Canada Mortgage and Housing Corp. acknowledged a lack of diversity in its ranks and its role in past racism on Friday as it pledged to overhaul how it does business.
The federal housing agency said it will re-assess all of its practices through a racialized lens to an effort to eliminate discrimination.
It also used the statement to acknowledge its role in funding the forced resettlement of Black people, most notably from Halifax's historic Africville and Hogan's Alley in Vancouver.
CMHC's decision was prompted by anti-Black racism demonstrations held across Canada and the U.S. after the death of George Floyd, a handcuffed Black man in Minneapolis who pleaded for air as a white police officer pressed his knee against Floyd’s neck for nearly nine minutes.
"We haven't done nearly enough. CMHC must set a high standard," the agency said in a statement.
"We must all stand together with our Black co-workers and the victims of murder, oppression and the systemic racism that exists everywhere."
Black people make up 3.5 per cent of Canada's population and 5.2 per cent of CMHC employees.
Those who are Indigenous amount to 4.9 per cent of the national population and 2.4 per cent of the CMHC workforce.
"At CMHC, we would once have congratulated ourselves for our diversity," CMHC said.
"This is however no achievement when too few of our people leaders are Black or Indigenous — none among senior management. And diversity isn't enough: it's where we start."
CMHC said it will create specific targets for adding Black and racialized people to its leader and senior management ranks.
It will offer leadership training and professional development to support the progress of Black and racialized employees and provide mandatory anti-racism training for all staff.
People with lived experience of racism will now be involved in a re-assessment of CMHC's recruiting, evaluation and promotion processes and its diversity and inclusion efforts.
"We reject racism, white supremacy and wish to atone for our past racism and insensitivity," CMHC said.
"Racism has been built up and reinforced for centuries, whether against Black, Indigenous people or people of colour. Only a sustained and focused effort will eliminate it."