The Canadian government announced new rules requiring major banks and insurance companies to disclose diversity data for their boards of directors and senior executives, in a move aimed at enhancing transparency and equality within large financial institutions.

According to the new regulations, these institutions will need to disclose the representation rates of women, racial minorities, indigenous peoples, and people with disabilities in leadership positions. This action is part of the government's efforts to promote inclusion and achieve more diverse representation in the financial and business sectors.

Regulatory bodies have confirmed that the goal of these rules is to enable investors and the public to assess the companies' commitment to diversity and inclusivity principles, and to encourage financial institutions to adopt policies that promote equality in hiring and leadership promotions.

The decision has been welcomed by human rights organizations and diversity advocacy groups, who view it as an important step towards enhancing social justice and equality of opportunity. Conversely, some economic circles have expressed concerns about its potential impact on hiring policies, amid questions about whether it will lead to appointments based on quotas rather than competency.

These new rules reflect Canada's commitment to enhancing transparency and accountability in the financial sector, as part of its efforts to achieve a more inclusive and representative business environment for all groups.