our strategy.

EDGE Certification brings visibility and credibility to the change happening inside the organization. Tell us some stories about how your employees benefit from the EDGE Certification journey of your organization.

Martha Peralta: We are very pleased and proud to be the first Dominican financial institution to obtain an EDGE Assess certification. This makes us distinctive and gives us a point of difference.  It adds value to our image and evidences what we do for our staff. But above all, it challenges us to continue strengthening our skills to continue advancing on issues of gender diversity, while being a benchmark company for others in our country to aspire to. We intend to continue this commitment to responsibly respond to the needs of gender equity in the work environment.

What do you consider the most important business benefits of your organization being EDGE Certified?

Steven Puig: The EDGE Assess certification validates our work practices and guides us to continue with our purpose of achieving gender balance, gender diversity and gender inclusion. It challenges us to continue working to guarantee an organizational culture that is an example of equity in the broad meaning of those words. And that is the most important benefit: that we can be an example or inspiration to other companies.

What do you think workplace gender balance, diversity and inclusion means to the next generation (e.g., of leaders / customers / investors)?

Martha Peralta: At Banco BHD León we are driven by the responsibility of supporting an individual’s progress, whether it is economic or social, because we understand that in this way we contribute to the sustainable development of our country. We make decisions and execute initiatives based on the well-being of our people, our clients and society in general, demonstrating the importance of a strengthened organizational culture in terms of gender balance, diversity and inclusion. This is the legacy we want to leave to future generations: a society without limitations in which gender balance, diversity and inclusion favor the creation of more opportunities for all people.

ABOUT BANCO BHD LEÓN

Banco BHD León is a financial entity of economic success and human success with a comprehensive approach to business and social management of the company. In its almost 50-years of history, Banco BHD León had a track record of innovation and contributions to the development of the country’s financial system. It was the first multiple bank in the Dominican Republic with a corporate governance model recognized by international risk rating agencies, and with a history of alliances, mergers and acquisitions that have positioned it in one of the first places in the Dominican financial sector. It has a sustainability strategy that combines the social, economic and environmental vision of the company, through different focuses of action and initiatives that contribute to the 2030 agenda for the sustainable development goals. Banco BHD León Bank is part of the Financial Center Banco BHD León, considered the most diversified, widest and most integrated conglomerate of financial and related companies services in the Dominican Republic.

ABOUT EDGE CERTIFICATION ​

EDGE is the leading global assessment and business certification for gender and intersectional equity. EDGE Certification involves a rigorous third-party review of representation across the pipeline, pay equity, effectiveness of policies and practices, and inclusiveness of an organization’s culture. As an integral part of the assessment, statistical data is analysed, policies and practices are reviewed and employees’ experiences of career development opportunities in the current workplace are accounted for. Depending on the specific results of each organization, an action plan is formulated, and firm commitments towards its implementation.​

​EDGE Certification meets organizations where they are in their gender balance journey (EDGE) and in their intersectional equity journey (EDGEplus) through its three levels of certification: Assess, Move and Lead. A certification at the EDGE Assess level recognizes commitment, one at the EDGE Move level showcases progress and a certification at the EDGE Lead level celebrates success in fostering gender equitable workplaces. An EDGEplus certification further recognizing its commitment to analysing intersectional issues between gender and one or several of the following additional dimensions: gender identity, race/ethnicity, LGBTQI+, working with a disability, nationality and age.​

​EDGE Certification is built around the independent third-party certification of data and information and is distinguished by its rigour and focus on impact granted by one of the EDGE accredited independent third-party certification bodies – SGS, Intertek or FloCert, it remains valid for a period of two years. EDGE’s current customer base consists of over 200 large organizations in 50 countries across five continents, representing 30 different industries.

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How did the business case for gender balance D&I evolved over the 18 months? How did the conversation around the business case evolved/ What changed/ What was expanded/ What is considered no longer current?

