A new report shows that 80 % of financial industry arbitrators are male with an average age of 69. Contrary to claims made by the FINRA, its pool of arbitrators that decide virtually all investor disputes with financial professionals in the U.S. lacks diversity, according to a new report released by the Public Investors Arbitration Bar Association (PIABA). This diversity problem in arbitration is made worse by the almost total lack of transparency in how the FINRA arbitrators are recruited and what disclosures they make, said the report.
If the truth be told, I wasn’t considered to be a diversity expert until I wrote a book, Consequences: Diverse to Mosaic Britain, which touches on the subject. I am, however, a Black British female of Nigerian origin who happened to live with a white working class family during my foundational years. Not only have I lived in both Britain and Nigeria, I’ve travelled extensively to different parts of the world. I have friends from varying backgrounds as well and I’ve also had the opportunity to work with people from varying backgrounds and countries and I’ve learnt a lot from them, too.
Inclusion is not new
Six years ago, I described how Inclusion-related policies and legal regulations have long been part of economic and social change, and, at times, part of emotional and combustible debate. Inclusion took 50 years of wrangling after the first Women’s Suffrage conference in the mid-1800s to achieve a constitutional amendment granting women the vote. It took another 50 years for the Civil Rights Movement to seriously impact the workplace and establishment of the Equal Employment Opportunity Commission (EEOC). Now, with COVID-19 and serious calls for racial justice, we are seeing another major societal and economic transformation that questions how we can achieve an inclusive diversity.