Information and Communications Technology Council (“ICTC”) estimates that the Canadian digital economy will see a significant demand for digitally-skilled workers by 2023. Despite this demand, the Canadian technology sector is falling short in efforts to improve and advance racial diversity, equity, and inclusion (“DEI”) in the workplace. For example, research shows that the technology sector continues to under-employ skilled immigrants. A 2019 report found that racialized technology workers in Canada, particularly Black and Latine workers, face significant barriers in the workplace. This report also found that there is a significant racial pay gap between racialized technology workers and non-racialized technology workers—and pay disparities are starker for racialized women and Indigenous technology workers.  According to McKinsey, companies that effectively advance DEI in their operations “are better able to win top talent and improve their customer orientation, employee satisfaction, and decision making, and all that leads to a virtuous cycle of increasing returns.” As Canada’s technology sector continues to be a key driver of economic growth, DEI can be an important and competitive differentiator for better overall performance. ICTC says that “incorporating accessible technology and diverse and inclusive hiring practices in the workplace will not only soften the transition to an increasingly digital future, but will also assist in creating a welcoming environment for underutilized talent streams.”  In contrast, a company that fails to properly address systemic racial inequities in its operations can face significant material, legal, operational, and reputational risks. Constellation Software Inc. has not provided any disclosure on its strategy, programs, and policies to attract, retain, and advance diverse talents. It has not established related responsibilities to its leadership team and there is no apparent board oversight on these issues.  Poor transparency practices are concerning because it indicates that the Company may lack a meaningful plan to address DEI issues in the workplace and it prevents investors from assessing the effectiveness of its related programs. A growing number of Canadian companies have already committed to robust initiatives and disclosure practices to address racial justice issues. CSI’s failure to align with leading practices could put it at odds with its peers. By disclosing CSI’s plans to identify and address any DEI disparities in its operations, and disclosing related goals and metrics, the Corporation will establish a more transparent system of accountability, enabling shareholders to perform their due diligence in accordance with their fiduciary duty.