Frédérique Schepens: Gender equality has been a key principle of the EU since the provision on equal gender pay for men and women was introduced in the Treaty of Rome back in 1957. At the European Investment Fund (EIF) our Diversity and Inclusion Policy reinforces gender and equal pay as one of the cornerstones of our organization. Our D&I policy which was introduced in 2018 and revised in 2021, sets out ambitious and realistic goals to be cascaded throughout our departments, starting at the recruitment phase and up to management level.

The EIF began its journey together with EDGE in 2020 in a bid to strengthen our policies and practices from a gender perspective. A conscious effort has been made to help qualified female candidates break through the glass ceiling, and EIF management has been paying special attention to continuously support the cause of female advancement by encouraging women to assume increased responsibilities and apply for management positions. With the assistance of an external assessment center, we targeted a selection of heads of units, and gave them the valuable opportunity to focus on their development gaps, and to have a serious development discussion with their manager in order to better prepare them for future management positions. During the past few years, we have also sent a few female managers to participate in an external cross-mentoring program, and we are looking at ways to expand the impact in 2022. Although with some way to go, we are pleased to measure an increase in the number of females in both management and professional functions levels as of date.

In a bid to eliminate bias from the very start of the recruitment process, in 2021 HR drafted a short guide for recruiting managers to encourage them to see past their unconscious bias. This guidance is now systematically shared with hiring managers during the launch of each recruitment campaign. In addition, there is a clear emphasis on the need for the list of candidates to contain sufficient gender and nationality diversity in proportion with the overall list of applicants. In the case where the balance is not respected, HR may propose a re-publication with an aim of attracting a more diverse selection of candidates.

We want to see diversity and inclusion become part of the EIF DNA. To achieve this, we have increased the number of articles published for staff on this important topic, including a blog on the National Diversity Day in Luxembourg that encouraged colleagues to engage in the conversation about the importance of a diverse workforce & an inclusive working environment, and communication around Father’s day with a focus on encouraging our male colleagues to take parental leave. An inclusive environment begins with the use of inclusive language, and so in 2022 we aim to apply gender-neutral language in a pragmatic manner to our policies and procedures, including the communications that we publish internally and externally.

EDGE certification brings visibility and credibility to the change happening inside the organization. At the same time, it creates the premises for diverse talent to thrive at work. Tell us some stories about how your employees benefit from the EDGE certification journey of your organization.

Frédérique Schepens: During the EDGE evaluation process, we reinforced our commitment to regularly evaluate our internal HR policies and procedures. This includes our diversity and inclusion policy, and our guidelines on telework, put in place to nurture a workplace environment to attract and retain talented employees by including favorable conditions such as encouraged parental leave, flexible working conditions etc.

In 2021, our HR department contracted the services of KPMG Luxembourg to execute a remuneration survey. In addition, we are dedicated to conduct yearly gender pay gap assessments which cover base salaries, awards and other cash benefits using the regression analysis and under the responsibility of the HR department who will also proactively communicate on the EIF’s commitment to ensure gender pay equity. The next assessment is planned for 2022.

In 2022, we will also be launching a training on unconscious bias, organized in three separate sessions: a session for HR, a session for management staff, and a session for all staff.

What do you think workplace gender balance, diversity and inclusion mean to the next generation (e.g., leaders/ customers/ investors …)?

Frédérique Schepens: Our diverse workforce has been one of EIF’s essential assets since its establishment in 1994 and is a reflection of our own modus operandi. Unlike other EU institutions, EIF’s objectives are both market- and policy-driven. EIF manages resources on behalf of public institutions like the European Commission or the European Investment Bank. At the same time, EIF pursues public policy with a market-oriented strategy, investing pari-passu with private investors and seeking a positive return. This type of hybrid nature calls for a diverse workforce including a variety of profiles that can meet the multifaceted requirements of EIF’s mission.

For any leader, a substantial diversity and inclusion strategy will lead to a broader talent pool of candidates. An inclusive workplace will help to decrease turnover, and help increase the satisfaction and commitment of their teams.

