For the last five years, I’ve given the same answer in response to questions about any one-month increase in the Black unemployment rate. Given the relatively small sample size used to calculate the number each month, we shouldn’t make too much of a single month’s increase but focus on longer-term patterns and see if the upward trend continues over the next few months. Well, as of August 2025, the Black unemployment rate has risen for three consecutive months and now stands at 7.5%. This post details three major conclusions I have drawn from this and supporting data:

1. There has been a clear deterioration in the labor market for Black workers this year: the unemployment rate is rising and employment is falling.
2. The decline in Black workers’ employment appears to be concentrated among Black women while Black men’s employment rates appear more stable.
3. Since January 2025, overall women’s employment has fallen most in professional and business services, manufacturing, and federal government—suggesting likely culprits for the decline in Black women’s employment.

An important signal that the rising Black unemployment rate may actually be more than a temporary blip in a notably volatile data series is that the share of employed Black adults between the ages of 25 and 54 is down compared to the last couple of years. After peaking at a historic annual high of 77.9% in 2024, the average so far this year is 76.6%. Until now, the rate had risen every year since 2021.

Another developing news story that has garnered increasing attention is the reported 300,000 Black women losing jobs and/or leaving the labor force in recent months. While a number that big certainly makes headlines, employment levels from the monthly household survey—especially those based on a small demographic slice of the monthly survey sample—should always be used with caution. While I’m not convinced that 300,000 is the most accurate accounting of the situation, Black women are uniquely experiencing a decline in employment that is not observed among other groups of women or Black men.

A clearer and more reliable indicator of how Black women are doing in the labor market is their employment-to-population ratio (EPOP). As Figure A shows, Black women’s employment has dropped sharply this year, but there has been a longer downward trend that started in early 2024. This stands in stark contrast to the trend for white women whose EPOP has changed little over the same time while Hispanic women have seen a slight increase.

Figure A

Similarly, Figure B shows that the EPOP for Black men in the same age group has been much more stable over the last three years. Since the decline for Black women is not reflected in other group trends by gender or race alone, there appears to be something happening in the labor market that has been particularly damaging to Black women. Below, I explore possible explanations based on analysis of payroll employment data.

Figure B

The 2020 pandemic recession showed how occupational segregation can contribute to a larger decline in employment among groups overrepresented in industries with the largest job losses. While the Bureau of Labor Statistics does not report industry-specific job losses by race and gender, they do produce a series on women’s payroll employment using data collected in the monthly establishment survey. And although the data from the household and establishment surveys are not directly comparable, checking for similar or related trends can be informative. With those caveats in mind, Figure C shows that women’s payroll employment has declined in eight industries between January and August of this year. The largest of those losses have occurred in professional and business services (–83,000), manufacturing (–41,000), and federal government (–33,000). Close to half of all workers in federal government and professional and business services are women, as are 29% of manufacturing workers (see Table 1).

Figure C

Since federal job cuts have frequently been cited as a contributing factor for employment losses of Black women due to overrepresentation in that sector relative to their share of the total workforce, let’s start there. Table 1 shows that the year-over-year rate of decline in payroll employment of all women in federal government (–1.2%) was slower than the rate of decline in total employment (–2.4%) in that sector. This suggests that women aren’t losing jobs faster than men in the federal sector, but without additional information, we can’t rule out the idea that women’s federal losses are disproportionately falling on Black women.

The second-largest number of women’s job losses has been in manufacturing. As Table 1 shows, women are a smaller share of total employment in this industry compared with the federal government or professional and business services. However, unlike in the federal government, women have lost manufacturing jobs at a faster than average rate over the past year.

The largest number of women’s job losses has been in the professional and business services industry, which employs seven times more women than the federal government. As such, a higher rate of women’s job losses in this industry would be more likely to show up in declining EPOPs for Black women. Compared with the total year-over-year rate of job losses in the industry (–0.3%), women have lost jobs at a much faster pace (–1.3%).

As shown in Table 1, a closer look into the rate of employment decline in professional and business services shows that losses have been overwhelmingly concentrated in employment services—a decline of 3.2% between July 2024 and July 2025. Similarly, women’s losses within professional and business services were also skewed toward employment services.

Employment services accounts for roughly 15% of total employment within the professional and business services major industry. Women are nearly half (47.9%) of employment services workers and the most common occupation is human resource worker. This suggests the shedding of employment services jobs as a likely culprit behind large job losses among women in the industry. Again, additional information would be required to definitively conclude that those job losses are disproportionately falling on Black women. Well-documented patterns of occupational segregation often limit the representation of Black women in higher-level and higher-paying professional and management positions, resulting in overconcentration in service, administrative, and support occupations. Thus, it would not be a huge leap to assume that women’s job losses skewed toward employment services, over one of the subsectors beginning with “professional, scientific, and technical” or “management”, are probably having a negative impact on Black women’s employment.

Table 1

Barbara Shecter of the National Post reports HOOPP CEO says nation-building projects a start but long way to go: 

The CEO of one of Canada’s largest pension plans says new nation-building infrastructure projects announced by the federal government last week represent a “first step” to creating the kind of investment opportunities long sought by the country’s globe-trotting institutional investors.

“Historically, we haven’t seen as much of those opportunities, particularly with the national level commitment, as we would have liked,” Annesley Wallace, chief executive of the Healthcare of Ontario Pension Plan (HOOPP), said Wednesday following a speech in Toronto.

