Corporate sponsorships a powerful tool in advancing social change: Experts
Marketing experts say Scotiabank's move to pause its sponsorship of Hockey Canada points to the growing role the corporate world plays in advancing social change.
Scotiabank's move comes after the federal government froze public funding to Hockey Canada last week in response to its handling of an alleged sexual assault and out-of-court settlement.
The bank says it will temporarily pull sponsorship dollars from the sports organization until it can prove it has taken steps to improve the culture within the sport of hockey.
Toronto Metropolitan University marketing expert Joanne McNeish says Scotiabank's high-profile move will have an immediate "shock effect" within Hockey Canada.
She says large corporations are increasingly using their marketing and sponsorship dollars to tackle social issues, including within the sports world.
In recent years, the loss of corporate sponsorships was a major factor behind the decision of some North American pro sports teams to change their racist team names.
This report by The Canadian Press was first published June 28, 2022.
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Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.