For customers/investors there is more than just a reputational aspect, working with an organisation where diversity is shown as key provides our investors with multiple creative viewpoints and perspectives, allowing us to find new and improved ways to accommodate their needs.

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How did the business case for gender balance DE&I evolved over the last 18 months?

Ria : The EDGE certification and our efforts towards gender balance in the organization have a significant impact on our institutional performance. The IDB Group finances its operations by issuing bonds in the international capital markets and the financial rating agencies are those that assign us our credit ratings, which have been triple A since 1962. Increasingly, these rating agencies are looking at social elements such as diversity as a component for our qualifications. Positive scores in this regard correlate with a reduced cost of capital that could translate into higher investor interest in IDB Group bonds and consequently could help lower borrowing costs for our clients. This is important because, in the last 18 months, Latin America and the Caribbean have been facing one of the worst crises in their history, the full magnitude of which is hard to quantify. Over the next several years, the countries we serve will have to allocate the limited financial resources they have to policies for overcoming the health crisis, containing its social and economic costs. Therefore, the low borrowing costs will ensure that our countries can focus on economic recovery and the transversal issue of gender inclusion.

The IDB Group has also developed an agenda called Vision 2025 where our institutional priorities focus on the recovery of Latin America and the Caribbean, considering diversity and gender as cross-cutting issues. Through this agenda, the organization is broadening its approach to gender balance with a focus on intersectionality. The pandemic has highlighted that all experiences and responses are not equal, and some groups may be experiencing forms of bias or discrimination. Intersectional gender equality offers a new lens through which we, as an institution, can address individual concerns and challenges based on themes such as race/ethnicity and sexual orientation within our organization and our projects in the region.

As employers, we want to be a workplace that celebrates and values the individualities and experiences of our employees. We believe that having a diverse workforce, past the monochromatic lens of gender only, positively connects with a unique skillset for problem-solving and the means to address the most urgent development challenges in Latin America and the Caribbean. This is why, in December 2020, we changed our strategy framework from “diversity and inclusion” to “diversity, equity and inclusion”. For us, fairness is a way of looking at how our employees are treated based on their respective needs. This may include equal treatment or different treatment, but is considered equivalent in terms of rights, benefits, obligations, and opportunities. The EDGE certification has played a critical role in supporting our efforts to ensure that equity is at the core of everything we do, including our talent management, and that we can be a role model for the region.

EDGE Certification brings visibility and credibility to the change happening inside the organization. At the same time, it creates the premises for diverse talent to thrive at work. Tell us some stories about how your employees benefit from the EDGE Certification journey of your organization.

Ria : One of the most tangible benefits of the EDGE Certification has been the process of developing an action plan to close the gaps which are identified during the recertification process. For example, one of the areas identified for development during the first EDGE certification process was the inequity in our parental leave policies. At that time, the IDB Group had separate policies for men and women (maternity and paternity leave). We recognized, then, that our policy was not gender-inclusive and that we needed to focus on both men and women equally. Moreover, we saw an opportunity to create greater work-life integration for all employees with caregiving responsibilities regardless of gender. The decision to revise our parental leave policy was and continues to be a visible transformative action inside the IDB Group in support of all genders.

Another initiative we started after the first EDGE certification was the Diversity, Equity, and Inclusion Awards Program to recognize employees whose commitment to equity and inclusion is unwavering. Recognizing the work of our employees was key to ensuring there are diverse opinions, ways of working, and a sense of belonging in the workplace. This program was an opportunity to celebrate the good work of our employees. The revelation of positive behaviors and support of equity provided strong examples for others to follow. The creation of this recognition program was one of the recommendations emanating from the first EDGE certification and was directly responsible for us promoting visibility and credibility to our diversity, equity, and inclusion agenda.

