New data shows increase in women on boards; regulators seek national standards for diversity disclosure
Canadian securities regulators published the findings from their 10th annual review on gender diversity disclosures, focusing on women’s representation on boards and in executive officer roles.
The review examined data from 574 non-venture issuers and was conducted by securities regulatory authorities in Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec, and Saskatchewan.
This year’s report shows that 29 percent of board seats were held by women, an increase from 27 percent last year and significantly higher than the 11 percent in the first year of the review.
90 percent of issuers reported having at least one woman on their board, up from 89 percent last year and nearly double the 49 percent in the initial year.
72 percent of issuers included at least one woman in an executive officer role, slightly higher than the 71 percent reported last year, and up from 60 percent in the first review year. However, the percentage of board vacancies filled by women declined, falling from 43 percent last year to 37 percent this year.
Stan Magidson, chair of the Canadian Securities Administrators (CSA) and chair and CEO of the Alberta Securities Commission, observed the progress, stating, “We have seen an increase in representation of women on boards and in executive positions over the last 10 years.”
He added, “Investors have advised that they value disclosure about an organization’s diversity, and we continue to work toward a harmonized national diversity disclosure framework that goes beyond the representation of women.”
This report is expected to be the final year of the current review framework. Following a decade of annual disclosures, the CSA is now considering potential updates to diversity-related disclosure requirements.
An April 2023 CSA Notice and Request for Comment invited public feedback on proposed amendments to Form 58-101F1 Corporate Governance Disclosure of NI 58-101 and suggested changes to National Policy 58-201 Corporate Governance Guidelines.
These proposed changes reflect the CSA’s commitment to developing a harmonized national disclosure framework, informed by input received during the consultation period.
Along with the main findings, the report includes underlying data and data from 113 additional non-venture issuers that were not part of last year’s sample.
The full document, titled ‘CSA Multilateral Staff Notice 58-317 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions – Year 10 Report’, is available on CSA member websites.
Additional data is also accessible from the regulatory authorities in Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, and Saskatchewan.
