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Women in Leadership Roles at TSX-Listed Companies: Diversity Disclosure Practices

Author(s): Andrew MacDougall, Sonam Pandya, Matthew Quintieri, Corinne Xu

Aug 14, 2015

Now available: Osler's 2016 report on board diversity in Canada


Effective December 31, 2014, Canadian issuers in participating provinces, with the exception of TSX Venture Exchange issuers and investment funds, became subject to new disclosure requirements with respect to the representation of women on boards and in senior management positions. The overall picture is disappointing.

This first year of compliance with new disclosure requirements reflects significant areas of non-compliance, low representation of women on boards and executive officer positions in companies listed on Canada’s senior stock exchange, and virtually no goals or targets for women in senior executive positions.

Our comprehensive survey of TSX-listed issuers provides a snapshot to date and shows there is room for improvement for the vast majority of the companies. Our analysis covers the following areas:

  • The number of women on boards and female representation by industry sector
  • The number of women in executive officer positions and representation by industry
  • Board policy on diversity
  • Gender diversity targets for the board
  • Diversity targets for management and employees
  • Policies covering women in the workplace
  • Best practices for advancing women in the workplace

In addition to our survey results, we also examine the disclosure requirements that apply to management information circulars and annual information forms, and look at global trends, outlining the legislative steps taken to increase the representation of women on boards in countries such as Germany, Norway, the United Kingdom and the United States.

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Osler’s Corporate Governance Group provides practical and effective governance strategies tailored to the needs of each organization, regardless of size or jurisdiction.

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