Our EDGE certification has also helped us strengthen our platforms and resources for women employees to succeed. We are proud of our Emerging Women Leaders (EWL) program, which currently has more than 280 graduates – women leaders – across the region, and our Employee Resource Group called Women NET, dedicated to raising awareness and support activities that foster the empowerment of women and gender equality. The women who have taken advantage of these platforms understand that it is time to change the diversity among our leadership teams and have demonstrated a dedication towards fostering new forms of leadership and empowerment within the organization.

Obtaining this certification for the third time in a row is significant, as it publicly demonstrates that we are intentional in our actions to close gender gaps and promote an equitable workplace. As the first development bank in the Americas and the second worldwide to obtain the second level of this distinction: EDGE Move, we want to serve as an example for the region and demonstrate how equity is at the center of all our priority areas, both internally and in projects in the region.

What do you think workplace gender balance, diversity and inclusion means to the next generation (e.g., of leaders / customers / investors)?

Ria : Gender balance is a persistent discussion in many spectrums of society, development, politics, culture, and more. Efforts by individual activists, private enterprises, and organizations like the IDB Group are instrumental in changing attitudes towards, equal pay for equivalent work, sexual abuse and harassment, and equal opportunities for men and women in healthcare, economic activity, and education.

Moreover, the discourse is also shifting past a unilateral focus on gender to diversity and inclusion more generally. When we think about women and girls now, we are also thinking about the unique experience of women with intersecting identities.

Realistically we know that the impact of the pandemic will affect present and future generations, so we must actively engage in policy dialogue and partnerships to ensure that gender equality and empowerment remains a key issue in national policies and in the programming of our borrowing member countries. Our clients are looking to us as a trusted advisor and development partner for technical and financial support in pursuit of gender equality because we can all agree that when women can thrive alongside their male counterparts, economies grow, and countries thrive.

Internally, our employees are also following everything we do; not just to promote a gender-equitable working environment but to create inclusive conditions for diverse talent. Today’s employee is searching for a workplace where there are equal opportunities for men and women to earn a living and succeed, while also having the flexibility to be caregivers and pursue their personal goals. We have actively been complying with the demands of new employee aspirations. For example, we are providing a financial support facility for those who are turning to alternative family planning options. Moreover, and for several years now, we have implemented an alternative working schedule policy to help employees achieve better work-life integration. The pandemic, which has meant that everyone is working remotely, caused us to double our efforts to foster a climate of trust, flexibility, and autonomy with even more options which means all employees have the flexibility to manage their time with more adaptability.

At the IDB Group, our mission is to improve lives. We promote this by visibly demonstrating the value of inclusion and working towards securing a world of equal opportunities and outcomes for all, including our next generations.

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EDGE Certified Foundation

IDB Invest was among the pioneers to use a gender lens and engage in environmental, social, and corporate governance (ESG) investing. Why do you consider gender equality, diversity and inclusion (GDI) in the workplace as material criteria in your investment and financing activities? How has this changed in post-pandemic recovery?

Alexandre Da Rosa: Since its beginning in 2016, IDB Invest has considered gender equality and, more recently, diversity and inclusion, as universal priorities in its operations. The rationale behind this lies in IDB Group’s mission of supporting inclusive economic growth in Latin America and the Caribbean. This means that we support these countries and the private sector in their growth and development journey. Strengthening diversity and inclusion is one way of doing that. Research has shown that businesses that are led by diverse teams – in terms of gender and ethnicity – yield better results. Moreover, the companies with higher performance tend to have more women in line roles than staff roles. (McKinsey, Delivering through Diversity, 2018).

The belief that diversity is one of the keys to business success has internal and external implications for IDB Invest. Internally, IDB Invest is EDGE Certified. This is a key instrument for us to have a standardized way of measuring our progress toward a more gender-balanced workforce. We are very proud to have been EDGE Move Certified this July. Externally, having GDI as priorities means that we strive to have an impact on women, men, Afrodescendant and indigenous and traditional people, LGBTQ+ and people with disabilities – in every investment we make.