“And so the recent announcements around the major projects are very exciting.”

She said infrastructure is a natural draw for pensions, but Canada’s nation-building projects will need to be designed with “commercial models” and the right mix of government involvement to drum up significant interest.

“There is a long way to go in terms of being able to advance these projects. Hopefully the (new) major projects office will be able to help navigate through some of those next steps,” she said. 

“To the extent there are commercial models that are created around these projects, and with government support, there will be lots of capital that comes to the table for investing.”

On Aug. 29, Prime Minister Mark Carney launched the Major Projects Office to streamline regulatory approvals and help structure financing, in coordination with provinces, territories, Indigenous groups and private investors. The first series of projects including a liquid natural gas project in British Columbia and a nuclear project in Ontario, were unveiled Sept. 11.

Wallace said the Canadian pension plans could help create a competitive advantage for the country if domestic projects match their investment criteria, which includes ensuring they can meet their obligations to retirees over the long term.

“We have capital that we, at HOOPP anyways, would love to invest in Canada to help that economic engine and help improve productivity going forward,” she said. 

“Canada needs to be competitive in order to attract not just Canadian pension plan capital, but global capital.”

Prior to joining HOOPP as CEO on April 1, Wallace was a senior executive at TC Energy Corp. Before that, she was executive vice-president and global head of infrastructure at the Ontario Municipal Employees Retirement System (OMERS), another of Canada’s large pensions, which are known informally as the Maple Eight.

Wallace said the trade war initiated by the administration of U.S. President Donald Trump earlier this year is making investing “more complicated” for pensions including HOOPP that invest there. As of Dec. 31, the healthcare pension fund had 27 per cent of its assets in the U.S. 

“The same way we’ve seen market correlations break down, we’ve seen global alliances start to break down, and that has economic implications and lots of other implications,” she said. 

HOOPP’s recent embrace of “a more defined total portfolio approach” should help the pension deal with the added complexity and pinpoint where dislocation presents new investment options, she said.

“Taking a whole-fund view is designed to set us up such that we can be successful irrespective of what ultimately evolves,” she said. “The more frequent economic cycles that we may go through … in the future, that can ultimately provide us more opportunity so long as we’re prepared to take advantage of it.” 

Earlier today, HOOPP's CEO Annesley Wallace addressed the Canadian Club Toronto and discussed the topic of "Renewing the Pension Promise for the Next Generation of Healthcare Workers."

I just finished listening to it tonight after I put my two-year-old to bed around 8 p.m. (he falls asleep in 5 minutes flat with me).

Annesley's speech was excellent going over the Ontario healthcare system, the growing demands on healthcare due to aging demographics and then goes into how HOOPP has to evolve to remain a stable and strong pension plan to make sure Ontario healthcare sector can continue attracting and retaining top talent.

She discusses why working in silos isn't their approach, they are focused on total fund returns and this will be more important going forward as the investment landscape becomes more challenging.

In her discussion, with  Karli Farrow, President & CEO of Trillium Health Partners, she goes into why we need a lot more Canadian infrastructure projects and if they are done correctly, there will be lots of capital to invest in these projects.

She discusses why Canada needs to be competitive to attract not only Canadian capital but global capital. 

On this topic, John Ruffolo wrote a great comment for The Hill Times stating Canada needs a real digital sovereignty strategy—not half measures (I agree but have strong doubts we can get our act together on this). 

Annesley was also asked if they will expand HOOPP to other sectors to provide DB pensions for more Canadians but she said that they are going to remain focused on the healthcare sector.

Anyways, take the time to watch Annesley's speech and discussion with Karli Farrow, both are excellent. What impresses me is how poised, articulate, humble and intelligent HOOPP's new CEO is and she hasn't been there long (got there in March, started officially on April 1st right before Liberation Day). 

I'm going to ask HOOPP to please provide a transcript of her speech on their website here so I can add it here. 

One last note, I am the son of a (retired) psychiatrist with over 50 years clinical experience, my younger brother is also a psychiatrist, my friends are specialists ranging from radiology to orthopaedic surgery, mostly here in Quebec but some work across Canada and they all say it's past time that all of Canada's doctors have access to a DB pension.

Don't get me wrong, I'm not crying for them, they're all part of the top 1% and doing very well with their personal corporations but they're right, many of them will have to work to 70 to enjoy a comfortable retirement and the demands that are being placed on them are increasingly onerous (they're gearing up to fight Quebec's government which is trying to squeeze them and they will win, no doubt about it).

What else? I personally think HOOPP should own all of Ontario's radiology clinics as part of its private equity portfolio. They are highly, HIGHLY profitable and that's a discussion I might have with Annesley one day if I get to meet her. 

Below, Annesley Wallace, President & CEO of HOOPP,  joins Canadian Club Toronto for a conversation on the critical role HOOPP plays in securing the financial futures of its members.

As HOOPP’s new leader, Annesley is charting an ambitious strategic plan to maximize the value of the Plan, strengthen the resilience of its investment portfolio, and adapt with the healthcare community to remain its pension plan of choice.

She is joined by Karli Farrow, President & CEO of Trillium Health Partners and a member of HOOPP’s Board of Trustees. Karli has led innovative strategies to engage staff and community partners, and brings a deep understanding of healthcare leadership and governance to the discussion.

