ANATOMY OF A TTOOPP CCAANNAADDIIAANN DDIIRREECCTTOORR

77% Male Average Age 23% Female Female Directors ; 61 Male Directors ; 66 All Directors ; 65 EDUCATION & DIRECTORSHIPS

MOST POPULAR ALMA MATER BY # OF DIRECTORS MATRICULATING: 1. University of (691) 2. University of Western (664) 89.2% 3. Queen’s University (507) 9.3% Have Held 4. McGill University (412) Have Held Directorships 5. University of (391) Directorships for 5-15 6. University of (295) for 20-30 Years Years 7. University of Calgary (260) 8. University of Waterloo (194) 9. Université Laval (192) 10. University of (192)

1.5% Have Held Directorships for 35+ Years

74% of directors are found in these 10 sectors: materials, diversified financials, energy, commercial & professional services, banks, capital goods, real estate, , software & services, and utilities.

Info based on available data from this edition of the Directory of Directors.

xi In a year of radical change, it’s still not enough

Three years ago, we called on corporate to with disabilities, Indigenous peoples and other strive for proper representation and gender parity on visible minorities, we need to support them during their boards and executive teams. It was a wake-up call their climb. that progress wasn’t being made fast enough. Unfortunately, the same is still true in 2020, despite Our findings this year – a result of research everything that has changed in the past year. partnerships with the Community Engaged Learning Program at Western University and NorQuest We’ve been through a pandemic. A reckoning in social College’s Colbourne Institute for Inclusive justice issues. Even our ARC has transformed since we Leadership – paint a picture that’s different in paused it in 2018, shifting from a singular focus on scope, context and depth. Yet it’s the same in that women in boardrooms toward a broader view that we still aren’t seeing progress being made fast reflects the entire leadership pipeline. We’re measuring enough; in that we are renewing our call for EDI in more detail, clarity and honesty than ever before. corporate Canada to meaningfully address the gaps If we’re going to see more women leading our we’re seeing: companies and boards, including Women of Colour, members of the LGBTQ2+ community, persons living

xiii FINANCIAL POST

Renewing our call for corporate Canada to meaningfully address the gaps we’re seeing: 76% 55% 65%

76 percent of employers surveyed Only 55 percent of workplaces 65 percent of companies identified have no formal plans to reintegrate address safe and inclusive culture “leadership” as a gap in their women who left their workplaces for towards women in their orientation organization when it comes to domestic, elder or child care roles processes. In addition, recruitment supporting women and EDI in general. during the COVID-19 pandemic. strategies, performance reviews and Improving focus on supportive promotion strategies that specifically functions for women can help women address the advancement of women, advance in their careers, yet just 56 or the removal of gender bias, are percent of respondents have relatively few in number. leadership development programs for women, 65 percent have affinity or employee resource groups, and 70 percent have mentorship programs. 72% 29%

72 percent of businesses have Women make up 29.3% of FP500 identified key metrics to track career boards, a slight increase over development within specific groups, previous years but still short of our yet there’s a deep lack of measurement 2018 target of 30 percent. Women around the diversity of women and represent only 12.2 percent of board underrepresented populations within Chairs and Co-Chairs and 6.8 their organizations in other areas. For percent of Presidents and CEOs. example, only 29 percent of respondents say they track training opportunities for these groups.

xiv DIRECTORY OF DIRECTORS 2022

In response to this research, the following steps are recommended that companies can take to improve their EDI practices and policies:

Address the ways different traditional and cultural gender roles disproportionately impact women by offering more formal transitional support programs and policies as female employees re-enter the workforce. Examples of successful programs and policies include flexible work arrangements, and childcare and eldercare resources or benefits.

To further the entry and advancement of women through the leadership pipeline, companies must make a cultural shift toward inclusive policies and practices throughout the employee lifecycle.

In addition to supportive functions such as employee resource groups, organizations must also consider setting targets on succession and encouraging women to enter their first leadership position.

Hard, accurate EDI data is needed throughout our organizations if we’re going to drive cultural change because it doesn’t just confirm whether a problem exists, but it also tells us how far those problems reach, makes them more difficult to ignore and allows us to track progress on correcting our course.

Implement mentorship and sponsorship opportunities that identify and support diverse talent with a focus on curating developmental opportunities for women, including experiential programs to get women ready for leadership within organizations and at a board level.

This isn’t a call to feel defeated about not doing enough, quickly enough. Just the opposite: it’s a call to roll up our sleeves and get to work on building representation, our talent and our future. It’s an appeal for organizational self-reflection on the values we hold and the way we manifest them through our actions. It’s a motivator to embrace new perspectives and insights that help us innovate and lead the Canadian economy.

The responsibility for change rests on our companies. Too often we focus on changing women rather than addressing institutionalized inequalities in gender, race, sexual orientation and more within our organizations. Too often we focus on helping women over and around the barriers in their path rather than removing those barriers altogether. The radical change we need starts right here, right now, with us.

“ARC: Annual Report Card 2020 - Summary.” Women’s Executive Network and the Diversity Council of Canada, 2021. Reprinted with permission. The full report can be accessed online at https://wxnetwork.com/page/DiversityCouncil.

xv Diversity and leadership at Canadian public companies public Canadian at leadership and Diversity and JenniferBy Andrew Jeffrey MacDougall, John Valley Diversity Diversity Disclosure Practices 2020

xvii FINANCIAL POST

held by by held

held held of CBCA public public CBCA of women of CBCA public CBCA public companies companies public CBCA visible minorities is 5.5% is minorities visible

Number positions board company peoples 7 is Aboriginal The percentage company board seats by Few targets director beyond have for targets peoples Aboriginal Members minorities of visible 1 disabilities with Persons Designated groups (including women) collectively 0 1 2

but by but 58.5% of of 58.5% the

held

companies, At 26 companies TSX-listed of (4.4% companies) CEO is a woman is CEO adopted by adopted of CBCA

persons with with persons

S&P/TSX 60 S&P/TSX disabilities is 6 Targets for women directors directors women for Targets have been TSX-listed of 28.8% only companies Number company public positions board by

have of TSX-listed TSX-listed of 47.6% companies more than 1 than more women director

of a of

of TSX-listed companies companies TSX-listed of

64.7% policies diversity board written have 5% of the time, the chair the company TSX-listed a woman is

xviii DIRECTORY OF DIRECTORS 2022 1 and the gender of directors was estimated using other Statistics Canada data Canada data Statistics was using other estimated directors of and the gender Canada Corporations Returns Act Among the many profound changes ushered in by the COVID-19 pandemic has been a been has pandemic COVID-19 the by in ushered changes profound many the Among dividing lockdown, of stages various entered world the of Most issues. social on focus renewed disease. virulent especially an of advance inexorable the slow to another one from humanity to us enabled that purpose of sense the flipside, the on and, isolation of challenges the Yet an created also vulnerable, most those of lives the protect to action collective responsible take and police, by Floyd George of killing the over outrage public by Ignited change. for opportunity to drive a strong been has there minorities, of mistreatment the of examples many by fueled underrepresented of advancement the to hidden, and express both impediments, the address organizations. in positions leadership to communities of women Advancement boards all of types corporate of in composition gender on data Canada released In January 2020, Statistics data based on companies, and private entities business government companies, public Canada, including returns file that are to required corporations under 10,108 included the data 2017, For and 2017. 2016 from the and probabilistic imputation. The report noted that overall 18.1% of board positions were held by women women by held were board positions of that overall 18.1% noted report The imputation. and probabilistic the had entities business that government noted report The in 2016. 17.8% from increase a slight in 2017, of the board of positions 35.2% holding directors with women women, of representation of levels highest private while for women, by held the board were of seats 21.3% companies, public For in 2017. entities such only 17.7%. held women companies Developments in diversity: A wider focus

xix FINANCIAL POST Canadian institutional investors they how on report to starting are rights voting their exercised have with directly engaged and invest they which in corporations the on diversity gender improve to boards of their investments. , CPPIB , CPPIB , CPPIB , CPPIB 2020 Responsible Investing Report 2019 Report2019 on Sustainable Investing (BCI) – In its 2019 ESG Annual ESG the company Report, 2019 – In its (BCI) (2020). The study reviews the 234 S&P/TSX Composite Index Index S&P/TSX Composite study the reviews 234 The (2020). (CPPIB) – In its – In its (CPPIB) – The review of the CEO’s individual performance for assessing short-term short-term assessing individual for performance the CEO’s of review – The P/ TSX Companies P/

& – Short-term incentive performance for the CEO takes into consideration consideration the CEO takes into for performance incentive – Short-term – The company included an inclusion and diversity measurement in its corporate scorecard scorecard corporate in its measurement and diversity an inclusion included company – The – The percentage of women in senior management is included as a key performance indicator indicator as performance a key is included management in senior women of percentage – The Women in Leadership at S Leadership in Women Bank of Nova Scotia Bank Nova of particularly pool, the bank’s of in the and leadership with diversity depth gender regard to improvements wherediversity, the bank’s vice and president above leadership group is now comprised women of 35% in Canada). globally (39% BCE Inc. executives. the company’s for and pay is linked variable to Inc. used to assess short-term incentive compensation its for executive leadership team. Bank Toronto-Dominion The goals representation and inclusion diversity to relative an assessment includes compensation incentive aligned pillars. the bank’s to and inclusion diversity Corp. Management Investment Columbia British disclosed its engagement efforts with Badger Daylighting Ltd. in collaboration with members of the 30% of 30% the members with Ltd. in collaboration efforts Daylighting with Badger engagement disclosed its the board and on the adoption directors in women an Canada, that in resulted increase of Club the number 2023. by directors women 30% of target an aspirational of Board PlanCanada Investment Pension stated that, as a result of its policy of voting against voting policy investee of the its its chair the as that, of committee of nominating a result of stated circumstances), extenuating no were there (and directors if the board companies has women no public and in 2019 directors with female companies no at against directors 687 vote to whether considered it them. In its of (90%) 626 against of the voted election ultimately if the nominations director for against voting committee responsible the entire considered that it stated resulting in against diversity, gender on progress insufficient against made in voted 2019 that it companies globally. companies public and 323 companies Canadian 10 at public votes In March 2020, Catalyst Canada in collaboration with the 30% Club Canada released its first progress report progress first its Canada released Club with theIn March 30% 2020, Catalyst Canada in collaboration of companies as at December 31, 2019, noting that women hold 27.6% of the board seats of such companies, but but companies, such the board of of seats 27.6% hold that women noting 2019, December as 31, companies at teams. the executive of only 17.9% comprise and diversity of the achievement to compensation they executive ways tie disclosed have companies A few example, goals. For inclusion • • • • voting are their proxy updating the that highlighted fact institutional we investors report, In our 2019 boards to take to action company public on the increase pressure to rights their voting guidelines and exercising increase the number women of in leadership roles. Some Canadian institutional investors are providing details to boardincrease diversity. efforts and engagement policies voting the proxy of the impact on • •

