SEC’s OMWI FY 2023 Annual Report Showcases Commitment to Diversity and Inclusion

The Securities and Exchange Commission’s Office of Minority and Women Inclusion (OMWI) recently unveiled its Fiscal Year (FY) 2023 Annual Report, highlighting significant strides in advancing diversity, equity, inclusion, and accessibility within the agency and among regulated entities. This release follows the publication of the 2022 Diversity Assessment Report, which reviews the diversity policies and practices of entities regulated by the SEC.

Despite only 7 percent of regulated entities responding to OMWI’s call for voluntary self-assessments, the findings from those that did participate reveal a strong organizational commitment to diversity and inclusion, particularly in employment practices. However, the reports note that fewer firms have robust policies on business and supplier diversity, and public communication of these efforts remains limited.

Key takeaways from the OMWI FY 2023 Annual Report include impessive demographic representation among the SEC’s applicants and leadership. Over half of the applicants for mission-critical positions identified as minorities, and 39.2 percent were women. The composition of the SEC’s senior officers has also become more diverse, with increases in both female and minority officers.

Moreover, the SEC is actively engaging with minority- and women-owned businesses, directing 44 percent of its socioeconomically identifiable vendor payments to these groups. This reflects the SEC’s broader strategy to not only foster inclusivity internally but also to renhance equity in its business engagements.

OMWI’s ongoing efforts underscore the importance of integrating diversity and inclusion into the fabric of financial regulatory practices. By doing so, the SEC aims to create a more equitable financial environment and a workplace that mirrors the diversity of the community it serves. These initiatives are crucial for driving forward the principles of equity and representation in the financial sector.