Excel is a powerful spreadsheet program developed by Microsoft for storing‚ organizing‚ and analyzing data. It is user-friendly and essential for both personal and professional tasks. This guide will help beginners master the basics of Excel efficiently.

What is Excel?

Excel is a powerful spreadsheet program developed by Microsoft‚ designed to store‚ organize‚ and analyze data. It offers a user-friendly interface for managing information in tabular form‚ with rows and columns. Excel is widely used for tasks like number crunching‚ creating charts‚ and generating reports. Its versatility makes it essential for both personal and professional use‚ allowing users to perform simple calculations and complex data analysis. Excel files‚ known as workbooks‚ contain multiple worksheets‚ each capable of holding vast amounts of data.

Why Should I Learn Microsoft Excel?

Learning Microsoft Excel is essential for anyone looking to enhance their skills in data management and analysis. Excel is widely used across industries for tasks like budgeting‚ reporting‚ and data visualization. It improves efficiency in handling numerical and textual data‚ making it a valuable tool for both personal and professional growth. Proficiency in Excel is a sought-after skill‚ enhancing career opportunities and problem-solving abilities. Its versatility makes it indispensable for organizing and analyzing information efficiently‚ making it a cornerstone of modern workplace productivity and decision-making processes.

Common Uses for Excel

Excel is widely used for budgeting‚ financial analysis‚ and data tracking. It simplifies tasks like creating invoices‚ managing schedules‚ and organizing lists. Professionals use it for reporting‚ data visualization‚ and forecasting‚ while educators leverage it for grading and lesson planning. Its versatility makes it ideal for personal tasks‚ such as tracking expenses or planning events. Excel’s ability to handle numerical and textual data efficiently makes it a go-to tool for number crunching‚ data organization‚ and decision-making across industries‚ from finance to education and beyond.

Basic Concepts in Excel

Excel is built on cells‚ ranges‚ worksheets‚ and workbooks. Cells store data‚ ranges group cells‚ worksheets organize data‚ and workbooks hold multiple worksheets. Understanding these basics is essential for effective use of Excel.

Excel Cell

An Excel cell is the smallest unit in a worksheet where data is entered. Cells are formed by the intersection of rows and columns. Each cell can hold up to 32‚‚ including text‚ numbers‚ or formulas. Cells are referenced by their column letter and row number‚ such as A1 or B2. Data entry begins in the active cell‚ highlighted by a border. Understanding cells is fundamental for organizing and analyzing data effectively in Excel. Cells are the building blocks of every worksheet‚ enabling efficient data management and calculations.

Excel Range

An Excel range refers to a group of cells that can be selected‚ formatted‚ or manipulated together. Ranges are defined by specifying the starting and ending cells‚ such as A1:B10. This includes all cells between and including the starting and ending cells. Ranges simplify tasks like formatting‚ calculations‚ or aggregating data. For example‚ you can apply uniform formatting or use functions like SUM or AVERAGE on a range. Ranges are essential for efficient data handling and calculations in Excel‚ making it easier to work with large datasets.

Excel Worksheet

An Excel worksheet is a single spreadsheet within a workbook‚ composed of rows and columns that form cells. Each worksheet can store vast amounts of data‚ enabling efficient organization and analysis. Worksheets are ideal for managing lists‚ budgets‚ or projects‚ with features like formatting‚ formulas‚ and charts. You can have multiple worksheets in a workbook‚ each serving a different purpose‚ making it easy to categorize and reference data; This flexibility makes worksheets a cornerstone of Excel’s functionality for both personal and professional use.

Excel Workbook

An Excel workbook is a file that contains one or more worksheets. It serves as the primary container for storing and organizing data‚ allowing users to manage multiple related tasks in a single document. A workbook can hold numerous worksheets‚ each tailored for specific data sets or calculations. Workbooks are flexible‚ enabling users to create detailed budgets‚ track projects‚ or analyze data. They can be saved‚ shared‚ and edited‚ making them a versatile tool for both personal and professional applications. This structure simplifies data management and accessibility.

Getting Started with Excel

Getting started with Excel involves launching the application‚ creating or opening a workbook‚ and familiarizing yourself with the interface. Begin by saving your file regularly.

Exploring the Ribbon

The Ribbon is Excel’s command interface‚ organized into tabs like Home‚ Insert‚ and Data. Each tab contains groups of related commands‚ making it easy to find tools. For example‚ the Home tab offers formatting options‚ while the Data tab provides tools for data analysis. Customize the Ribbon by right-clicking and selecting “Customize the Ribbon” to add or remove tabs and commands. This feature allows users to tailor Excel to their workflow‚ enhancing efficiency and accessibility to frequently used tools.

Experiment with different tabs and explore their functionalities to discover how the Ribbon can streamline your tasks in Excel. Regular use will help you become familiar with its layout and capabilities‚ improving your overall productivity.

Understanding Rows and Columns

In Excel‚ rows are horizontal lines labeled numerically (1‚ 2‚ 3‚ etc.)‚ while columns are vertical lines labeled alphabetically (A‚ B‚ C‚ etc.). Each intersection of a row and column forms a cell‚ identified by its column letter and row number (e.g.‚ A1). Rows and columns create a grid structure for organizing and entering data‚ making it easy to locate specific information quickly.

