FIGURE 7-1: D iversity Targets and Written Policies for Directors of TSX Composite and SmallCap Index Issuers (2020)
These figures highlight the contrast between issuers’ focus on gender representation and their approach regarding diversity more broadly. They also suggest that the CBCA amendments have yet to have a meaningful impact on the actual diversity policies or initiatives of CBCA public companies at this early stage.
78%
71%
80%
Other Designated Groups Women
70%
60%
50%
43%
41%
39%
40%
33%
30%
20%
10%
1%
1.6%
0%
Targets (of All Issuers)
Targets (of CBCA Issuers)
Written Policies (of All Issuers)
Written Policies (of CBCA Issuers)
0 10 20 30 40 50 60 70 80 90
As shown in Figure 7-1, of the 338 Composite and SmallCap index issuers in our study universe, 41% disclosed targets for the representation of women on their respective boards; meanwhile, only 1% of those issuers disclosed board representation targets for the other designated groups. Of the CBCA issuers on those indices, these percentages are 43% and 1.6%, respectively. In addition, whereas 77% of Composite and SmallCap index issuers have disclosed written policies regarding the representation of women on their respective boards, only 33% have disclosed written policies regarding the representation of other designated groups. These percentages are 78% and 39%, respectively, for CBCA issuers on these indices. Similar trends were revealed when reviewing comparable data for executive officers among the same issuers, although a smaller proportion of issuers disclosed having targets or written policies regarding the representation of women and the other designated groups in executive positions. These figures highlight the contrast between issuers’ focus on gender representation and their approach regarding diversity more broadly. They also suggest that the CBCA amendments have yet to have a meaningful impact on the actual diversity policies or initiatives of CBCA public companies at this early stage; it should be acknowledged, however, that the CBCA amendments are only in the first year of being in force, and COVID-19 has undoubtedly affected the immediate priorities of many issuers.
100
Governance Insights 2020
Powered by FlippingBook