With Black History Month coming to a close, we take a look at how the accounting and finance world have been celebrating the contributions of Black people in the UK.
This year's theme for Black History Month is Time for Change: Actions not Words. Editor of Black History Month Magazine Catherine Ross says "To get to a better tomorrow, we can't just focus on the past. The past is in the past. We can acknowledge and learn from it, but to improve the future, we need action, not words. We need to come together around a shared common goal to achieve a better world for everyone."
Black History Month is a great way for companies to highlight and encourage diversity. Rather than this happening solely in October, it should continue throughout the year, with senior managers encouraging and developing a diverse pipeline of future Black accountants.
Professional accountancy bodies have been marking October by celebrating their Black members and highlighting the richness of Black culture, history, achievements, and general contribution to the business world. Julia Penny, ICAEW President spoke earlier this month about why Black History Month matters to the profession and how ICAEW is driving change:
"Those of us in business and finance face a significant challenge in improving Black and other ethnic minority representation at senior levels. Things are improving; last year, it was revealed that the number of FTSE 350 companies with a director with ethnic minority background on their board had more than doubled since 2020. However, the number itself is still low, representing only 45% of FTSE 350 companies. Of course, representation in itself won't solve inequality, but it's an important part of achieving greater diversity of thought and experience in leadership and inspiring the next generation who will see a more inclusive, and therefore more accessible, profession."
ICAS has been celebrating Black History Month by sharing stories of chartered accountants within the global ICAS community, acknowledging their accomplishments and contributions to accountancy, finance and society. Indy Singh Hothi, current ICAS president says:
"Each and every chartered accountant has the opportunity to support real action by upholding the values of inclusive leadership. And we must stand as champions of equality, diversity and inclusion in the worlds of business and finance, and beyond. To ensure that everyone in our organisations is comfortable bringing their authentic selves to work. For ally organisations like ICAS, supporting this real change means having strategies, initiatives and policies in place to achieve real, measurable outcomes. Practising what we preach."
Many larger companies have also been vocal in marking this month and emphasising the importance of action, not words. Sonia Cargan, Senior Vice President, Chief Colleague Inclusion and Diversity Officer at American Express, comments about the importance of diversity and inclusion in the workplace:
"Diversity, equity and inclusion as a business imperative starts from the top – when senior leadership buys into the importance of creating an inclusive and diverse environment, it affects change throughout the entire organisation. Inclusive and diverse teams make better, faster and more effective decisions and are better equipped to provide differentiated products and services when different perspectives and experiences come together to foster creativity and innovation. This, in turn, helps us to deliver innovative solutions for our customers that back them and help them to thrive."
Meanwhile, KPMG have been reflecting, after a period of unprecedented change, on the way they have engaged with their colleagues of Black heritage to support a range of new and important initiatives that will help their firm change faster. They have developed a Black Lives Action Plan, which is at the centre of their approach. They state that they are committed to at least double the number of Black partners and directors this year and ensure that all Black colleagues join and make progress through the company equitably.
Barclays have been speaking to members of the Barclays Black Professionals Resource Group about the work they do to support Black colleagues and communities. Tami Kuboye, digital programme manager at Barclays and co-chair of Women in Tech says she is leading by example for Black women in tech:
"I believe that representation is so important. Gender stereotypes and lack of role models affect girls' interest in STEM from an early age. Yet, even when women get STEM degrees, many do not pursue STEM jobs. Gender discrimination and bias at work also discourage women from entering or remaining in STEM jobs and my vision is for someone to see a person like me crushing it and thinking 'if she can do it, so can I'."
So, with the theme of this Black History Month being actions, not words, the key challenge is to pave the way for ongoing change. Change which should not end when October flips over into November. Companies in all industries, not just accounting and finance are being urged to look at their diversity policies.
The International Black History Month in the UK organisation (IBHM-UK) has been advising companies to run a DEI (diversity, equality, and inclusion) audit of their business. They say that surveys make it easier to understand the current state of DEI company, pinpoint focus areas, and run intersectional analyses that can guide companies towards meaningful action. Accountants and finance professionals have the skills and capabilities to play a key role in this.
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