To select an entire row or column‚ click on the row number or column header. This is useful for formatting or applying changes to multiple cells at once. You can also resize rows and columns by dragging their borders to improve readability or accommodate larger content.

Performing Basic Calculations

Performing basic calculations in Excel involves using formulas to add‚ subtract‚ multiply‚ and divide numbers. Use cell references to create dynamic calculations that update automatically when values change.

Formulas in Excel are equations that perform calculations using cell references‚ numbers‚ or text. They always start with an equals sign (=) and can include operators like +‚ -‚ *‚ and /. For example‚ =A1+B1 adds the values in cells A1 and B1. Formulas can also use built-in functions like SUM for quick calculations. Always use cell references instead of manual inputs for dynamic updates when values change. Start with simple formulas to build confidence‚ and gradually explore more complex calculations as you gain experience.

Basic Mathematical Calculations

Excel excels at performing basic mathematical calculations like addition‚ subtraction‚ multiplication‚ and division. Use operators (+‚ -‚ ‚ /) to create simple equations. For example‚ =A1+B1 adds the values in cells A1 and B1. Combine operations using parentheses for complex calculations‚ such as =A1(B1+C1). Always use cell references instead of typing numbers to make your worksheet dynamic. Common errors include typos or incorrect cell references‚ so double-check your formulas. Start with simple calculations to build confidence before moving to advanced functions.

Formatting in Excel

Excel formatting enhances readability by adjusting text‚ numbers‚ and cell styles. Use alignment‚ fonts‚ and number formats to organize and present data professionally. Learn to apply styles like bold‚ italic‚ and colors for emphasis. Modify column widths and row heights for better visualization. Utilize conditional formatting to highlight important data points automatically. These tools help create clear‚ visually appealing spreadsheets that communicate information effectively. Mastering formatting ensures your worksheets are both functional and aesthetically pleasing for any audience.

Formatting Text

Formatting text in Excel enhances readability and emphasizes important data. Use font styles like bold‚ italic‚ or underline to highlight key information. Adjust font size and color to make text stand out. Align text left‚ center‚ or right‚ and use wrap text to manage long sentences. Change font types for a professional look. Use the Home tab in the ribbon to access these options. Proper text formatting ensures clarity and makes your spreadsheet visually appealing. Learn these basics to present your data effectively and professionally.

Formatting Numerical Data

Formatting numerical data in Excel ensures consistency and enhances readability. Use number formats like currency‚ percentage‚ or date to present data clearly. For example‚ format financial numbers with the currency symbol or display percentages with a % sign. Access these options via the Home tab in the Number group. You can also use keyboard shortcuts like Ctrl + Shift + ! to quickly apply the general number format. Proper formatting helps avoid confusion and makes your data more professional and visually appealing for accurate interpretation and analysis.

Working with Formulas and Functions

Formulas and functions automate calculations‚ saving time and improving accuracy. Use them to perform arithmetic‚ statistical‚ and logical operations‚ enhancing your data analysis capabilities effectively.

Basic Rules for Excel Formulas

Excel formulas must start with an equals sign (=) to recognize them as calculations; Always use proper cell references‚ and ensure parentheses are balanced. Avoid spaces in formulas‚ as they can cause errors. Use quotation marks for text within formulas. Understand absolute vs. relative references by using the dollar sign ($). Verify formula results by pressing F9. Be cautious with formula copying to maintain relative references. Learn to troubleshoot common errors like #REF! or #VALUE! by checking inputs and syntax.

Creating Simple Formulas

Start with an equals sign (=) to begin a formula. Use cell references or numbers or text. Perform basic arithmetic with +‚ -‚ ‚ and / operators. For example‚ =2+3 yields 5‚ and =A1+B2 adds two cells. Use parentheses for order of operations‚ like =(A1+B2)Press Enter to execute the formula. Use relative or absolute references by adding $ signs. Test formulas with small data to ensure accuracy. Common errors like #VALUE! indicate data type mismatches. Always verify inputs and syntax for correct results.

Saving and Sharing Your Work

Save your Excel file regularly to prevent data loss. Use formats like .xlsx or .csv. Share via email‚ cloud storage‚ or direct links. Ensure compatibility with others.

Printing Your Excel-Based PDF

Printing your Excel file as a PDF is a convenient way to share or archive your work. Go to File > Print‚ select Save as PDF as the printer‚ and choose your preferred settings. Ensure the page layout and margins are adjusted for proper formatting. btnSave to save the PDF to your desired location. You can also use Save As and select PDF from the file formats to achieve the same result. This method ensures high-quality output and compatibility across devices. Always preview before printing to confirm the layout.

Saving to SharePoint

Saving your Excel file to SharePoint allows easy collaboration and access from anywhere. Open the workbook‚ go to File > Save As‚ and select SharePoint as the location. Choose the desired site and folder‚ then click Save. Optionally‚ you can select Overwrite or Save As to manage versions. This method ensures your file is securely stored and accessible to team members. You can also use OneDrive for personal storage or sharing. Always verify the file name and location before saving to avoid errors.

Advanced Basics

Master advanced basics like data validation‚ conditional formatting‚ and named ranges to enhance your Excel skills. These tools simplify complex tasks and improve data accuracy.

