Andrew MacDougall, John M. Valley, Jennifer Jeffrey
Oct 13, 2022
After eight years, the change to board composition in Canada is now obvious and widespread as Canadian boards have surpassed several important diversity milestones on their journey to include more diverse perspectives in decision-making at senior levels within the organization.
Osler’s eighth annual comprehensive report, 2022 Diversity Disclosure Practices: Diversity and leadership at Canadian public companies [PDF], analyzes diversity disclosure by TSX-listed companies and corporations governed by the Canada Business Corporations Act (CBCA) subject to disclosure requirements. As in previous years, the report provides detailed information on TSX-listed companies to show year-over-year comparisons as well as chapters summarizing the results of our review of CBCA company disclosure. We also highlight best practices to improve diversity and inclusion among boards and executive teams, as well as samples of excellence in disclosure.
While much work remains before the board and executive leadership in corporate Canada reflects the mosaic of the country’s population, significant progress has been made in recent years. Across all TSX-listed companies, for example, one in every four directors is now a woman — a massive change from 2015, when we reported that women represented just 10% of directors. Beyond gender, we are also starting to see some progress in the number of senior leaders who are members of visible minorities, Indigenous peoples or persons with a disability.
Key highlights from the report include
- Women now hold 26% of board seats among all TSX-listed companies disclosing the number of women directors on their boards
- At S&P/TSX 60 companies, women hold 36% of all board seats
- At S&P/TSX Composite Index companies, women hold 32.9% of all board seats
- 7.4% of the time, the chair of a TSX-listed company is a woman
- 5.3% of the time, the CEO of a TSX-listed company is a woman
- Members of visible minorities hold 8.3% of CBCA public company board seats
- Indigenous peoples hold 17 CBCA public company board positions
- Persons with a disability hold 10 CBCA public company board positions
- 41.4% of TSX-listed companies have targets for women directors
- 79.6% of S&P/TSX 60 companies have targets for women directors
- 11.9% of TSX-listed companies have targets for women executive officers
Our 2022 Diversity Disclosure Practices report, conducted by Osler’s Corporate Governance Group, is an extensive review and analysis of diversity disclosure by CBCA and TSX-listed companies, with summarized survey results for the full 2021 calendar year and the period January 1, 2022, to July 31, 2022. The report also highlights best practices for improving diversity among boards and executive teams, as well as samples of excellence in disclosure.
Research methodology
Data presented in our 2022 Diversity Disclosure Practices report was obtained by surveying public disclosure documents filed on SEDAR by all TSX-listed companies other than venture issuers, exchange-traded funds, closed-end funds and structured notes, including CBCA corporations that are listed on the TSX. The data presented in this report in response to the CBCA Requirement was obtained by surveying public disclosure documents filed on SEDAR by “distributing corporations” governed by the CBCA, including venture issuers, that are subject to that requirement. Generally speaking, a “distributing corporation” is a corporation with publicly traded securities. Research methodology is detailed in the report in chapter 8.
Further analysis
Curious about our research findings on gender diversity in corporate Canada? Read our full report, 2022 Diversity Disclosure Practices: Diversity and leadership at Canadian public companies [PDF], or contact Andrew MacDougall, Jennifer Jeffrey or John Valley in Osler’s Corporate Governance Group.