xx DIRECTORY OF DIRECTORS 2022 , the OTPP Board 2019 Responsible2019 Investing Report – In its – In its Board (OTTP) (RAM Governance and Responsible GAM) Corporate 2020 – In in its Internationally Ontario Teachers’ Pension Plan Pension Ontario Teachers’ having for a technology against company committee at the voted chair the that nomination it of stated consider policy globally to its extend would it disclosed it the Further, board on in woman 2019. only one the of members other committee or the supporting chair nomination the and/or governance not of andthe women directors of representation is insufficient there concludes it where committee in situations diversity. gender to describe their approach adequately board does not RBC Management Asset Global directors of semi-annual 18.6% against RBC of report, Investment the voted election GAM that it stated against those cases, the of least was vote partly at In 73% companies. due the U.S. board to at nominated threshold. diversity the board boardto minimum failing gender its meet to 25% to Equilar, According year. prior in available of new seats the filling boards, the with women 46% almost Q1 the by 2020. boards In Russell on 3000 of 22% to increased women companies of the percentage held Change women companies, the for Catalyst that at Catalyst CEO Champions reported 2019, December women. were their executives of and 25.1% in 2013) 22.6% to (compared 2018 board by seats of 30.7% • • a consultation released (“CMM Taskforce”) Taskforce Modernization Markets 2020, theIn July Ontario Capital targets set and to companies TSX-listed require to a proposal including policy proposals, withreport 47 and people people, Indigenous people, Black women, of the representation to inannually relation data provide onthe comment sought also Taskforce The CMM positions. boards officer on and in executive colour, of and people, Indigenous people, Black and 20% women 40% of a suggestion including levels, target appropriate – be diversity racial – including that diversity also recommended CMM The Taskforce colour. of people the Ontario Securities of Commission. level the board at and executive similarly represented were as significant several milestones worldwide advance to continued directors women of proportion The jurisdictions. in other achieved • the FTSE of 100 boards. 33% represent In the women U.K., • the 200 women. ASX by of are held companies the positions director of In Australia, 31.3% • S&P 500 of company 26% represent that women reported Board Index 2019 Stuart’s Spencer In the U.S.,

xxi FINANCIAL POST Under the State of California’s California’s of State the Under public for law parity gender company boards, companies were required at to have least by director women one 31, 2019.December Improving Improving , would require the require , would They have progressed slowly as a result of the pandemic as of a result slowly progressed have They 1 , would require public issuers to disclose to shareholders shareholders to disclose to issuers public require , would Diversity in Corporate Leadership Act of 2019 Diversity of Act Corporate Leadership in , No. 2:19-cv-02288-JAM-AC (E.D. Ca. 20, although Apr. under 2020), it is appeal. Meland v. Padilla Meland v. to report to the Department of State in the corporation’s filing statement the number of woman directors woman of directors number the filing statement in the corporation’s the State Department to of report to their board directors. sitting on and the of number total million headquarters with $5 with sales corporate over corporations stock million $5 and domestic over boardin and Maryland of the number board total members female the of report number are to required as part their annualmembers, of property tax personal filing in Maryland. includingthe matters, of to a range related in provide disclosure offices Illinois to will required be and board composition in assessing considers skills qualifications, corporation experience the and report filed state annual with Thiscorporation’s in disclosure the will officers. included be executive whether they of each director, gender also the law self-identified disclosure The requires of regulators. for the corporation of and practices the policies of and a description as a minority person self-identify officers. and executive directors among equity and inclusion diversity, promoting Under the State of California’s gender parity law for public company boards, companies were required to have at have to required boards, were companies company public parity for law gender California’s of the State Under and women, must boards have two with 2021, By directors five 2019. 31, December by director women least one least two cases At challenging three be women. must them directors, have of if the the board law has more six or wasone been filed, Aprildismissed in 2020. although 1 and compliance has fallen short. According to a March 24, 2020 report from California Secretary of State Alex a March California 24, to Secretary from State report 2020 According has fallen of short. and compliance of reports filed that had those the law and their to subject companies the 625 of halfPadilla, (330) onlyover just woman director. one least at have to requirement with the compliance in being not filed, reported had 48 quotas introduce to legislation are considering Michigan Hawaii, and Washington Massachusetts, Jersey, New similar the California model. to model. a disclosure focus on to instead chosen have states Other U.S. York in New business • do to authorized corporations and foreign domestic requires York New of State The • budgets operating with corporations nonstock domestic tax-exempt In Maryland, 2019, October effective • executive their principal have that are organized or companies many public January by In Illinois, 2021, last Congress year in the are U.S. still first, introduced The diversity in bills progress. on Two Corporate Governance Diversity Through 2019 of Act annually, based on voluntary, self-identified data, the gender, race, ethnicity race, of status veteran their directors, and gender, data, the self-identified voluntary, basedannually, on promote planor to strategy policy, has a issuer whetherthe and officers executive and senior nominees director second, The diversity. ethnicracial, and gender their shareholders to disclose rules to establish Securities requiring to issuer and each Exchange Commission and nominees. director directors board of the issuer’s of racial and ethnic composition the gender,

xxii DIRECTORY OF DIRECTORS 2022 In January 2020, Goldman Sachs’ Sachs’ 2020, January Goldman In effective that announced CEO U.S. 1, and 2020 the in July take will Goldman Europe, is there if only public companies board diverse one least “at on a focus with candidate, 2021, in it And starting women.” two to target this raise will candidates. diverse Gender Strategy Strategy Gender , which states that during states , which the 2019 . The toolkit provides guidance for those guidance for provides toolkit . The stated that since March 2017, it identified 910 companies in companies 910 identified it March that 2017, since stated Investment Stewardship AnnualInvestment Report Stewardship

2019 Stewardship Report 2018-19 Stewardship proxy season, the investor voted against Russell than 1000 at directors voted 52 fewer two that had companies the season, investor proxy their boards. on directors diverse other no or women the U.S. market that do not have a female board member. Although almost half added these companies board of member. a female have not that do market the U.S. these 421 of at director against least one at voted Street State the remainder for 2019, by director, a female through March February 2018 from companies 2019. Some institutional investors are providing statistics in are statistics their providing annual institutional investors reports regardingSome stewardship the actions example, For taken inthey furtherance diversity. have gender of • in its Street State Project Boardroom Accountability announced of the launch City Comptroller York the New 2019, In October and asked 2017 2.0, began Project in Boardroom September Accountability 3.0. National An initiative, earlier skills regarding director’s their director disclose each matrix, to information companies including U.S. 151 Boardroom skills, and and attributes. ethnicity race experience as as well details regarding director’s each gender, a policy requiring adopt that each requesting companies, 3.0 target 56 plans Project to Accountability – CEO appointments and board for seat every open for colour of and people both women of the consideration in the Rule” NFL, the “Rooney to certain teams requires which interview minority for to candidates similar Office that the Comptroller’s companies 17 to submitted subsequently were proposals positions. Shareholder as lackingidentified had racial diversity in senior leadership roles, mostof which were withdrawnprior to candidates. such of the selection to Rule approach a Rooney agreed adopt the to company when voting Europe, U.S. and July 1, in 2020 the In January CEO announced 2020, that effective Goldman Sachs’ board with candidate, a focus diverse on least one Goldman is “at will only if there take public companies will Starting it in raise 2021, this candidates. two targetdiverse to women.” Equality Gender the Australian Agency of issued recently Government Workplace The A direction for achieving gender equalityToolkit: your in organization • BlackRock also its released aims It Equality. Gender for Choice of an become Employer or best practices aimingorganizations adopt to their progress them assess equality helping by gender on make to progress intending organizations assist to and momentum take strategy enhance to to and needed their generate gender theand steps understand also toolkit The highlightssustainability. leading best practices.

xxiii FINANCIAL POST The BlackNorth Initiative Initiative The BlackNorth challenges senior Canadian a CEO sign to leaders business Pledge committing their and actions specific to companies anti- end to designed targets create and racism systemic Black in those of all for opportunities Black, the underrepresented colour of people and Indigenous communities... (CBCA), and especially as (CBCA), a result report in August report 2020. Examining Diversity Leads 2020 Canada Business Corporations Act Canada Other diversity characteristics diversity Other In past years, we gender. beyond diversity address the focus to need on This an year to accelerated is witness include to gender on a focus solely was regarding beyond evolving diversity that thereported conversation has changed dramatically the new of in the light conversation characteristics. However, diversity other in disclosure rules the out diversity set In June 2020, the Canadian Council Business of Leaders Against Anti-Black Systemic Racism was established increasedto promote Black representation in corporate leadership positions. In July launched it the the Canadian and Aboriginal the from Canadian with Council Business for support Initiative BlackNorth Canadian challenges senior BlackNorth business Initiative The Financial Urban Professionals. of Association leaders to sign a CEO Pledge committing their companies to specific actions and targets designedto end anti- Indigenous Black, all in those the underrepresented for of opportunities and create racism systemic Black based in and board roles executive of least 3.5% at of a target including communities, colour of and people Canada being held by Black leaders by 2025. Over 300 organizations have already signed the pledge. TSX- require to proposals includes report consultation the 2020 CMM above, July As Taskforce noted people, Black of the representation to targets set and annually in to relation data companies listed provide a suggested target positions, boards officer on and in executive colour, of and people people, Indigenous be diversity that racial and recommended colour of and people people, Indigenous people, Black 20% of the Ontario Securities of Commission. level the board at and executive similarly represented its issued Institute Diversity University’s Ryerson and , Halifax, Calgary, the report London Hamilton, , Montréal, Toronto, from data provincial agencies, municipal and sectors: five across directors boards individuals of on 9,843 reviewed and the education sector; the hospital the voluntary sector; sector; the corporate boards and commissions; sector (consisting both of university and college leaders and elected board members who govern school studied, the cities of the population of 28.4% represent that people racialized found report The boards). are leaders Black that concludes report The sectors. in five those the board of positions only 10.4% hold but 5.6% representing overall despite board positions Canadian of from only boards, 2% mostly absent holding in cities. those the population of of worldwide public reaction to the death of George Floyd and the outpouring of support for the Black Lives Lives the Black for and the support outpouring of George Floyd the of death to reaction public worldwide of movement. Matter