Graphing Tools

Excel’s graphing tools allow users to visualize data effectively. Charts like bar graphs‚ pie charts‚ and line graphs help present information clearly. To create a chart‚ select your data range‚ go to the Insert tab‚ and choose a chart type. Customize colors‚ labels‚ and axes to enhance readability. Use sparklines for mini-charts within cells. These tools make data analysis intuitive and engaging‚ enabling better decision-making. Practice creating different charts to understand which best represents your data.

Pivot Tables

Pivot Tables are powerful tools for summarizing and analyzing large datasets. They allow you to rotate‚ filter‚ and aggregate data to uncover trends and patterns. To create one‚ select your data range‚ go to the Insert tab‚ and click PivotTable. Drag fields to rows‚ columns‚ or values to customize your view. Use filters to narrow down data and right-click for additional options. Pivot Tables simplify complex data‚ making it easier to draw insights. Practice creating them to master data analysis in Excel.

Macro Basics

Macros automate repetitive tasks‚ saving time and effort. To create a macro‚ enable the Developer tab‚ click Record Macro‚ and perform the desired actions. Stop recording to save the macro. You can run it by clicking Run or assign a shortcut. Use macros to streamline tasks like formatting or data entry. Always be cautious with macros from unknown sources due to security risks. Start with simple macros to understand how they work and gradually explore more complex automation.

Practical Applications

Learn practical ways to apply Excel skills‚ such as budget tracking‚ task management‚ and inventory control. These applications are essential for personal and professional productivity.

• Budget tracking
• Task management
• Inventory control

Number Crunching

Excel excels at numerical calculations‚ making it ideal for tasks like budgeting‚ financial analysis‚ and statistical computations. Use formulas to perform arithmetic operations‚ percentages‚ and more complex calculations. Functions like SUM‚ AVERAGE‚ and MAX/MIN simplify data analysis. Create charts to visualize trends and use conditional formatting to highlight key figures. These tools enable efficient data-driven decision-making‚ whether for personal finance or business operations. Mastering these features will enhance your ability to work with numerical data effectively.

Organizing Information

Excel is a powerful tool for organizing data‚ helping you manage and structure information efficiently. Use tables to categorize data‚ making it easier to read and analyze. Sorting and filtering options allow you to arrange data based on specific criteria‚ such as alphabetical order or numerical values. Grouping and outlining features enable you to collapse and expand sections‚ simplifying complex datasets. These tools help you maintain clarity and focus on key details‚ ensuring your data is accessible and actionable.

Troubleshooting Common Issues

Troubleshooting Excel issues often involves resolving error messages like #N/A or #VALUE!. Common causes include incorrect cell references‚ formula syntax errors‚ and data formatting problems. To fix these‚ check cell references‚ ensure proper syntax‚ and verify data formats. Regularly saving work and using Excel’s built-in error checking tools can prevent issues and improve efficiency for beginners.

Identifying Fundamental Elements

In Excel‚ understanding fundamental elements is essential for beginners. Cells are the basic building blocks‚ identified by their row and column intersections. A range refers to a group of cells‚ while rows and columns organize data horizontally and vertically. Worksheets store data‚ and workbooks contain multiple worksheets. Familiarizing yourself with these elements helps in navigating and manipulating data effectively. Learning to identify and select cells‚ ranges‚ and sheets is crucial for performing tasks like formatting‚ calculations‚ and data analysis.

Understanding Data Types

In Excel‚ data types determine how information is stored and processed. Common types include numbers‚ text‚ dates‚ and boolean values. Numbers are used for calculations‚ while text stores non-numeric data like names or descriptions. Dates and times are formatted specifically for timeline-based data. Boolean values represent true/false logic. Understanding these types helps ensure data is entered and formatted correctly‚ preventing errors in calculations and functions. Proper data typing is crucial for accurate analysis and maintaining consistency in your spreadsheets.

Mastering Excel basics empowers you to handle data efficiently. Practice regularly‚ explore advanced features‚ and refer to this guide for clarity. Happy learning!

Final Tips for Beginners

Consistently practice Excel to build confidence. Start with simple tasks like budgeting or organizing lists. Experiment with formulas and functions gradually. Save your work frequently to avoid data loss. Use Excel’s built-in templates for guidance. Don’t hesitate to use the “Help” feature or online tutorials for clarification. Join online communities or forums for troubleshooting. Stay updated with new features by following Excel blogs. Most importantly‚ be patient and persistent—proficiency comes with time and practice.

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Today, BCI released its 2024-2025 Stewardship Report:

Victoria, B.C. – September 17, 2025 – British Columbia Investment Management Corporation (BCI) today released its 2024-2025 Stewardship Report, demonstrating continued leadership in driving ESG performance and portfolio outcomes through engagement, proxy voting, and policy dialogue.  

“The past year was marked by significant geopolitical upheaval and economic uncertainty, with some suggesting that ESG is inconsistent with delivering financial returns,” says Jennifer Coulson, BCI’s Senior Managing Director and Global Head of ESG. “Our experience managing $295 billion in global assets tells a different story: effective stewardship drives sustainable value for our clients, and is fundamental to our approach.”  

Last year, BCI engaged 176 portfolio companies to address material risks and opportunities, and achieved its objectives or built positive momentum with 34 per cent of those companies. During the most recent proxy season, BCI voted at 2,225 public company meetings in 52 countries.  

