The CSA publishes findings on corporate governance
Women have increased their share of leadership and corporate governance positions in Canada’s public companies but the progress is slow and lags the expectations of investors.
A report released Thursday by the Canadian Securities Administrators reviews the corporate governance disclosure of 660 non-venture issuers with year ends between December 31, 2016 and March 31, 2017 as it relates to women in leadership roles.
It found that women hold 14% of board seats, up just three percentage points from the first year reviewed (2015). Those companies with market capitalization above $10 billion do better, with women making up 24% of board seats – again the rise is just 3 percentage points.
Earlier this year, a survey from OceanRock Investments Inc. and published by the Responsible Investments Association (RIA) found that 82% of Canadian investors believe women should be better represented on boards and 92% expect equal pay for equal work.
More than half of those polled said they would be willing to sell investments if they found a company they invested in did not pay men and women equally – and another 25% would consider it.
That survey also showed that investors need more information about responsible investing from their financial advisors.
"These findings demonstrate clearly that Canadian investors will no longer tolerate gender pay discrimination and want more gender diversity on corporate boards," says OceanRock CEO Fred Pinto.
The CSA review does show a greater share of companies with at least one woman on the board – up from 49% in 2015 to 61% - and there was a small increase in the share of companies with at least one woman in an executive officer position (from 60% to 62%).
"Completing and publishing our third review fulfills our commitment to report on the representation of women on boards and in executive officer positions, following the implementation of disclosure requirements that aim to increase transparency for investors," he said. Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "This continues to be an area of focus for the CSA."
The CSA report follows an OECD report published Wednesday that said progress on gender equality in the G20 nations is far too slow.
“The pursuit of gender equality must be a priority to achieve sustainable, inclusive growth for the benefit of every citizen,” said OECD Chief of Staff and G20 Sherpa Gabriela Ramos at the launch of the report in advance of the Women’s Forum taking place in Paris. “There is no reason for women to trail behind men in social, economic, and political outcomes. Countries need to do much more to reach the gender equality goals.”
A report released Thursday by the Canadian Securities Administrators reviews the corporate governance disclosure of 660 non-venture issuers with year ends between December 31, 2016 and March 31, 2017 as it relates to women in leadership roles.
It found that women hold 14% of board seats, up just three percentage points from the first year reviewed (2015). Those companies with market capitalization above $10 billion do better, with women making up 24% of board seats – again the rise is just 3 percentage points.
Earlier this year, a survey from OceanRock Investments Inc. and published by the Responsible Investments Association (RIA) found that 82% of Canadian investors believe women should be better represented on boards and 92% expect equal pay for equal work.
More than half of those polled said they would be willing to sell investments if they found a company they invested in did not pay men and women equally – and another 25% would consider it.
That survey also showed that investors need more information about responsible investing from their financial advisors.
"These findings demonstrate clearly that Canadian investors will no longer tolerate gender pay discrimination and want more gender diversity on corporate boards," says OceanRock CEO Fred Pinto.
The CSA review does show a greater share of companies with at least one woman on the board – up from 49% in 2015 to 61% - and there was a small increase in the share of companies with at least one woman in an executive officer position (from 60% to 62%).
"Completing and publishing our third review fulfills our commitment to report on the representation of women on boards and in executive officer positions, following the implementation of disclosure requirements that aim to increase transparency for investors," he said. Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "This continues to be an area of focus for the CSA."
The CSA report follows an OECD report published Wednesday that said progress on gender equality in the G20 nations is far too slow.
“The pursuit of gender equality must be a priority to achieve sustainable, inclusive growth for the benefit of every citizen,” said OECD Chief of Staff and G20 Sherpa Gabriela Ramos at the launch of the report in advance of the Women’s Forum taking place in Paris. “There is no reason for women to trail behind men in social, economic, and political outcomes. Countries need to do much more to reach the gender equality goals.”
