137 Geoff Zochodne, “Visible Minorities Vastly Underrepresented in the Boardroom, New Disclosures Suggest,” The Financial Post (June 12, 2020), online: https://financialpost.com/news/ fp-street/the-lifting-of-all-boats-is-clearly-not-happening- boardrooms-of-big-canadian-companies-still-mostly-white- and-still-mostly-male. 138 Ryerson University’s Diversity Institute, “Black Leaders Are Nearly Non-Existent on Canadian Boards According to Ryerson’s Diversity Institute’s New Study of Canadian Board Diversity” (August 6, 2020), online: https://www.ryerson.ca/ diversity/news-events/2020/08/black-leaders-are-nearly- non-existent-on-canadian-boards-according-to-ryerson-s- diversity-institute-s-new-study-of-canadian-board-diversity/. 139 Ryerson University’s Diversity Institute, Diversity Leads – Diverse Representation in Leadership: A Review of Eight Canadian Cities (August 2020), online: https://www.ryerson. ca/diversity/reports/DiversityLeads_2020_Canada.pdf, at 14; Uhanthaen Ravilojan, “New Study Finds Less Than 1 Per Cent of Canadian Corporate Leaders Are Black,” Toronto Star (July 4, 2020), online: https://www.thestar.com/ business/2020/07/04/less-than-one-per-cent-of-corporate- leaders-at-tsx-60-companies-are-black-researchers-find. html. 140 Kevin LaCroix, “Facebook Board Hit with Derivative Lawsuit on Board Diversity and Other Race-Related Issues,” LexBlog (July 16, 2020), online: https://www.lexblog. com/2020/07/16/facebook-board-hit-with-derivative- lawsuit-on-board-diversity-and-other-race-related-issues/. 141 Mark Rendell, “CEOs Launch Initiative to Boost Black Representation on Boards,” The Globe and Mail (June 10, 2020), online: https://www.theglobeandmail.com/business/ article-bay-street-executives-announce-new-council-to- combat-systemic-racism/. See also The BlackNorth Initiative, online: https://www.blacknorth.ca/Home. 142 Goldman Sachs, “Goldman Sachs’ Commitment to Board Diversity” (February 4, 2020), online: https://www. goldmansachs.com/what-we-do/investing-and-lending/ launch-with-gs/pages/commitment-to-diversity.html. 143 Lisa Eadicicco, “Apple Is Launching a $100 Million Initiative to Fight Racial Injustice and Promote Diversity Both Inside and Outside the Company,” Business Insider (June 11, 2020), online: https://www.businessinsider.com/apple-launches-100- million-racial-equity-justice-initiative-2020-6. 144 Lesley Messer, “Alexis Ohanian Resigns From Reddit Board, Wants a Black Candidate to Replace Him,” ABC News (June 5, 2020), online: https://abcnews.go.com/GMA/Culture/ alexis-ohanian-resigns-reddit-board-black-candidate-replace/ story?id=71092749.
145 Catherine Thorbecke, “Reddit Replaces Alexis Ohanian’s Board Seat Wth Black Tech Entrepreneur Michael Seibel,” ABC News (June 10, 2020), online: https://abcnews.go.com/ Business/reddit-replaces-alexis-ohanians-board-seat-black- tech/story?id=71175108#:~:text=Seibel%20has%20a%20 long%20history%20of%20promoting%20inclusion%20 and%20diversity%20in%20tech.&text=Days%20after%20 Reddit%20co%2Dfounder,be%20filled%20by%20 Michael%20Seibel. 146 Alexandra Posadzki, “Stockwell Day Steps Down from Telus Board After Remarks on Systemic Racism in Canada,” The Globe and Mail (June 3, 2020), online: https://www. theglobeandmail.com/business/article-stockwell-day-steps- down-as-telus-director-after-remarks-on-systemic/. 147 Business Wire , “Canadian Council of Business Leaders Against Anti-Black Systemic Racism Announces Formation; Launch of BlackNorth Initiative” (June 10, 2020), online: https://www.businesswire.com/news/ home/20200610005399/en/Canadian-Council-Business- Leaders-Anti-Black-Systemic-Racism. 148 Ibid . 149 The BlackNorth Initiative, supra note 141; supra note 147. 150 The BlackNorth Initiative, “The Pledge,” online: https://www. blacknorth.ca/The-Pledge. 151 The BlackNorth Initiative, “Canadian CEOs Commemorate Launch of the BlackNorth Initiative” (July 21, 2020), online: https://blacknorth.ca/canadian-ceos-commemorate-launch- of-the-blacknorth-initiative/. See also the BlackNorth Initiative website, online: https://blacknorth.ca/signatories. 152 Supra note 147. 153 Capital Markets Modernization Taskforce, Capital Markets Modernization Taskforce – Consultation Report (July 2020), online: https://files.ontario.ca/books/mof-capital-markets- modernization-taskforce-report-en-2020-07-09.pdf, at 23. 154 Ibid , at 5, 47. 155 Supra note 135, chapter 1 at 11-12. 156 Mark Rendell, “Ontario Task Force Recommends TSX Companies Be Required to Set Diversity Targets for Leadership,” The Globe and Mail (July 9, 2020), online: https://www.theglobeandmail.com/business/article-ontario- task-force-recommends-tsx-companies-be-required-to-set/. 157 James Bradshaw, “RBC Boosts Target for Visible Minorities in Executive Roles to 30 Per Cent,” The Globe and Mail (July 6, 2020), online: https://www.theglobeandmail.com/ business/article-rbc-boosts-target-for-visible-minorities-in- executive-roles-to-30-per/. 158 Supra note 135, at 95-96.
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Governance Insights 2020
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