Notable engagement successes include completing a multi-year collaborative engagement with Teck Resources on climate risk, protecting minority shareholder interests during the acquisition of Atacadao SA, and contributing to the broader governance reform movement in South Korea that led to the country’s landmark Commercial Act amendments. Additionally, BCI’s position on stronger sustainability disclosures to support investor decisions continues to yield results. More than 35 jurisdictions covering 40 per cent of global market capitalization have now incorporated the International Sustainability Standards Board (ISSB) standards.1

This year’s report also introduces BCI’s updated ESG engagement priorities – physical and transition climate change risk, responsible AI, and human capital management – which reflect the areas expected to have the greatest impact on investment performance in the coming years.  

“As an active, long-term investor, BCI has a responsibility to help position our portfolio for the risks and opportunities ahead,” adds Coulson. “Every engagement, every vote, and every policy submission is ultimately about protecting and growing the assets entrusted to us by our clients.”  

2024-2025 stewardship highlights  

• Emphasizing governance: BCI voted against or withheld our vote from 32 per cent or nearly 4,000 board directors across our global equities portfolio for reasons including insufficient independence, lack of board diversity, and problematic compensation practices. We pursued 56 engagements on corporate governance, reinforcing our foundational expectations and supporting board and management accountability.  

• Managing climate risk: BCI continued to vote against board directors for lack of climate risk oversight and disclosure, and pursued 139 climate engagements in the energy, utilities, and financial sectors. Notably, we completed a seven-year engagement with Teck Resources that culminated in the company’s removal from the Climate Action 100+ target list based on its progress. 

• Expanding influence in Asia: BCI deepened engagement in prominent Asian markets, including Hong Kong, India, Japan, Malaysia, Singapore, South Korea, and Thailand. We cast votes at nearly 750 annual meetings in the Asia-Pacific region and engaged with companies and policymakers alongside investor coalitions like the Asian Corporate Governance Association to raise market standards. 

• Creating value in private markets: BCI engaged 16 private portfolio companies to strengthen alignment with our ESG expectations and support sustainability initiatives designed to deliver value at exit. We hosted an inaugural Private Equity ESG Value Creation Conference in New York, bringing together nearly 50 investment partners and companies to demonstrate the links between ESG and financial performance.  

As a core aspect of BCI’s ESG strategy, this stewardship reporting complements the ESG and climate-related disclosures available in our 2024-2025 Corporate Annual Report. 

Read the 2024-2025 Stewardship Report on BCI.ca.   

1IFRS Foundation Annual Report 2024 

I'm going to briefly go over some aspects of BCI's 2024-2025 Stewardship Report which is available here (click on PDF icon at the top to download entire report).

First, read below the message from Jennifer Coulson, BCI's Global Head of ESG:

I'll reprint it below:

The past year was marked by significant geopolitical upheaval and economic uncertainty, with some suggesting that ESG is inconsistent with delivering financial returns. Our experience managing $295 billion in global assets tells a different story: effective stewardship drives sustainable value for our clients, and remains fundamental to our
approach as a long-term investor.

This conviction leads to real-world outcomes. We directly engaged 176 public and private portfolio companies on material ESG issues, reached thousands more through collaborative initiatives, and expanded our policy advocacy in key markets like Asia. From encouraging governance reforms that address South Korea’s valuation discount to completing a seven-year engagement with Teck Resources to mitigate climate risk, our persistence paid off and reinforced that meaningful change is not always a linear path.

Our work benefits from many voices, and we regularly look for opportunities to expand our influence and share best practices. One such example is the inaugural Private Equity ESG Value Creation Conference hosted by BCI in New York. We brought together nearly 50 investment partners and portfolio companies to demonstrate and explore the financial links between sustainability performance and investment outcomes. 

We firmly believe that in this era of heightened international tensions and rapid  technological transformation, companies with robust governance, forward-thinking climate strategies, and effective human capital management will prove more resilient and competitive over the long term.

As an active owner, BCI has a responsibility to help position our portfolio for the risks and opportunities ahead. Every engagement, every vote, and every policy submission is ultimately about protecting and growing the assets entrusted to us by our clients. 

Very well written message, in short, stewardship is what I like to call "ESG in action" meaning you engage with public and private companies on material ESG issues to bolster and enhance their value over the long run.

The Teck Resources example Jennifer gives above is interesting because Teck was recently bought by Anglo American in what Jonathan Price calls a once-in-a-generation opportunity for Canada.

Did BCI's engagement add value? Well, it certainly didn't hurt and made the company more resilient and better prepared to mitigate climate risk. 

Equally interesting is BCI's exposure to emerging markets and how they're engaging companies in key markets like Asia, no easy feat.

And in private markets, ESG Value Creation Conference hosted by BCI in New York is a great initiative because there too, you need engagement. 

It's worth noting BCI's approach to stewardship cuts across asset classes:

Our dedicated ESG team, embedded across all asset classes, takes a coordinated and strategic approach to stewardship – setting expectations for public companies through our Proxy Voting Guidelines, providing input on regulation around the world through policy advocacy, and engaging directly and collaboratively with public and private companies and other capital markets participants. To direct our efforts, we focus on what we identify to be the most material ESG-related risks and opportunities to our portfolio over the long term. 

As a key component of our ESG Strategy, which ensures corporate-wide consistency in our approach, stewardship at BCI is a shared responsibility guided by our ESG Governance Policy. This policy outlines the roles and responsibilities of our Board of Directors, management, and employees in upholding our ESG principles and investment beliefs. 

