TSX ISSUERS NEED MORE WOMEN CEOS
On October 27, 2022, the CSA issued its report summarizing key findings from its review of public disclosure regarding women on boards and in executive officer positions as required by Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices. The data summarized is based on a review sample of 625 issuers that had year-ends between December 31, 2021 and March 31, 2022 (Year 8 of survey) and filed information circulars or annual information forms by July 31, 2022.
Women on Boards Increase
Women on Boards from December 31, 2013 to March 2022 is on the rise (year-to-year comparisons of key trends are found here). The number of women on boards varied by industry. The manufacturing, real estate, and utilities industries had the highest percentage of issuers with women on their boards. The mining, oil & gas, and biotechnology industries had the lowest percentage.
Women Executives Needed
Over the past 3 years, only 5% of issuers have had a woman CEO, up only one percentage point from the two years prior (year-to-year comparisons found here). The number of women in executive officer positions also varied by industry. The utilities, manufacturing and retail industries had the highest percentage of issuers with one or more women in executive officer positions. The mining, technology and oil & gas industries had the lowest.
Targets and Written Policies Matter
Issuers that adopted board targets had an average of 30% of their board seats held by women, compared to 20% for issuers without targets.
Issuers that adopted a policy relating to the representation of women on their boards had an average of 28% of women on their boards, compared to 18% for issuers with no such policy