Language selection

Search

OSB/CAIRP Guide to Promote Diversity and Inclusion

OSB/CAIRP Guide to Promote Diversity and Inclusion PDF - 2.10 MB

Best practices and resources to support Licensed Insolvency Trustees

Table of Contents

The Office of Superintendent of Bankruptcy (OSB) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) are pleased to present this Guide to Promote Diversity and Inclusion which highlights some of the activities undertaken and includes best practices and resources to support Licensed Insolvency Trustees (LITs) in an effort to increase representativeness within the LIT profession. Increasing representativeness within the LIT profession is a priority established by the OSB in its 2019-20 Business Plan, based on the premise that fostering diversity and inclusion will help sustain and build productivity, innovation and public confidence in the insolvency system. It would also be beneficial for indebted Canadians seeking insolvency services.


Introduction

Message from the Superintendent of Bankruptcy

Photo of Elisabeth Lang, Superintendent of Bankruptcy

Fostering diversity and inclusion enhances organizational performance by bringing a wide range of skills and perspectives together to address today’s complex challenges.

I am extremely proud to share best practices and resources to help the insolvency profession increase its diversity and representativeness. This work is the result of collaborative efforts between the Office of the Superintendent of Bankruptcy (OSB), the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and Licensed Insolvency Trustees.

Increasing diversity is not just the right thing to do, it’s good for business too – with proven benefits to productivity and innovation. However, it requires the investment of time and effort from business leaders to change recruitment strategies and to shift corporate cultures in ways that will support retention. Canadians in serious financial difficulty will be better served by LITs that reflect Canada’s diversity.

The OSB is committed to supporting representativeness in the LIT profession and will continue to work collaboratively with CAIRP and LITs to increase diversity and inclusion for the benefit of the insolvency profession and indebted Canadians.

Elisabeth Lang
Superintendent of Bankruptcy

Message from the CAIRP Chair

Photo of J-D Breton

CAIRP is enthusiastic about its collaboration with the OSB on the important issues of diversity and inclusiveness in the insolvency profession.

As professionals, we know that representativeness within the industry is quite simply, the right thing to do. It has been encouraging to see how our industry has been evolving over the years and in particular, how the insolvency industry has embraced diversity and inclusiveness as part of business practices. Our recent graduating class of CIRPs is an example of the changing face of the industry, with women comprising 52% of the 2020-21 graduates and over 20% of the graduates being from visible minorities.

However, as an industry, we can still do better. Our hope is this new brochure, outlining best practices shared at a recent roundtable by a number of our members, along with some helpful resources, will assist us in our collective efforts to improve representativeness in the insolvency industry.

Jean-Daniel Breton
CAIRP Chair

OSB/CAIRP joint statement on diversity

Recognizing the importance of diversity and inclusion, the Office of the Superintendent of Bankruptcy (OSB) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) believe that representativeness within the Licensed Insolvency Trustees (LIT) profession provides diverse perspectives that will help sustain and build productivity, innovation and public confidence in the insolvency system. Representativeness is a key objective that both the OSB and CAIRP are committed to supporting.


OSB/CAIRP representativeness initiatives

What we've done

Ongoing commitments

CAIRP

OSB

Best practices to improve diversity and inclusion

The following includes best practices to improve diversity and inclusion as identified during a Representativeness Roundtable with select LITs organized by OSB and CAIRP, along with other industry best practices.

Mentoring

Firms can establish opportunities for staff and new or potential LITs to be mentored by senior management.

Natural demographic shift

Firms should take advantage of the natural demographic shift occurring in the Canadian labour market to create a more diverse workforce.

Work-life balance

Providing trustees with more flexibility when working can help them balance their commitments. The flexibility developed due to COVID-19, such as working remotely, is an opportunity for change.

Recruitment

Expanding recruitment efforts by engaging with a wide range of universities, colleges and other institutions, investing in new immigrant and Indigenous programs as well as training existing administrative staff (administrative staff pools are often more diverse than LITs).

Internal programs to address diversity

Developing or making available various resources to address diversity including training (e.g. unconscious bias) and inclusive hiring practices.

Senior leadership commitment

Employee engagement

Accountability and reporting

Tailor strategies

Communications

Inclusion is ongoing


Additional Resources for Licensed Insolvency Trustees

This section provides a list of government (federal, provincial and territorial) or government-funded resources to encourage and support LITs in their diversity and inclusion efforts. Private sector resources may also be available.

Date modified: