This paper discusses the findings of a case study that sought to answer the question of whether and how an institutional faculty hiring policy that has codified a set of EDI best practices can be effectively deployed by search committees to foster more equitable hiring processes and diverse hiring outcomes. The research involved 23 searches implemented over a two-year period within the Faculty of Science of a Canadian research-intensive university. Using a mixed-methods survey design, the study sought to answer the research question by (1) analyzing the self-reported perceptions of the search committee members, including identifying any differences across gender and racial identity of committee members, and (2) analyzing the self-reported experiences of the longlisted candidates, including new hires. The study results suggest that codifying EDI best practices may be a 'necessary but insufficient' condition to advancing inclusive excellence in faculty hiring. While the practices on balances were perceived to be effective in improving equitable processes, their impacts on improving diverse outcomes were mixed. The study revealed several opportunities to clarify and enhance competencies to deploy key practices, and several insights, which have implications for fostering more equitable faculty hiring and diversifying the professoriate with respect to gender and racial representation.