And since "ESG is action" is all about influencing positive outcomes, I like this page in their Stewardship Report measuring the success of their engagement:

 

Alright, let me end it there but take the time to read BCI's 2024-2025 Stewardship Report here, it's excellent.  

You can also read the latest news from BCI here. 

 Below, a PRI panel discussion on leveraging ESG to create value in private markets featuring Jennifer Coulson, Global Head of ESG, BCI (February, 2025). Great discussion, take the time to listen to it.

Last week, OTPP announced the appointment of Dale Burgess as Executive Managing Director, Equities: 

Toronto, Canada - Ontario Teachers' Pension Plan Board (Ontario Teachers') today announces the appointment of Dale Burgess to the position of Executive Managing Director, Equities, effective immediately.  In this role, based in the Toronto office, Mr. Burgess oversees the Equities investment department globally.  He has served in this role on an interim basis since February 2025.

Mr. Burgess joined Ontario Teachers' in 1996 and most recently served as Executive Managing Director, Infrastructure & Natural Resources (INR), responsible for overseeing infrastructure acquisitions and asset management globally. He was previously head of the INR team for Latin America where he oversaw portfolio companies as well as business development and origination in target countries across the LATAM region. Mr. Burgess will continue to oversee the global INR team in the interim until a replacement has been appointed in the near term.

In his new role, Mr. Burgess will continue to be a member of the Investments Senior Leadership Team and report to Gillian Brown, Chief Investment Officer, Public & Private Investments.

“Dale is a seasoned investing leader and highly respected colleague who has made significant contributions over his almost three decades at the Plan,” said Ms. Brown.  “He is well positioned to lead our Equities department, which will continue to play an important role in creating value for our members.”

Mr. Burgess holds a BA (Accounting) from the University of Waterloo, is a Chartered Accountant, a CFA charterholder and a graduate of the Institute of Corporate Directors.

About Ontario Teachers’

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $269.6 billion as at June 30, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn. 

Let me begin by congratulating Dale Burgess on this important appointment.

Dale is a seasoned veteran who has delivered solid long-term results overseeing Infrastructure and Natural Resources.

He was asked to oversee Equities when Romeo Leemrijse who had replaced Karen Frank as Head of Teachers' Private Capital left the organization earlier this year.

I think Gillian Brown, Chief Investment Officer, Public & Private Investments, made the right decision by placing Dale is charge of all Equities, including private equity.

They need stability, to focus on execution and value creation and this appointment sends that message. 

Recall, back in March, OTPP was reassessing its private equity strategy to work more closely with strategic partners and do less purely direct deals. 

When I recently spoke to Gillian Brown when I covered their mid-year results, she shared this with me on the challenges in private equity:

I asked Gillian if she thinks there is a secular shift going on in private equity and gong back to what Stephen said about tariffs and we haven't seen the full effects on inflation, I wonder how this will play out on all asset classes including private equity.

I also asked her how much they're leaning more on their strategic partners because Jo made a reference to that last time we spoke to dive value creation and get better co-investment opportunities.

She responded:

I'll take the beginning and the end of that and let Stephen respond to other bits. I do think there's a secular shift going on, there's clearly been a shift in the rates and inflation environment that we are living in and that means companies cannot lever the way they used to have at the same rate as in the past.

I think we've also seen an adjustment where there was probably a modelled assumption around multiple expansion during the life of an asset that just doesn't hold anymore. When we are looking at new assets, we now are assuming a turn or so less on exit rather than assuming you're going to get your returns out of that. 

And what that means is you're actually leaning into the operating performance of that business, again it's part of our plan of setting up the Portfolio Solutions group that can get into the operating aspects of a business. We will sit down with the deal teams even during underwrite, here are the five value creation levers we see for this company, and none of those are going to be multiple expansion or financial engineering, they're going to be actual operating performance growth of the company.  

And the Portfolio Solutions group can work hand in hand with deal team around making sure the KPIs that were identified on the way in are being delivered during the life of the asset.  

So I do think you're filling into that more and with that comes the strategic partners you referenced making sure we are humble about where we are experts and not, and where we are not, let's make sure we are finding the right partners to be with. There are certain sectors that are going to require very specialized knowledge, very specialized operating support so let's make sure we are picking the right partners to work on those assets.  

So there are certain geographies we are not going to have a big presence, so let's make sure we are picking the right partners versus some where we feel we have a good track record that gives us conviction that sector will continue to perform and we will continue to be competitive there. 

There you have it, time to focus and execute through value creation with the right partners.

Below,  Ontario Teachers’ Pension Plan (OTPP), one of Canada’s largest pension funds with over C$266 billion in assets, is pivoting its private equity approach—moving from direct acquisitions toward partnerships and co‑investments. CEO Jo Taylor says this shift helps mitigate risk amid high interest rates, geopolitical uncertainty, and the growing complexity of managing entire companies.

Below is an abstract of a WorldatWork member-only article at The Journal of Total Rewards. You can learn more about the productivity-pay gap here. 

This paper focuses on the historical divergence between typical workers’ compensation and economy-wide productivity, and the implications of this divergence for workplace inequality. Commonly referred to as the “pay-productivity gap”, we show that while inflation-adjusted pay and productivity grew in lock step from the end of WWII until the 1970s, productivity has outpaced pay since 1979. We use publicly available data sources to document this gap and discuss key methodological considerations.

We argue that the equal growth in pay and productivity before 1979 and the subsequent fracturing were driven near-entirely by intentional policy decisions. Beginning in 1979, the efforts by employers and capital-owners to undercut the bargaining power of typical workers in labor markets through policies such as deregulation, corporate-led globalization, erosion of the minimum wage, deunionization, macroeconomic policies that tolerated excess unemployment, and tax cuts for high earners led to a divergence in pay and productivity that has yet to be remedied. Not only have these intentional policy decisions created a large pay-productivity gap since 1979, but they have also coincided with a productivity slow-down across the total economy during this time period, resulting in growth that was slower and less equal.

Productivity-Pay Gap

Recent advances in generative artificial intelligence (AI) have sparked increased awareness and adoption of AI tools in the workplace. While AI systems and tools have been used in the workplace for decades, this acceleration in capabilities and greater public attention have motivated more concerted and urgent policy efforts, including a focus on protecting and empowering workers. During the Biden-Harris administration, leadership and agencies across the federal government acted to better understand the potential implications of AI for workers and to protect workers from risks to their livelihoods and rights. 

The Database of Biden Administration Actions on AI can serve as a resource for state, local, and federal efforts to tackle these challenges and opportunities.

Biden-Harris administration actions to protect workers and the public

In October 2022, the White House Office of Science and Technology Policy released the Blueprint for an AI Bill of Rights to help guide the design, development, and deployment of AI and other automated systems. This document outlines protections that should be guaranteed and served as a guiding resource by affirming the values that must be front and center when undertaking policymaking on AI. 

A few months later, OpenAI released ChatGPT, which spurred an increased sense of urgency for this work. President Biden’s October 2023 executive order (EO) on “Safe, Secure, and Trustworthy Development and Use of AI” was—at the time—the most significant government action globally on AI safety, security, and trust. The EO highlighted a commitment to supporting U.S. workers and directed a number of related agency actions, including the Department of Labor’s (DOL) principles and best practices for developers and employers, which provide a roadmap for responsible use of AI in the workplace. 

From the start of Biden’s administration, federal agency leaders were clear that existing laws and regulations ensure rights and protections related to AI, and that agencies would play an active role in regulation and enforcement. Agency actions included:

• The Equal Employment Opportunity Commission launched an initiative on AI and algorithmic fairness, and shared tips for workers focused on disability discrimination and the use of software. 
• DOL issued a guide for federal contractors on AI and equal employment opportunity—which included a set of promising practices for employers—and addressed AI in other regulations and guidance, including the Good Jobs Principles; rulemaking on independent contractors; and guidance on the use of AI and automated systems and federal labor standards. 
• The Consumer Financial Protection Bureau released guidance to protect workers from surveillance and decision-making that violates Fair Credit Reporting Act rules. 
• The National Labor Relations Board issued guidance focused on unlawful surveillance which could interfere with employees’ ability to engage in collective bargaining and other protected activities. 
• The Federal Trade Commission addressed harmful commercial surveillance by major companies and brought to light the collection and monetization of personal data and the use of corporate surveillance pricing software. 

Trump administration and a new federal landscape

Immediately upon taking office, the Trump administration rescinded President Biden’s executive order on AI and issued a new executive order requiring an immediate review of all actions taken under the previous administration’s executive order. Relevant documents have already been removed from public websites, and many worker protective actions have already been rolled back, along with ongoing cuts decimating many of these agencies. 

In a speech at the February 2025 Artificial Intelligence Action Summit in Paris, Vice President Vance decried excessive regulation of AI domestically and internationally. He also said the Trump administration would “maintain a pro-worker growth path for AI,” but did not provide any policy specifics. The White House and many in Congress also backed a measure in the Republican budget mega bill that would have imposed a 10-year moratorium on any meaningful regulation of AI at the state and local levels, to supposedly avoid hindering tech innovation. While this measure fortunately failed to pass in the final version of the legislation in July 2025, the enthusiasm for ramming it through is a worrying sign of the administration’s priorities, particularly for worker advocates seeking to make meaningful change at the state and local levels.

In July 2025, the White House released its AI Action Plan, which continues to emphasize stripping protections from the public. While the plan purports to focus on empowering workers, the actions it outlines do not address workplace rights, surveillance and privacy, or algorithmic discrimination. Further, the Action Plan’s focus on the importance of deregulation as a prerequisite for AI advancement suggests that worker protections will be put aside. Instead of putting forth a real vision for worker empowerment, the plan suggests that unfunded actions around the edges can make a meaningful difference in worker opportunities and outcomes. 

Looking forward

In this new landscape, the tech industry has been emboldened and is increasing lobbying at the state level in addition to its efforts at the White House and in Congress to undo and prevent meaningful protections related to AI. The combined power, collaboration, and messaging of labor, civil rights, consumer protection, and community groups will be critical. 

A broad and ambitious vision for responsible AI governance is essential at a time when protections are under attack and AI-related risks are more pressing than ever. The Biden-Harris administration began to tackle many questions about the implications and opportunities for workers of advances in AI and automated systems. But this was just a first step and much of the progress at the federal level is now being undone. The vast resources, guidance documents, and innovative enforcement actions can and should be a model to augment existing state, local, and federal efforts to protect and empower workers in an age of rapid AI development and adoption.