Having a workplace that promotes equal access to opportunities plays a key role in priority sectors like tourism, where women represent 60% to 70% of the workforce [1], and agribusiness. These industries are labor intensive, and women play an important role in them. For example, employee attrition can increase credit risk; hence, GDI are material in many of the priority sectors in which we operate.

The importance of increasing inclusion has taken center stage in a post-COVID recovery environment. The service sectors, which require physical contact and have been the most affected by the pandemic, account for 30% of female workers in Latin America and the Caribbean. Since the pandemic began, we have experienced a 17.7% decrease in employment of women compared to 13.1% for men. This is happening in a context where women dedicate between 22 and 42 hours per week to housework and dependent care, while men dedicate 15 hours. Furthermore, we know that men’s employment is increasing at a higher rate than women’s. [2] Diversity and inclusion were an “angle” that we looked at in our investment strategies, but they are now essential to ensure that our financing is meeting the needs of a post-COVID reality: We must promote women’s employment and flexibility in the workplace. This is a key part of IDB Group’s 2025 vision: the reactivation of the productive sectors supported by gender equality and diversity.

What are the most important factors that can contribute to the large-scale adoption of gender balance, diversity and inclusion in the workplace and on boards of directors as key ESG scoring and reporting indicators?

Alexandre Da Rosa: Any type of instrument that can help scale the adoption of diversity and inclusion actions needs to provide evidence that there is a clear commitment from top management and/or boards for having a more equitable and inclusive workplace, and that the commitment is followed up with action. Three features that can help to ensure this and inform an ESG scoring are financial materiality, standardization and verifiability of the instrument.

As for financial materiality, we know there is a link between diversity in leadership and financial performance. Multiple studies by financial institutions, consulting firms and academia have proven the correlation.

When it comes to standardization of metrics associated with scoring, it is important to ensure comparability across companies, industries and geographies. Our Women’s Empowerment Principles tool, a self-diagnosis tool on gender equality, allows companies from all industries, geographies and sizes to understand where they stand in their journey. It provides them with best practices so they can start implementing them. Initiatives like the 2X Challenge [3] and particularly HIPSO [4] are also great examples of the effort to standardize the way the private sector understands the impact of female empowerment and measures it.

Finally, results should be verifiable, which is where third-party certification becomes relevant. It is a way of providing assurance to an investor that whatever metrics are being used are supported by accurate data and concerted efforts to conduct business inclusively. This last point is key in a post-pandemic context. EDGE Certification is an effective tool, as it manages to reunite these three attributes, particularly the last one.

How is EDGE Certification contributing to advancing your ESG agenda with your portfolio companies?

Alexandre Da Rosa: As investors we promote GDI in our investments in different ways, depending on what is most material (workforce, value chains or markets) to our client. Regardless of the focus area, our recommendations are always actionable and have indicators that allow us to measure progress. Consequently, our end-to-end Impact Management Framework [5] allows us to assess the potential impact of each investment in terms of GDI, and track and evaluate the impact over time. In this context, EDGE Certification, as well as other certification programs that we support that target equality in the workplace, such as the Gender Equality Seal from the UNDP, have four characteristics that we value as investors:

The first one is benchmark. Certifications such as EDGE provide an assessment of where the company stands vis-à-vis dimensions of gender equality that have been globally validated by an array of stakeholders: academia, investors, companies, talent experts and gender practitioners. This methodology drives our clients to fight any unconscious bias and discrimination in recruitment, one of our ESG requirements on labor and working conditions. [6]

Second, it drives companies to act on their results, as they cannot obtain the certification unless they have adopted an action plan that addresses the gaps. As investors we are interested in ensuring that our clients have a clear roadmap with actions and KPI’s to accelerate their journey toward gender balance, diversity and inclusion.

Third, certifications are applicable to all industries and geographies, by benchmarking companies across the world.

Finally, it requires a third-party verification, providing investors assurance of the reliability of the results.

How have you implemented this in practice? Can you share some successful examples?

Alexandre Da Rosa: We have supported clients in obtaining EDGE Certification by either financing the EDGE assessment, the implementation of the action plan, or by working with our clients in the selection of the actions that make the most sense for them to implement to reach the next level in EDGE.

We are proud to see that Danper, a Peruvian agribusiness company that we initially supported to take the EDGE assessment, is now seeing the value of becoming EDGE Certified and has not only maintained but also continued the path to recertification by itself. Danper is now EDGE Move Certified. For IDB Invest, this is a sign of success: What we see as an instrument to accelerate gender balance and for development, is seen by the client as value added to its business.

In addition to seeing the value of meeting gender balance criteria, EDGE helped first-mover banks in closing the gap in access to financing for women to take a holistic approach to gender equality, by looking at how these banks are performing internally on their inclusive policies and practices. EDGE Certification confirmed that clients like BHD León in the Dominican Republic are on the right path to achieving gender balance, making sure that what they are doing externally to address women’s financial needs is consistent with their internal efforts of equality. Today, BHD León has more than 37% female representation in management positions with profit and loss responsibilities, well above other banks in the region.

Last but not least, we issued our own gender bond in Mexico in March of this year. Being EDGE Certified sent a strong signal to the markets: IDB Invest is 100% committed to gender balance both internally and in our investments.

What impact have you seen from your gender equality, diversity and inclusion in the workplace investment and financing strategies to date?

Alexandre Da Rosa: Our investments in gender equality, diversity and inclusion have put the conversation about diversity at the forefront of financial negotiations. For example, IDB Invest only invests in private equity funds that have at least one woman on the investment committee. This has sent a powerful signal to the market: For IDB Invest, having diversity at the highest decision-making levels will make our investments better.

In addition, the use of blended finance has helped to encourage our clients to measure their gaps in the workplace though our Women’s Empowerment Principles tool [7] – which is particularly relevant when our clients are early in their equality journey – to identify their gaps and implement programs that promote the inclusion of female minorities in STEM fields. In at least four companies across the region, IDB Invest has seen how efforts to recruit more inclusively have produced results beyond the incentives IDB Invest has provided for them to start working on these issues. We have seen companies now in their fourth year of internship programs integrating women engineers in areas such as solar design and software.

In addition to driving diversity in the fund decision-making process, IDB Invest is mobilizing resources to target women-led businesses through financial instruments such as social gender bonds. IDB Invest has issued more than five bonds targeting women-owned and led businesses in four countries in Latin America and the Caribbean in addition to our own IDB Invest issued gender bond. More importantly, financial institutions have come to IDB Invest for financing and advice on how to increase the share of women-led companies in their portfolios.

Blackrock’s announcement on their investment strategy and gender balance, the Bloomberg Equality Index or Equileap Equality Index are practices and instruments that are being adopted across the financial world. Gender balance, diversity and inclusion are core part of our mission, and we will continue to work and promoted them across the financial world.

References:

[1] IIDB, “Más allá de unas vacaciones: el turismo como fuente de empleo”, 2018.

[2] IDB, “Observatorio Laboral COVID-19: Un año de COVID-19: ¿Cuál es la magnitud de la crisis laboral?”, 2021.

[3] The 2X Challenge is a G7 initiative that calls for G7 countries and DFIs to collectively mobilize $3 billion for women’s empowerment. It sets criteria so investments can be considered as mobilizers of private investment for women’s empowerment.

[4] Harmonized Indicators for the Private Sector.

[5] For more information, see our report, Managing a Portfolio for Impact.

[6] IDB Invest’s investments must meet IFC Performance Standards. In this case, we refer particularly to Performance Standard 2, which addresses non-discrimination and equal opportunity.

[7] The Women’s Empowerment Principles Gap Analysis Tool, created by IDB Invest, IDB Lab, UN Global Compact and UN Women, is a free diagnostic tool that provides a free assessment of companies’ policies and practices impacting gender equality.