Canadian banks must reveal diversity of board, top managers under new rules.

Canadian banks and other national institutions have to disclose information about the diversity of their boards of directors and top management under new rules published on Saturday, in sharp contrast with the U.S. Trump administration which is ending such practices.

Federally regulated financial institutions must also disclose policies to increase diversity while sending out notices of annual meetings to shareholders.

Canada’s Office of the Superintendent of Financial Institutions is responsible for enforcing the regulations, which take effect immediately.

However, implementation is uncertain as Canada’s ruling Liberal Party is set to choose a new leader in March to replace departing Prime Minister Justin Trudeau. A federal election must also be held by October 20 and a Conservative government could choose to end the rules.

Canada’s efforts contrast with U.S. President Donald Trump’s series of executive orders aimed at dismantling diversity, equity and inclusion (DEI) programs. While the orders have been celebrated by some supporters, advocacy groups say they might deepen inequities, especially as large U.S. businesses shift away from ensuring fairer representation for historically marginalized groups.

Source: FINANCE.YAHOO