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Source : Contractor News
May 25, 2021
Author : Kristy Casanova
Chicago City Treasurer Melissa Conyears-Ervin has introduced a "Broker Dealer Diversity Scoreboard". It will serve as a way to measure a brokerage firm’s leadership efforts in diversity, equity and inclusion. The scorecard will help determine which firms will do business with the city.
Conyears-Ervin stated that there is no other diversity scoreboard used by the treasurer’s office to select brokerage firms. In order to be considered, brokerage firms must complete an 11-page request for information. They are rated for the following: 70 percent will weigh a firm’s structure, capabilities and compliance; 20 percent for diversity, equity and inclusion; and 10 percent is on corporate responsibility.
This year, 33 firms are doing business with the treasurer’s office with 45 percent of those being minority-owned business enterprises (MBEs). The breakdown is as follows: two women-owned firms (WBEs), three veteran-owned firms (DVBEs), four Hispanic-owned businesses (HBEs), and five Black-owned businesses. The main focus for selection is diversity. Conyears-Ervin points out how data shows that organizations who are more diverse, make more money. The percentage of women in key executive positions can also be taken into account when considering the diversity of firms. The Treasurer will continue to provide more exposure and assistance for MBEs seeking to do business with the city, as the Broker Dealer Diversity Scoreboard is only one of the efforts being made for MBE inclusion.