xxiv DIRECTORY OF DIRECTORS 2022 Internationally Demonstrations and on-line support for the Black community in the United States have prompted a wide a wide prompted have States community in the the United Black for support and on-line Demonstrations levels. management change senior at accelerate to initiatives a few of the launch including variety reactions, of on shareholders behalf of overdiversity lawsuits derivative a California firm law shareholder filed In July, their fiduciary and Qualcomm. allege breached lawsuits that directors the The Facebook board of Oracle, of with anti-discrimination compliance failingduty by the diversify The board laws. to and failing monitor to false with also theirshareholders deceiving fiduciarydutylawsuits by allege breached that the directors diversity. to commitment theassertions company’s about Directors the Latino Corporate of comprised Coalition, Directors In August Corporate 2020, the Diverse issued Foundation, Quorum Pinnacle, and WomenCorporateDirectors Ascend Leadership Out Association, call asks boardrooms. boards inThe American action to to corporate diversity increase a call to action to for thispurpose and equity inclusion and to diversity, a commitment reflect to policies governance update ethnic race, subgroups gender, encompasses that of diversity definition an of inclusive adoption encourages disability LGBT+, Americans, Native Alaskan Natives), Hawaiian and Pan-Asian Islanders, and(Latino, Pacific the board of the composition on status. data are Companies disclose also to and veteran encouraged a board towards also Coalition and The ethnic group urges each boards by work disaggregated subgroup. to specific and recommends groups, under-represented coming from the directors of least 50% equity goal at of that boards can that goal.practices reach help principal whose company public each require to legislation 2020, California approved In September froman underrepresented one a director of have minimum to in the state located are offices executive if the least two directors at such have 2022, to and, 31, December by 2021 community 31, December by than the board on is less directors directors nine least three of and if the of number at number directors such “an community” individualwho as “underrepresented an a from bill defines director The is nine and greater. Native NativeAmerican, Black, Africanas American,self-identifies Hispanic,Islander, Pacific Asian,Latino, bisexual,or transgender.” lesbian, as gay, self-identifies who or AlaskaHawaiian, or Native, the U.K. by supported initiative business-led an independent, Review, theIn the Hampton-Alexander U.K., in November companies fourth its the among FTSE annual 350 diversity provided on report government, on women of representation 33% targets of established previously Review had Hampton-Alexander The 2019. of end by the officers executive senior certain and among of companies groups the boardsthe FTSE 350 of is close the which boards FTSE on 32.4%, 100 has of reached companies women of representation 2020. The boards FTSE 250 on women of the representation 2020 deadline. ahead target of The achievingto the 33% In particular, in 2018. 111 boards 24.9% a rise are from at represents which in 2019, 29.6% has to increased boards indicates are report & Done” markedly and The “One reduced. 66 last year, to compared above, or 33%

xxv FINANCIAL POST that there are now only two FTSE 350 boards made up solely of men and 42 that have only one woman on on woman and 42 only one men that have of solely boards up only two are made that FTSE there now 350 women of Review also thatin increases the representation reported their board. Hampton-Alexander The on Combined the women of withrepresentation the remainsslow, positions officer executive senior among in 2018. 24.9% from 27.9% to Committee and Direct in 2019 Executive Reports increasing example, For diversity. expanded the focus new on of the impact are considering Institutional investors reviewed it Lloyds planwhen diversity a company’s became to rating agencyassess the first credit Moody’s because positive” views the that and plan strategy it reported “credit “Race new Action” Banking PLC’s Group socialto exposure risk.” at reduce Lloyds’ staffand alllevels “will it diversity improve has pandemic COVID-19 The stay. to is here sense in a broader diversity focus increased on sudden The expect further we will which initiatives prompt generally, in more social issues interest a renewed initiated of in Canadaallin elsewhere and groups to enhance be inclusive and voluntary – to efforts – both legislated come. to the months

xxvi DIRECTORY OF DIRECTORS 2022 3 19% held by women Total board seatsTotal Women on boards in 2019 in boards on Women their on women the disclosed of the number companies 710 fullFor 2019, December 31, year ended 5,427 which of board seats, approximately of a total counted we these companies, 710 boards. For the board among total seats of 19.0% held women these Based results, on women. by held were 1,031 full-year the to compared For 2018. 2.5% an of increase disclosure, representing providing companies for full-yearrepresenting S&P/TSX 60 these193 corresponding 648 figures companies, 2019, were and the S&P/TSX 60 the of the board among total 60 providing seats of 29.8% members approximately the S&P/TSX 60 of last that year companies reported disclosure. Although members that we the 53 of members the seven (30.2%), level the 30% exceeded had 2019 31, July as disclosure at provided had in decrease the full-year in in the a slight year resulted result. later that reported the index Remaining board seats 81% FIGURE 1 OF PROPORTION 2019 WOMEN BY HELD SEATS BOARD 710 disclosed: that companies Total 2019 full-year results full-year 2019

xxvii FINANCIAL POST 37% 35% 24% 28% No women No women No One woman One woman FIGURE 2 OF PROPORTION 2019 WOMEN DIRECTORS 710 disclosed: that companies Total than More one woman 39% FIGURE 3 2019 PROPORTION OF WOMEN EXECUTIVE OFFICERS companiesTotal that disclosed: 659 than More one woman 37% one woman on their board (up their board (up on woman one On a company-by-company basis, based on the data reported by these 710 companies, there was there these by an companies, 710 reported On basis, the based a company-by-company data on these of boards, on while the 699 that the disclosed percentage companies women 1.45 of average both representing directors, women of 17.4% approximately their boards of on an had average women full-yearan the corresponding from increase respectively. figures of 1.29 2018 and 14.9%, their boards, (24.2%) on 169 directors women Of the disclosing of the number companies 710 in 2018. 31.6% the board, on from a further having women reported no and significant improvement the from increase a slight (representing director woman one had (36.8%) companies 261 of A total than having more reported and 280 (39.4%) 2018), reporting for 34.9% 2019 in officers executive Women employed executives women regarding of the number information disclosed companies full-yearFor 659 2019, Companies women. disclosed that are that officers their executive of the disclosed percentage and them, 638 by executive 1,114 of and a total executives 1.69 women of an average reported executives women of the number average an executives, women of percentage the those disclosed that women. Among by held positions officer to compared our flat generally are numbersThese women. by held were positions officer executive of 16.8% of positions officer executive holding women of number full-year both with the results, to average respect 2019 by from 0.8% (up women by held positions such of percentage to full-yearaverage and the compared 2018) (flat full-year for 2018). 16.0% in 227 officers full-year executive 2019, their women of the that disclosed number companies Of the 659 womanexecutive one having reported (28.4%) 187 officers, executive women having zero reported (35.6%) slight a represents This officer. womanexecutive one morehaving than reported (37.2%) 245 and officer, andincrease in an 2018) in 36.0% (down from officers executive women having in zero decrease companies 2018). reportedin thefrom 2.5% 34.6% over (up officer than executive woman havingcompanies more one companies reported of significantproportion a officers, executive female of numbers low the relatively Despite (or 713 of 533 with officers, executive identifying and appointing when account into they takewhether gender in 2018). reporting in companies 73.1% full-year from indicating that they so (up did 2019 74.8%) from 33.5% in 2018). At five companies (Cogeco Communications Inc., Diversified Royalty Corp., DREAM Diversified Inc., (Cogeco Communications companies five At in 2018). 33.5% from of more or 50% held women Inc.) and Saputo Inc., Gold New MCAN Corp., Unlimited Corporation, Mortgage the board seats.

xxviii DIRECTORY OF DIRECTORS 2022 3.8 26% 23% 3.3 22% 21% 21% 21% 3.0 19% 2.5 2.5 15% 14% 14% 2.0 13% 12% 1.7 1.3 1.2 1.2 8% 1.1 1.0 1.0 Number of women executive officers officers womenPercentage of executive FIGURE 5 INDUSTRY2019 BREAKDOWN OF NUMBERS AND PERCENTAGES OF WOMEN EXECUTIVE OFFICERS companiesTotal disclosed: that 659 / 638 (#) (%) Utilities & Pipelines Communication & Media Consumer Products & Services Clean Technology Industrial Products & Services Forest Products & Paper Real Estate Technology Life Sciences Oil & Gas Energy Services 30% 3.1 27% 2.6 23% 22% 21% 2.1 20% 20% 19% 1.9 1.8 17% 1.7 16% 1.5 1.4 13% 1.3 12% 1.2 11% 1.0 0.9 0.9 Number of women directors Percentage of women directors FIGURE 4 INDUSTRY BREAKDOWN2019 OF NUMBERS AND PERCENTAGES OF WOMEN DIRECTORS companiesTotal disclosed: that 710 / 699 (#) (%) Utilities & Pipelines Communication & Media Financial Services Consumer Products & Services Clean Technology Industrial Products & Services Forest Products & Paper Real Estate Technology Life Sciences Oil & Gas Mining Energy Services Breakdown by industry for for industry by Breakdown 2019full-year in Figures 4 and 5, the industriesAs demonstrated of with and the number percentage highest & Pipelines, Utilities were in 2019 directors women and Clean & Media, Technology Communication & Services, Products Consumer while Real Estate women of percentage the average highest reported reported Pipelines andUtilities and officers executive Other performers strong number. the average highest and Consumer & Paper Products Forest were Products & Services.

xxix FINANCIAL POST With 7% targets FIGURE 7.2 ADOPTION – TARGET RATES 2019 WOMEN EXECUTIVE OFFICERS companiesTotal that disclosed: 691 Without targets 93% With targets 22% FIGURE 7.1 ADOPTION – TARGET RATES 2019 WOMEN DIRECTORS companiesTotal that disclosed: 719 Without targets 78% With policies 58% Diversity policies and targets for full year 2019 year full for targets and policies Diversity adopt than to policies they were board willing diversity far remained adopt more companies to In 2019, officers. executive women of the proportion serving for or as women directors of the proportion targets for a written board of diversity not) disclosure regarding (or the existence that provided companies Of the 733 an As in Figure shown 6, this represents policy. has a board companies those diversity of 426 (58.1%) policy, 2018. from increase 6.2% approximately a target adopted (21.6%) 155 target in disclosure 2019, board diversity that provided Of companies the 719 the 691 of (6.5% companies Only 2018. 45 from 4.0% anapproximately of increase directors, women for to the compared flat essentially 2019, in officers executive women for a target adopted reporting) companies and 7.2. are results illustrated Figures These by 7.1 so in 2018. that disclosing they done had 6.6% Without policies 42% gaining women in seats boardroom,the for progress slow the full-yearResults for continued reflect 2019 one least at that already have issuers at directors women more of the addition principally as of a result essentially was however, positions, officer in executive women of representation The board member. female full the prior to unchanged year. compared FIGURE 6 DIVERSITY BOARD 2019 RATES ADOPTION POLICY companiesTotal that disclosed: 733

xxx DIRECTORY OF DIRECTORS 2022 22% held by women Total board seatsTotal 4 FIGURE 8 PROPORTION2019 OF TOTAL WOMEN BY HELD SEATS BOARD COMPANIES) (ALL companiesTotal that disclosed: 588 Remaining board seats 78% Number and percentage of women directors women of percentage and Number their boards, on with directors of a total women the of disclosed number had companies 2020, 586 31, July As of board Based seats. 4,599 of a total of out women by as held being reported these companies at board987 positions 2020, an for disclosure providing companies the board among total seats of 21.5% held women these results, on year-to-date However, women. by held board seats company TSX total of in the proportion 3.0% over of increase takingof issuers a significantnumber as reporting of companies a result 2020 are fewer based on for results normal annual of permitted extensions meeting and filing of filingdelay deadlinesadvantage to their disclosure total full-year of that certain for our results the percentage of 2020, including anticipate in 2020. We until later than our lower mid-year results as which companies those 1% will women, be by approximately board held seats resultslast year. diversity average below had in file deadlines collectively to disclosure the extension advantage took respectively, board seats, and 593 the during 60 S&P/TSX 187 companies this for results Corresponding were period the S&P/TSX 60 of disclosure. These providing members the the board 53 among total seats of 31.5% representing on companies theof boards S&P/TSX60 representation female figuresof smallreflect a increase level in the in the extension of advantage S&P/TSX 60 took No mid-year companies from 2019. 1.2%) approximately by (up year-over-year not for arisedo concerns of comparability results filingthe deadline materials for accordingly, and, S&P/TSX the broader on women by board held seats of also the tracked percentage the S&P/TSX 60 We companies. the total. Unsurprisingly, of 28.3% representing women, by are held 535 board the seats, 1,893 – of index composite this group of companies has results that are stronger than the broader group of companies subject to the Diversity as the as companies. S&P/TSX strong 60 those of quite of group not but Requirement Disclosure Mid-year results for 2020: for results Mid-year Women on boards on Women

xxxi FINANCIAL POST 31% 20% 2020 17% 29% 2019

28% 15% 2018 26% 2017 All companies S&P/TSX 60 companies 13% 13% 24% 2016 FIGURE 9.2 9.2 FIGURE AVERAGE PERCENTAGE DIRECTORS WOMEN OF Total companiesTotal that disclosed: 2016: – 2017: 684 | 2018: 682 | 2019: 645 | 2020: 579 S&P/TSXTotal 60 companies that disclosed: 2016: – | 2017: 56 | 2018: 56 | 2019: 53 | 2020: 53 3.53 1.68 2020 18% 34% No women No One woman 3.34 1.44 2019

3.31 1.29 2018 2.96 1.13 2017 All companies S&P/TSX 60 companies 0.96 2.68 2016 FIGURE 10 WOMEN OF PROPORTION 2019 DIRECTORS COMPANIES) (ALL companiesTotal that disclosed: 586 More than More one woman 48% FIGURE 9.1 9.1 FIGURE NUMBERAVERAGE DIRECTORS WOMEN OF companiesTotal that disclosed: 2016: 693 2017: 692 | 2018: 680 | 2019: 657 | 2020: 586 S&P/TSXTotal 60 companies that disclosed: 2016: 58 | 2017: 54 | 2018: 55 | 2019: 53 | 2020: 53 For the 586 companies disclosing the number of women directors on their their on directors women the disclosing of number companies the 586 For the and for women, by 1.68 board held boards, seats of was there an average their boards, on there women of the disclosing percentage companies 579 these boards. on directors As in reflected women of 19.8% of was an average women a reflect of numberfurther numbers Figure 9.1, increase in average the and and also 1.44 in 2018 a reflect timefurther (1.29 boards on in over 2019), prior to boards on compared women of percentage inincrease the average in 2019). and 17.2% in 2018 years (14.8% all-male decline meaningfully, to of falling boards percentage continues to The and 31.3% in 2019 24.1% to in 2020, compared reporting) companies (107 18.5% their on all of women reporting companies the of number Over 81.5% in 2018. director. female one least at have board now

xxxii DIRECTORY OF DIRECTORS 2022 46% 38% 31% 2020 27% 25% 24% 24% 24% 22% 21% 21% 21% 20% 20% 19% 18% 17% 2019 15% 15% 14% 13% 9% 8% 6% ) 2018 3% Percentage of companies 2017 2016 FIGURE 11.2 DIRECTORS WOMEN OF PERCENTAGE COMPANIES (ALL Total companies that disclosed that companies Total 2016: – | 2017: 684 | 2018: 682 | 2019: 645 | 2020: 579 0% women directors 1–14% women directors 15–24% women directors 25–34% women directors 35%+ women directors 46%

37% 37% 35% 35% 34% 31% 30% 2020 24% 23% 21% 19% 18% 2019 14% 14% 14% 9% 8% 8% 6% 6% 5% ) 2018 4% 4% 4% 3% 3% 3% 2% 2%

Percentage of companies

2017 2016 FIGURE 11.1 NUMBER OF WOMEN DIRECTORS COMPANIES (ALL companiesTotal that disclosed 2016: – | 2017: 684 | 2018: 680 | 2019: 657 | 2020: 586 No women directors 1 woman director 2 women directors 3 women directors 4 women directors 5+ women directors Building on last year’s significant gains,Building last year’s on the women boards of with more two or percentage significantly increased directors again thisyear. As in highlighted Figures and 11.1 11.2, nearly that reported companies the 586 of half (47.8%) than woman more one have that they now indicated 9% their board approximately – anon of increase 38.7% the last year same period to where compared than having reported reporting more companies of their board. on woman one So far in 2020, the based disclosure provided, on the nine board of at more or 50% comprise women Logistics Fund, Chemtrade Income companies: Trust, Investment Real Properties Estate Choice DREAM Silver Majestic Unlimited Corp., First Bank Laurentian Corp., Canada, Lawn Park of Incorporated, Auctioneers Bros. Ritchie Corporation, Inc. Systems Fuel Inc. and Westport Saputo and the list on in 2019 DREAM were and Saputo the are additions. rest new 2018; largest that Canada’s demonstrate data This year’s companies continue to be leaders in gender areas of in although the a number diversity, gaps are narrowing between the leaders and the the Diversity to subject companies of group broader Disclosure Requirement. The trend relatively for in this better perform is regard to issuers larger consistent with broader trends internationally, the since has in our data constant and remained it was introduced. Requirements Disclosure Diversity

xxxiii FINANCIAL POST 51% 51% 43% 40% 38% 34% 34% 2020 27% 25% 20% 20% 20% 2019 17% 14% 13% 13% 11% 9% 8% 5% 2018 4% 4% 2% 0% 0% Percentage of companies 2017 2016 FIGURE 12.2 DIRECTORS WOMEN OF PERCENTAGE 60 COMPANIES) (S&P/TSX Total companiesTotal that disclosed 2016: 58 | 2017: 54 | 2018: 55 | 2019: 53 | 2020: 53 0% women directors 1–14% women directors 15–24% women directors 25–34% women directors 35%+ women directors 29% 29% 28% 28% 27% 26% 26% 26% 24% 24% 23% 22% 21% 20% 19% 19% 18% 2020 15% 14% 14% 2019 9% 9% 9% 6% 5% 4% 4% 2018 2% 0% 0% Percentage of companies 2017 2016 FIGURE 12.1 NUMBER OF WOMEN DIRECTORS 60 COMPANIES) (S&P/TSX disclosed that companies Total 2016: 58 | 2017: 54 | 2018: 55 | 2019: 53 | 2020: 53 No women directors 1 woman director 2 women directors 3 women directors 4 women directors 5+ women directors For the 53 S&P/TSX 60 companies that have S&P/TSX 60 that have the companies 53 For their on directors women thedisclosed of number board positions 3.53 board, was of there an average companies the 53 and, of company disclosing per their boards, on women of reporting the percentage directors, women 30.8% of wasthere an average This is in 2018. and 27.71% 29.07% from in 2019 up in Figureshown 9.2. S&P/ disclosing of 96.3%) or (51 vast majority The having 60 reported TSX more two companies or Of companies, those board 51 members. women five have disclosing) those of (21.6% 11 companies and three women by held board positions six or have those disclosing) of (5.9% companies data These women. by held board positions more are in described Figures 12.1 and 12.2.

xxxiv DIRECTORY OF DIRECTORS 2022 30% 30% 29% 27% 26% 24% 23% 23% 23% 22% 22% 21% 21% 20% 20% 18% 18% 17% 16% 16% 15% 14% 2019 2020 13% 13% 13% 11%

FIGURE 13.2 DIRECTORS WOMEN OF PERCENTAGE BY INDUSTRY companiesTotal that disclosed 2019: 645 | 2020: 579 Utilities & Pipelines Communication & Media Financial Services Consumer Products & Services Clean Technology Industrial Products & Services Forest Products & Paper Real Estate Technology Life Sciences Oil & Gas Mining Energy Services 3.13 3.11 3.00 2.53 2.42 2.19 2.08 2.00 1.98 1.92 1.91 1.77 1.73 1.68 1.54 2019 2020 1.44 1.41 1.39 1.25 1.18 1.12 1.08 1.02 1.00 0.96 0.90 FIGURE 13.1 NUMBER OF WOMEN DIRECTORS BY INDUSTRY Total companiesTotal that disclosed 586 2020: | 657 2019: Utilities & Pipelines Communication & Media Financial Services Consumer Products & Services Clean Technology Industrial Products & Services Forest Products & Paper Real Estate Technology Life Sciences Oil & Gas Mining Energy Services Women board representation representation board Women by industry women of and number percentage average The vary to significantly continues directors across percentage while the example, average industries. For in & Pipelines the board Utilities members female of on board members, of industry only is 29.8%, 13.9% in the Energyaverage, Services industry are women. and & Pipelines the Utilities and 2018, As in 2019 industries both & Media had theCommunication and directors women of percentage average highest directors. women of number the average highest On an industry-by-industry basis, continues there be varyingto growth degrees of in 2020 compared changes These are illustrated in 2019. Figures to and directors women of number The and 13.2. 13.1 generally directors women of percentage average is consistent which industry, inincreased each with female in increase the of the general number with those companies and, among directors directors, women of numbers average low relatively with the companies decline in the of number and the in increase those directors with female no directors. female reporting more twocompanies or

xxxv FINANCIAL POST 65% 94% 2020 61% 87% 2019 91% 54% 2018 47% 83% 2017 Policy adoption rate by year by rate adoption Policy All companies S&P/TSX 60 companies 74% 34% 2016 FIGURE 14 GENERAL DIVERSITY BOARD POLICY ADOPTION RATES Total companiesTotal that disclosed: 2016: 733 | 2017: 718 2018: 705 | 2019: 680 | 2020: 587 S&P/TSXTotal 60 companies that disclosed: 2016: 57 | 2017: 57 | 2018: 56 | 2019: 54 | 2020: 53 New appointments director their to in adding women companies TSX-listed among made being the progress monitor to continue We as director election for nominated being boards, women regarding and data the again of number gathered during yearto thethe first appointed because fill vacancy been had time either a in for they 2020, that the an relevant at in asincrease of board a result size meeting or occurredhad the last since shareholders’ that fully companies there the 594 partially or Requirement, For Disclosure Diversity satisfied the company. last an to in or increase Compared board vacancies size. to 405 that board due became seats available were there 100 of part be board a result may seats, which of was there a decline in approximately turnover by year, takingto companies flexibility to of 2020 due advantage 31, July in our to results included issuers fewer being filing materials in 2020. disclosure delay diversity their totalof the 35% fill to approximately or nominated 141 board seats, were women the 405 positions, of However, to compared 1.6% approximately a decline of board This represents seats. vacated or created newly of number board seats. created newly or one-third vacant fill of to over be appointed to continue women but 2019, isIt also noteworthy that companies in the broader S&P/TSX composite index saw women appointed to in part result may the focus from on percentage This higher board positions. “new” of 44.9% approximately advisory the by proxy this companies firms of group in thisregard. and nomination the to related & policies diversity on policies Board boards on women of identification in 2020. Of these, policies 380 board diversity they adopted whether on reported companies Overall, 587 a further increase This represents policy. a written board that disclosed they diversity have 64.7%) (representing in 53.6% from (up policies such of reporting the adoption companies disclosing of in the percentage 4% over of that they reporting indicated companies the 53 of S&P/TSX 50 60 Among companies, in 2019). and 60.3% 2018 all of reporting, reflects companies which 94.3% policy – this a written board diversity represents adopted had in 2019. reported the 87.0% and from in 2018 reported the 91.0% an from increase a written policy the board seeks has whether adopted disclosure on Requirement Disclosure Diversity The Not companies all disclosing women directors. of nomination and identification to thatthe specificallyrelates to the the policy specifically whether related policy stated a written board diversity that adopted they had not. specifically did companies it some and disclosed that directors, women of nomination and identification and the identification to they a written policy had relating not or whether disclosed companies In 2020, 581 a policy, that they such had indicated these companies of (62.7%) and 364 directors, women of nomination in 2018. and 42.9% in 2019 51.9% to compared

xxxvi DIRECTORY OF DIRECTORS 2022 63% 2020 52% 2019 43% 2018 of women directors 36% 2017 to identificationto and nomination Adoption of specific policy related related policy specific of Adoption 26% 2016 FIGURE 15 OF POLICY ADOPTEDNATURE COMPANIES) (ALL companiesTotal that disclosed: 2016: 728 2017: 718 | 2018: 692 | 2019: 673 | 2020: 585 Among S&P/TSX 60 companies, 53 companies specifically a companies had policy whether they written 53 S&P/TSX 60Among disclosed companies, adopted had that they stated (90.6%) 48 and directors women of nomination and the identification to relating fall companies index in the metrics, S&P/TSX composite other on found As have we a written policy. such of 87.1% with over asbetween the the companies a whole, TSX S&P/TSX 60 and the companies for results the a written policy for policy that includes a board that diversity they companies have disclosing companies directors. women of nomination and identification that a policy indicates a board diversity reporting adopted that companies they have disclosure from The a include of policies these A significant majority characteristics are considered. diversity range of broad these in respect of the disclosure made with of most diversity, of regarding the consideration statement broad under characteristics to considered be that listare specific proceeding then a rangediversity to of policies the policy. Of these specific diversity characteristics, gender is the most frequently referenced characteristic those of 82.6% policy the (representing a board thatamong disclosing 380 they diversity companies have companies reporting). the by CBCA, governed reporting require companies which public for disclosure requirements diversity New on a broader range diversity of characteristics resulted in a significant issuers of increase percentage in the companies Such policy in 2020. in their diversity characteristics considered thedisclosing specific diversity with characteristics corresponding the that disclose policy their addressed written board to diversity tended cited most frequently the next five After the gender, CBCA under Requirement. groups” “designated prescribed up (57.4%, ethnicity/race were policies diversity characteristics to inindividual the relating disclosure diversity from up (30.3%, geography 20.8%), from up skills/expertise (40.5%, 31.7%), from up age (44.7%, 40.9%), from of Aboriginal status as a diversity identification The 10.4%). from up with (29.5%, and disabilities persons 19.1%) the of 23.2% policy also in in the this diversity appears approximately disclosure; characteristic considered specifically listingidentifyexamples Aboriginalof companies and/ with persons number disabilities The status. Aboriginalor status in their has disclosure significantly increased thisyear – in Aboriginalof casethe status, 7.3%). (from 16% approximately by

xxxvii FINANCIAL POST Ethnicity/race Age Skills/expertise Geography Persons with disabilities theDo principles of meritocracy compromise want not to the best result in not May being selected candidates are ineffectivePolicies or arbitrary Policies are under consideration Diversity adequate/ are already levels All characteristics of diversity are considered equally 1 2 3 4 5 1 2 3 4 5 FIGURE 17 FIGURE REASONS FIVE TOP ADOPTING FOR NOT DISCLOSED WRITTEN DIVERSITY BOARD POLICY FIGURE 16 DIVERSITY DISCLOSED FIVE TOP POLICY CHARACTERISTICS GENDER BEYOND We note that it is possible that the diversity policies provide additional details additional provide policies that the diversity is possible that it note We in summaries reflected characteristicsthe that are not regarding diversity other diversity five the top is a list of Figure 16 issuers. by disclosed the policies of of the order in by companies characteristics than – identified – other gender with they are which cited. frequency a written policy the with to respect adopted not that have Companies explainto why. required are directors women of nomination and identification has 2020Although is the sixth Requirement Disclosure year the Diversity one-fifth companieshad they of disclosing that approximately been in effect, done they not had why the disclose reason a policy not did such adopted not a such adopting not for a reason that disclose did companies those Among so. a significant by given reason margin common the most wanting wasnot policy, that is consistent is a result which meritocracy, of the principles compromise to policies adopting not for reasons five top with years.The our findings prior in with the they frequency which occurred. of in the order are in listed Figure 17

xxxviii DIRECTORY OF DIRECTORS 2022 59% 29% 2020 23% 2019 17% 54% 54% 2018 Do not want to compromise theDo principles of meritocracy compromise want not to the best result in not May being selected candidates are ineffectiveTargets or arbitrary numberSmall of directors or low turnover Diversity adequate are already levels 47% 12% 2017 Target adoptionTarget rate by year 1 2 3 4 5 FIGURE 19 REASONS FIVE TOP ADOPTING FOR NOT DISCLOSED FOR WOMEN DIRECTORSA TARGET All companies S&P/TSX 60 companies 39% 10% 2016 FIGURE 18 FOR REPRESENTATION TARGETS OF WOMEN ON BOARDS Total companiesTotal that disclosed: 2016: 728 2017: 700 | 2018: 686 | 2019: 668 | 2020: 577 S&P/TSXTotal 60 companies that disclosed: 2016: 57 | 2017: 57 | 2018: 56 | 2019: 54 | 2020: 53 Targets for women on boards boards on women for Targets women of targets respecting the representation for rates theAlthough adoption disclosing increase in the of number was there a 6.3% boardson remain low, companies such of – in a target 2020, 28.8% such that adopted companies the companies 577 of 167 representing a target, thatdisclosed they adopted had in 2019). 22.5% from targets (up such they adopted had not or whether disclosing they a had not or S&P/TSX 60 that whether disclosed the companies Among 53 an increase having reported a target. This represents (58.5%) companies 31 target, targets. S&P/TSX 60 had companies of 52.7% when 2019, from targets, the reasons were adopting not that reported companies those Among policies, board diversity generally similar failing adopt as to for given those of principles compromising with about indicating concerns the vast majority than other in someone having result that may a target or concerns meritocracy qualifiedthe havingthe to most selected.be reasons candidate Other included when or arbitrary that targetsinappropriate are areconcerns and/or ineffective most five the the board. on small top directors considering The of number reasons disclosed arecommonly in listed Figure 19.

xxxix FINANCIAL POST Female board chairs & committee chairs chairs & committee chairs board Female is a chair of of the where directors boardthe companies those identified we years, in recent done As have we board compared chairs female this that stable the of number found year has relatively remained woman. We that fully companies the 594 partially of or with the Diversity 5.2% complied (or companies – 31 2019 to those of (4.5% companies 31 to in the a woman board compared chair have role, Requirement) Disclosure fully partially or in 2019. disclosing) TSX board disclosing committees with chairseach of the at number female This at again year we looked with companies full woman that partial 258 least one or at found had disclosure diversity We company. these Ofserving companies. of as the 43.4% chair a standing of the board, committee of representing reported while 77 companies committee chair woman having (30.5%), reported one companies these, 181 are only 348 committee There female than serving woman having more one as a committee chair (13.0%). serving per women as committee of chairs all number 0.59 chairs, at translatingan of companies to average in 2019. 0.43 from slightly is up number This average company. boards is being company TSX-listed on directors women of in the increasing proportion progress Gradual reflected in an increase in women in board committee leadership these roles.However, changes have yetto servingwomen of in board chairroles. proportion influence the

xl DIRECTORY OF DIRECTORS 2022 5 17% 2020 17% 2019 16% 2018 2017 15% 15% 2016 FIGURE 20.2 PERCENTAGE OVERALL AVERAGE OF WOMEN EXECUTIVE OFFICERS Total companiesTotal that disclosed: 2016: 654 | 2017: 645 2018: 630 | 2019: 588 | 2020: 526 1.59 2020 1.73 2019 1.71 2018 1.43 2017 1.54 2016 FIGURE 20.1 NUMBEROVERALL AVERAGE OF WOMEN EXECUTIVE OFFICERS Number and percentage of women in executive officer positions officer executive in women of percentage and Number total reported a companies These officers. executive women of the disclosed number companies In 2020, 529 executive women 1.59 reported companies these average, On women. by held positions officer 841 executive of executive in women of percentage companiesthe disclosing 526 whilethe company, per positions officer Thesewomen. by held are positions officer executive of their 17.1% of average reported thatan positions officer to last compared year reported officers executive women of number decrease a in reflect average the numbers percentage in increase the average and a slight respectively) and 2019, 2018 2017, of each for and 1.73 1.71 (1.43, 2019). 17% in and 2018 16%in (justunder women by held positions officer executive of Total companiesTotal that disclosed: 2016: 668 2017: 649 | 2018: 651 | 2019: 609 | 2020: 529 positions Mid-year results for 2020: 2020: for results Mid-year Women in executive officer officer executive in Women

xli FINANCIAL POST 41% 40% 37% 35% 33% 2020 22% 21% 21% 20% 20% 19% 19% 18% 16% 15% 2019 14% 14% 13% 13% 13% 12% 11% 11% 11% 10% ) 2018 Percentage of disclosing companies 2017 2016 FIGURE 22.2 EXECUTIVE OFFICERS WOMEN OF PERCENTAGE COMPANIES (ALL disclosed that companies Total 2016: 654 | 2017: 645 | 2018: 630 | 2019: 588 | 2020: 526 0% women executive officers 1–14% women executive officers 15–24% women executive officers 25–34% women executive officers 35%+ women executive officers 40% 40% 36% 34% 33% 30% 29% 29% 29% 28% 2020 19% 18% 17% 16% 16% 2019 8% 8% 7% 7% 7% 7% 6% 6% 5% 5% ) 4% 4% 4% 2018 3% 3% Percentage of disclosing companies

2017 2016 Total companiesTotal that disclosed 529 2020: 609 2019: | | 651 2018: | 649 2017: | 668 2016: FIGURE 22.1 EXECUTIVE OFFICERS WOMEN OF NUMBER COMPANIES (ALL No women executive officers 1 woman executive officer 2 women executive officers 3 women executive officers 4 women executive officers 5+ women executive officers 33% 29% No women No One woman FIGURE 21 PROPORTION2020 OF WOMEN EXECUTIVE OFFICERS Total companiesTotal that disclosed: 528 There has been a slight attrition in the attrition number has been a slight There of percentage The officers. executive women of reporting women thatcompanies they no had 33.3% to 2020, decreasedin officers executive the disclosing the companies number among 529 down slightly This is officers. executive women of Of these in 2018. and 35.79% in 2019 34.2% from having that reported the percentage companies, 529 slightly rose officer executive woman only one while the in 2019), 28.1% to (compared 29.0% to having that more reported two or percentage flat remained essentially officers executive women This in is described 37.9%. at 2019 to compared 22.1 detail and 22.2. in Figures 21, more than More one woman 38%

xlii DIRECTORY OF DIRECTORS 2022 19% 2020 19% 2019 17% 2018 16% 2017 18% 2016 FIGURE 23.2 OF PERCENTAGE AVERAGE WOMEN EXECUTIVE OFFICERS 60 COMPANIES) (S&P/TSX Total companiesTotal that disclosed 2016: 50 | 2017: 54 | 2018: 52 | 2019: 50 | 2020: 49 2.84 2020 3.15 2019 2.92 2018 2.53 2017 2.35 2016 FIGURE 23.1 NUMBERAVERAGE OF WOMEN EXECUTIVE OFFICERS 60 COMPANIES) (S&P/TSX Among the 49 S&P/TSX 60 companies that reported on the number of women women the of number S&P/TSX the on 60Among that 49 reported companies decreased officers executive women of number average the officers, executive executive of percentage average The in 2019. 2.92 to 2.84 to compared slightly provided companies49 forS&P/TSX60 the that women by held positions officer in 2020. 19.0% to in 2019 18.6% from slightly increased information such Total companiesTotal that disclosed 2016: 51 | 2017: 53 | 2018: 53 | 2019: 48 | 2020: 49

xliii FINANCIAL POST 41% 33% 32% 30% 29% 29% 28% 28% 26% 26% 2020 24% 24% 23% 20% 19% 18% 2019 14% 12% 12% 10% 10% 10% 6% 4% 4% 2018 Percentage of disclosing companies 2017 2016 FIGURE 24.2 EXECUTIVE OFFICERS WOMEN OF PERCENTAGE 60 COMPANIES) (S&P/TSX disclosed that companies Total 2016: 50 | 2017: 54 | 2018: 52 | 2019: 50 | 2020: 49 0% women executive officers 1–14% women executive officers 15–24% women executive officers 25–34% women executive officers 35%+ women executive officers 35% 33% 28% 25% 23% 23% 21% 21% 21% 2020 20% 19% 18% 17% 17% 17% 16% 15% 14% 14% 13% 13% 12% 12% 12% 2019 11% 9% 8% 6% 4% 4% 2018 Percentage of disclosing companies

2017 2016 FIGURE 24.1 NUMBER OF WOMEN EXECUTIVE OFFICERS 60 COMPANIES) (S&P/TSX disclosed that companies Total 2016: 51 | 2017: 53 | 2018: 53 | 2019: 48 | 2020: 49 No women executive officers 1 woman executive officer 2 women executive officers 3 women executive officers 4 women executive officers 5+ women executive officers As summarized in Figures 24.1 and 24.2, based S&P/TSX 60 the of number on companies disclosed company additional disclosing, one five while officers, executive having female no than having disclosed companies more one more officer. executive woman

xliv DIRECTORY OF DIRECTORS 2022 27% 26% 26% 23% 22% 22% 22% 21% 21% 21% 20% 19% 19% 18% 16% 15% 15% 14% 14% 14% 14% 13% 2020 2019 12% 12% 12% 8%

FIGURE 26 OF WOMEN EXECUTIVE OFFICERS PERCENTAGE BY INDUSTRY companiesTotal that disclosed 2019: 588 | 2020: 526 Utilities & Pipelines Communication & Media Financial Services Consumer Products & Services Clean Technology Industrial Products & Services Forest Products & Paper Real Estate Technology Life Sciences Oil & Gas Mining Energy Services 4.23 3.84 3.31 3.10 2.95 2.52 2.20 2.13 2.04 2.03 2020 2019 1.80 1.73 1.71 1.67 1.64 1.56 1.28 1.27 1.22 1.17 1.12 1.09 1.07 0.98 0.85 0.82 Total companies that disclosed that companies Total 2019: 609 | 2020: 528 FIGURE 25 NUMBER OF WOMEN EXECUTIVE OFFICERS BY INDUSTRY Utilities & Pipelines Communication & Media Financial Services Consumer Products & Services Clean Technology Industrial Products & Services Forest Products & Paper Real Estate Technology Life Sciences Oil & Gas Mining Energy Services Women executive officers officers executive Women by industry & Pipelines Utilities down industry, by Broken of number the average highest have to continued Financialby followed officers, executive women Services & Media. and Communication and Real & Pipelines, Estate Utilities this year’s represented & Media Communications percentage the in average terms of performers top officers. executive women of

xlv FINANCIAL POST 93% 78% 2020 76% 93% 2019 72% 89% 2018 Do not want to compromise theDo principles of meritocracy compromise want not to the best result in not May being selected candidates numberSmall of officers or low turnover Adoption rate by year by rate Adoption 91% 71% 2017 1 2 3 FIGURE 28 THREETOP REASONS CONSIDERING FOR NOT GENDER APPOINTMENTS OFFICER IN EXECUTIVE All companies S&P/TSX 60 companies 62% 84% 2016 FIGURE 27 FIGURE CONSIDERATION OF GENDER IN EXECUTIVE OFFICER APPOINTMENTS Total companiesTotal that disclosed: 2016: 725 | 2017: 679 559 2020: | 661 2019: | 674 2018: S&P/TSXTotal 60 companies that disclosed: 2016: 57 2017: 57 | 2018: 56 | 2019: 54 | 2020: 53 Considering the representation of women in the representation Considering appointing executive officers the account they take not into or whether disclosed companies In 2020, 559 executive of appointment and in the identification women of representation from increase 2.2% reflects so. This do a they stated (78.0%) 436 Of those, officers. that they so. did indicated companies disclosing of 75.8% when year, the previous reporting that companies they of years, with the proportion previous Consistent S&P/TSX among making when appointments executive account into take gender that this disclosed companies the 53 information of – 49 60 is higher companies This these result companies. of 92.5% so in 2020, representing doing reported of 54 50 (or figure to corresponding of 92.6% the is basically compared flat in 2019. S&P/TSXdisclosing 60 companies) for women of the consideration to relating policies of As with the adoption specifically the not primary considering for positions, given director reason to an relates officers executive of appointment and in the identification gender This is meritocracy. of the principles compromising about concern expressed reasons for with three years. The common the in results most prior consistent in 2020 are in listed three Figure gender 28. These responses considering not gender considering not the for reasons given of the vast majority for account a significant though officers, executive of appointment and in the identification in the gender consider that that disclosed minority companies they not do of a specific provide not did officers executive of appointment and identification failing so. do to for reason

xlvi DIRECTORY OF DIRECTORS 2022 targets 93% Without isclosed: 545 isclosed: With targets With 7% targets 93% Without With targets With 7% targets Without 94% With targets With 6% targets 97% Without 2017 2018 2019 2020 FIGURE 29 FOR WOMEN COMPANIES) EXECUTIVE (ALL OFFICERS OF TARGETS PREVALENCE Total companiesTotal that disclosed: 683 companies Total that disclosed: 667 companies Total that disclosed: 639 companies Total that d Targets for women executive officers executive women for Targets in executive women of the representation to targets relating of the years, adoption As in prior notthey or whether companies545 disclosed that Of the remainsvery low. positions officer an increase this represents that they disclosed did. However, only 40 a target, (7.3%) such had targets that they adopted had reported (6.7%) companies disclosing 639 of 43 when 2019, from officers. executive women of the number for positions officer in executive women targets for S&P/TSX 60 adopting companies of number The a target such they adopted had not or whether disclosing companies with 49 4 of is higher, so. indicating that they done had In both that other targets disclose a group companies cases, based are on there additional a significant For number example, laws. under definedsecurities as officers” than “executive that are positions or management senior S&P/TSX 60 targets disclosed for of companies companies These officers.” “executive to reference specific without the by board but appointed in our totals. included are not targets With 3%

xlvii FINANCIAL POST 6 Based on our review of the disclosure provided 270 publicly traded corporations governed by the by CBCA, governed corporations traded publicly 270 the disclosure provided our of Based review on are with Aboriginal disabilities and persons minorities, peoples visible of are members who directors assurprisingly a country Canada. with rare for a population as diverse of certain groups diverse regarding data representation the the firstto include time for This year are able we the CBCAJanuary to thatnow in became Amendments our report. 1, 2020 effective women to in addition disclosure diversity the by CBCA securities provide traded governed to with publicly corporations require under securities officers to executive be (defined management the board on and senior regarding women Canadian under with securities as disclosure as the well laws, requirements corresponding consistent law) In this with disabilities. and chapter, persons minorities visible of respecting members Aboriginal peoples, with the CBCA in compliance Requirement. provided disclosure of our review the of results provide we under is just which CBCA 270 corporations, by analysisThe disclosure provided is based in this on chapter Disclosure with the Diversity in compliance disclosure was which provided for issuers half TSX the 594 of CBCA from data corporations between the include as two we groups is overlap in 2020. There Requirement as as well in this issuers chapter. TSX-listed by disclosure 2020 diversity on the in TSX our chapters on listed stock other that CBCA are on listed corporations public to applies the CBCA since Requirement However, is data which for Exchange,of corporations a significantthe portion the Venture TSX including exchanges, are in this smaller issuers. chapter included our characteristics. the Since various to diversity recognize refer terms is a range that used there to of We have we disclosure requirements, legislated to in response companies by disclosure made is basedreport on confusion. avoid to used the terms specifiedlegislation in the data no comparable Because is this there is thethe CBCAyear firstunder disclosure for Requirement, of the only213 example, years.For And was there significant prior non-compliance with requirement. the for fullCBCA provided partial which companies or with disclosure the in disclosed compliance CBCA Requirement with serving disabilities persons Aboriginal the and/or board. on minorities, peoples visible of the number corporations Diversity beyond gender: beyond Diversity 2020 results for CBCA CBCA for results 2020

xlviii DIRECTORY OF DIRECTORS 2022 6 5 89 0.02 0.4% <1.5% Persons with disabilities 7 7 86 0.03 0.5% <1.5% Aboriginal peoples Aboriginal 93 56 89 0.41 5.5% <1.5% Members minorities of visible 3 2 3 Percentage of board positions Percentage least at with Number of companies the applicable from one director designated group per board number Average a with Number of companies the to board policywritten relating of members of the representation applicable designated group director with of companies Percentage targets members for of the applicable designated group members of visible minorities, Aboriginal peoples persons and/or with disabilities. memberscovering of visible minorities, Aboriginal peoples persons and/or with disabilities. Number of board positions board of Number Board representation of members of visible minorities, Aboriginal Aboriginal of minorities, membersBoard of representation visible peoples and persons disabilities with 2 Calculated based on the 213 companies that disclosed the number of directors who are from 3 Calculated based on the 231 companies that disclosed the existence of a written board policy

il FINANCIAL POST , and expanded Board Diversity Policy Template Policy Board Diversity the template to address the CBCA Requirement, as well as other diversity characteristics. The template provides provides template characteristics. The as as diversity the well CBCA other address to Requirement, the template characteristics and other and to gender based on diversity a board policy thatan considers easy generate to way initiate a broader discussion on diversity at the board level. than other groups designated targets for almost adopted universally have CBCA not corporations So far, and established Cenovus each Railway Canadian Energy example, have Inc. Corporation National For women. directors, women sub-target with for a separate collectively, groups designated the prescribed for target a 40% and for directors women targets for standalone established have Inc. Group and IBI while Corporation respectively. Group), (IBI minorities and visible (Cameco) Aboriginal peoples For purposes of the CBCA Requirement, members of a visible minority means persons, other than minority other means Aboriginal a visible persons, of members the purposes CBCA of For Requirement, minority that the visible Canada states Statistics in colour. non-white are or non-Caucasian in who race peoples, Latin American, Asian, South Chinese, Filipino, mainly consists Black, the groups: following of population Canada in 2016 Statistics from data to According Asian, and Japanese. Korean Arab, Asian, Southeast West the based disclosure on However, minorities. of members were population Canada’s of 22.3% approximately of are members who board CBCA that the disclosed members of number corporations the by 213 provided of are members directors of only 5.5% with Aboriginal disabilities, and persons minorities, peoples visible by “one of colour” of “persons Review Committee a target for in Parker the has U.K. The advocated minorities. at have board should FTSE FTSE – and per 100 each 250 board 2021 by colour of director one of – an average 21” board, per CBCA minorities visible only 0.41 of of 2024. by an members At colour average of director least one a target level. such reach go to to way a long have corporations Métis. or Indians,who are Inuit persons as CBCAthe areAboriginalunder defined Requirement peoples Aboriginal were population Canada’s of 4.9% approximately Canada in 2016 Statistics from data to According that CBCA the disclosed number corporations the by 217 the based disclosure provided on However, peoples. with Aboriginal and disabilities, persons minorities, peoples visible of are members who board members of virtuallyof number above, As the in directors. reflected table the company Aboriginal no serve as public peoples is also with disabilities exceedingly rare. persons by held seats director percentage that or disclosed they a number companies small had other of number that a relatively note We identifyinggroup designated the without specific but group, a designated of members were who directors of directors of our are results the basedand number percentage on Since are members. directors such which of responses reflect in these to able are not we the CBCAactually to Requirement, subject companies by disclosed group. designated each for report we directors of andthe percentage number the to boards change to their company need approach public gender, beyond diversity on make progress To of CBCA corporations proportion The groups. designated these from of directors appointment and identification but is significant, groups these designated to policythat that relate does disclosed their written board diversity and Osler 2019, In December directors. women to that relate policies with diversity behindlags the proportion their complimentary updated Directors Corporate of the Institute

l DIRECTORY OF DIRECTORS 2022 5 159 159 <0.1 Persons with disabilities 2 159 159 <0.1 Aboriginal peoples Aboriginal 66 164 0.50 Members minorities of visible 5 4 Number of companies with at least at with Number of companies the applicable from officer one executive designated group Average number of executive officers officers number of executive Average per company Representation of applicable designated officer executive in considered group appointments members of visible minorities, Aboriginal peoples persons and/or with disabilities. representation of members of visible minorities, Aboriginal peoples disabled and/or persons in executive officer appointments. Executive officers who are members of visible minorities, Aboriginal Aboriginal minorities, visible of members are who officers Executive peoples and persons disabilities with Aboriginal of minorities, members of representation onthe results the roles, officer executive to comes it When that a note boards. We on with their representation are with consistent disabilities and persons peoples officers executive of percentage or that disclosed they a number had companies small other of number relatively which of identifyinggroup designated the without specific but group, a designated of members were who of directors results our percentage onSince are numberand the based members. are officers executive such responses reflect these to able are not we the CBCAactually to Requirement, subject companies by disclosed portionsubstantial A group. designated each for report we officers executive of in and the percentage number considering when groups these designated of each of the representation that they consider state issuers of roles. officer executive for targets virtuallyadopted has issuer no However, appointments. officer executive 4 Calculated based on the 205 companies that disclosed the number of executive officers who are 5 Calculated based on the 223 companies that disclosed whether of not they considered the

li FINANCIAL POST (23.3%) directors 60 Target for women women for Target (51.7%) directors Written policy relating to 1.54 17.6% 136 (20.17%) 408 408 Number (%) of board seatsNumber (%) number per board Average % per board Average Representation of women in CBCA board and executive officer roles officer executive and CBCA board in women of Representation largely that results were disclosed the CBCA to Requirement subject corporations metrics On most the Diversity to subject issuers the TSX-listed the for results below, slightly although to, comparable similarity The between surprising the Requirement. is not two as is significantDisclosure there overlap on TSX the to listed are CBCAthe Requirement subject corporations of a significant since portion groups lower slightly The chapters. in described the results prior Requirement Disclosure in Diversity and included than smaller corporations the to the that applies the fact to CBCA Requirement areresults attributable Diversity Disclosure Requirement. CBCA of corporations directors Women their boards, on 408 directors women the of disclosing number companies the 265 board for seats Of 1,992 at companies women by totalheld of board seats 21.5% to the This are is comparable filledwomen. by (20.17%) their boards. on directors women of the that disclosed number Requirement Disclosure the Diversity to subject All-male than less boards. that boards one-third up the companies Of CBCA the made of 265 corporation having at reported (70.2%) corporations 186 the CBCA to in disclosure response Requirement, provided companies), (79 women that disclosed 29.8% they no had approximately Further, director. woman least one having reported 41.9% and approximately companies) (79 woman having reported one 28.3% approximately the disclosing companies of 12.5% Approximately companies). their board than on (111 woman more one companies), (33 directors women than having their board reported on more 35% directors women of percentage directors. female more or having reported 50% 2.2% and approximately

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^'/DWdK&dyZh>^>/D/d/E'&ZZ>K&DW>KzDEd/EKD 'ŽǀĞƌŶŵĞŶƚƐŚĂǀĞƐŚŽǁŶŝŶĐƌĞĂƐŝŶŐǁŝůůŝŶŐŶĞƐƐƚŽƌĞůLJŽŶďƵƐŝŶĞƐƐƚĂdžŵĞĂƐƵƌĞƐĂŶĚŝŶĐŽŵĞƚĂdž ŝŶĐĞŶƚŝǀĞƐƚŽĂĐŚŝĞǀĞ^'ŽďũĞĐƚŝǀĞƐĂŶĚƉƌŽŵŽƚĞĚĞƐŝƌĞĚďĞŚĂǀŝŽƵƌƚŚƌŽƵŐŚƚŚĞŝŵƉŽƐŝƚŝŽŶŽĨĚƵƚŝĞƐ͕ ĐĂƌďŽŶƚĂdžĞƐ͕ĂŶĚŽƚŚĞƌŵĞĂƐƵƌĞƐ͘;^ĞĞĞďŽƌĂŚ>͘:ĂƌǀŝĞ͕͞WƌŝŵĞƌŽŶƚŚĞ&ĞĚĞƌĂůĂƌďŽŶdĂdž͗WŽůŝĐLJ ZĞǀŝĞǁĂŶĚŶĂůLJƐŝƐ͕͟ŝŶϮϬϭϴWƌĂŝƌŝĞWƌŽǀŝŶĐĞƐdĂdžŽŶĨĞƌĞŶĐĞ͖ĂŶĚĂϮϬϮϭh<ƉĂƌůŝĂŵĞŶƚĂƌLJĐŽŵŵŝƚƚĞĞ ƌĞƉŽƌƚƚŝƚůĞĚ͞dĂdžĨƚĞƌŽƌŽŶĂǀŝƌƵƐ͕͟ǁŚŝĐŚĚŝƌĞĐƚůLJĂĚĚƌĞƐƐĞƐƚŚĞƌŽůĞŽĨƚĂdžŝŶƉƌŽŵŽƚŝŶŐ ĚĞĐĂƌďŽŶŝnjĂƚŝŽŶ͘Ϳ ĂŶĂĚĂ͛Ɛ/ŶĐŽŵĞdĂdžĐƚƉƌŽǀŝĚĞƐĐĞƌƚĂŝŶ^'ͲƌĞůĂƚĞĚƚĂdžďĞŶĞĨŝƚƐ͕ƐƵĐŚĂƐĂĐĐĞůĞƌĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌ njĞƌŽͲĞŵŝƐƐŝŽŶǀĞŚŝĐůĞƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐŝŶĐůĞĂŶĞŶĞƌŐLJ͕ĂŶĚŝƚĂůůŽǁƐĨůŽǁƚŚƌŽƵŐŚƐŚĂƌĞƐƚŽďĞƵƐĞĚďLJ ĐŽŵƉĂŶŝĞƐĞŶŐĂŐĞĚŝŶĐůĞĂŶĞŶĞƌŐLJĂŶĚĐŽŶƐĞƌǀĂƚŝŽŶ͘dŚĞϮϬϮϭĨĞĚĞƌĂůďƵĚŐĞƚŝŶƚƌŽĚƵĐĞĚ;ϭͿĂĚĚŝƚŝŽŶĂů ŵĞĂƐƵƌĞƐƚŽĞŶĐŽƵƌĂŐĞŝŶǀĞƐƚŵĞŶƚŝŶĐůĞĂŶƚĞĐŚŶŽůŽŐLJŝŶĐĞŶƚŝǀĞƐƚŚƌŽƵŐŚƌĞĚƵĐƚŝŽŶƐŝŶƚŚĞĐŽƌƉŽƌĂƚĞ ƚĂdžĞƐĂƉƉůŝĐĂďůĞƚŽĞůŝŐŝďůĞnjĞƌŽͲĞŵŝƐƐŝŽŶͲƚĞĐŚŶŽůŽŐLJŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĂŶĚ;ϮͿŝŶŝƚŝĂƚŝǀĞƐĨŽƌĞdžƉĂŶĚŝŶŐƚŚĞ

lv FINANCIAL POST

ĂǀĂŝůĂďŝůŝƚLJŽĨĂƉƌĞĨĞƌƌĞĚĐĂƉŝƚĂůĐŽƐƚĂůůŽǁĂŶĐĞ;ͿƌĞŐŝŵĞĨŽƌĐůĞĂŶĞŶĞƌŐLJĞƋƵŝƉŵĞŶƚ͘ /ŶĂĚĚŝƚŝŽŶ͕ƉŽƌƚĨŽůŝŽŵĂŶĂŐĞƌƐĂŶĚƌĞƐĞĂƌĐŚĂŶĂůLJƐƚƐĨĂĐĞŐƌŽǁŝŶŐĐĂůůƐĨƌŽŵďŽƚŚĂĐƚŝǀŝƐƚƐĂŶĚŝŶĚƵƐƚƌLJ ŐƌŽƵƉƐƚŽŝŶĐŽƌƉŽƌĂƚĞ^'ĨĂĐƚŽƌƐŝŶƚŽƚŚĞŝƌĂŶĂůLJƐĞƐĂŶĚƚŚĞŝƌŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶŵĂŬŝŶŐ͘WƌŽŵŝŶĞŶƚŝŶ ƚŚŝƐĞĨĨŽƌƚŝƐƚŚĞǁŽƌůĚ͛ƐůĂƌŐĞƐƚƉƌŝǀĂƚĞŵŽŶĞLJŵĂŶĂŐĞƌ͕ůĂĐŬZŽĐŬ͘/ŶŝƚƐ:ĂŶƵĂƌLJϮϬϮϬƐŚĂƌĞŚŽůĚĞƌ ĂŶŶƵĂůƌĞƉŽƌƚ͕ůĂĐŬZŽĐŬ͛ƐĨŽƵŶĚĞƌ͕>ĂƌƌLJ&ŝŶŬ͕ĐĂůůĞĚŽŶĂůůĐŽŵƉĂŶŝĞƐ;ƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞͿƚŽĨŽůůŽǁƚŚĞ ƌĞƉŽƌƚŝŶŐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐŽĨƚŚĞdĂƐŬ&ŽƌĐĞŽŶůŝŵĂƚĞͲZĞůĂƚĞĚ&ŝŶĂŶĐŝĂůŝƐĐůŽƐƵƌĞƐ;d&ͿĂŶĚƚŚĞ ^ƵƐƚĂŝŶĂďŝůŝƚLJĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;^^Ϳ͘LJƚŚĞƐĞŽƌŐĂŶŝnjĂƚŝŽŶƐ͛ĐŽƵŶƚ͕ƚŚĞƌĞǁĂƐĂϯϲϯ ƉĞƌĐĞŶƚŝŶĐƌĞĂƐĞŝŶ^^ĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚŵŽƌĞƚŚĂŶϭ͕ϳϬϬŽƌŐĂŶŝnjĂƚŝŽŶƐĞdžƉƌĞƐƐĞĚƐƵƉƉŽƌƚĨŽƌƚŚĞd&͘ dŽĨƵƌƚŚĞƌĨĂĐŝůŝƚĂƚĞŵĞĂƐƵƌĞŵĞŶƚ͕ƚŚĞƐĞŽƌŐĂŶŝnjĂƚŝŽŶƐĂƌĞĂĚǀŝƐŝŶŐŐŽǀĞƌŶŵĞŶƚƐƚŽĂŐƌĞĞŽŶĂĐŽŵŵŽŶ ƐĞƚŽĨƌĞƉŽƌƚŝŶŐƌƵůĞƐĨŽƌƐƵƐƚĂŝŶĂďŝůŝƚLJŝŶŽƌĚĞƌƚŽĚĞƚĞƌĐŽƌƉŽƌĂƚĞŝƐƐƵĞƌƐĨƌŽŵƐŚŽƉƉŝŶŐĨŽƌũƵƌŝƐĚŝĐƚŝŽŶƐ ǁŝƚŚůĞƐƐƐƚƌŝŶŐĞŶƚĞŶĨŽƌĐĞŵĞŶƚ͘/ŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ůĂĐŬZŽĐŬĂƐŬƐĐŽŵƉĂŶŝĞƐƚŽĚŝƐĐůŽƐĞƚŚĞĚŝǀĞƌƐŝƚLJ ŽĨƚŚĞŝƌǁŽƌŬĨŽƌĐĞ͕ŝŶĐůƵĚŝŶŐĚĞŵŽŐƌĂƉŚŝĐƐƐƵĐŚĂƐƌĂĐĞ͕ŐĞŶĚĞƌ͕ĂŶĚĞƚŚŶŝĐŝƚLJ͘&ƌŽŵ:ƵŶĞϮϬϭϵƚŽ:ƵůLJ ϮϬϮϬ͕ůĂĐŬZŽĐŬǀŽƚĞĚĂŐĂŝŶƐƚϱϱĚŝƌĞĐƚŽƌƐŽƌĚŝƌĞĐƚŽƌͲƌĞůĂƚĞĚŝƚĞŵƐŽŶĐůŝŵĂƚĞͲƌĞůĂƚĞĚŝƐƐƵĞƐ͘ dŚĞĚŝƌĞĐƚŝŶƚĞŐƌĂƚŝŽŶŽĨ^'ŵĞƚƌŝĐƐ;ƐƵĐŚĂƐĞŵŝƐƐŝŽŶƐ͕ĚŝǀĞƌƐŝƚLJƚĂƌŐĞƚƐ͕ĂŶĚĞŵƉůŽLJĞĞĞŶŐĂŐĞŵĞŶƚ͕ƚŽ ŶĂŵĞĂĨĞǁͿŝŶƚŽƚŚĞĚĞƐŝŐŶŽĨĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐŵĂLJďĞĂŶŽƚŚĞƌŽƉƉŽƌƚƵŶŝƚLJƚŽ ĨƵƌƚŚĞƌĞŵƉŚĂƐŝnjĞƐƵƐƚĂŝŶĂďůĞĐŚĂŶŐĞ͘

^'Eyhd/sKDWE^d/KE dŚĞĨĂŵŝůŝĂƌĂĚĂŐĞƚŚĂƚ͞ǁŚĂƚŐĞƚƐŵĞĂƐƵƌĞĚŐĞƚƐŵĂŶĂŐĞĚ͟ƌĞŵĂŝŶƐĞƐƉĞĐŝĂůůLJƌĞůĞǀĂŶƚǁŚĞŶĂƉƉůŝĞĚ ƚŽĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͘^ĞŶŝŽƌĞdžĞĐƵƚŝǀĞƐĚĞƌŝǀĞĂƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŽĨƚŚĞŝƌĐŽŵƉĞŶƐĂƚŝŽŶĨƌŽŵ ŝŶĐĞŶƚŝǀĞƉĂLJ͕ǁŝƚŚĞdžĞĐƵƚŝǀĞƐŝŶůĂƌŐĞŽƌŐĂŶŝnjĂƚŝŽŶƐĞĂƌŶŝŶŐŶĞĂƌůLJϳϬƉĞƌĐĞŶƚŽĨƚŚĞŝƌƚŽƚĂůƉĂLJĨƌŽŵ ĂŶŶƵĂůŝŶĐĞŶƚŝǀĞĂŶĚůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞ;>d/ͿƉĂLJŵĞŶƚƐƌĂƚŚĞƌƚŚĂŶĨƌŽŵďĂƐĞƐĂůĂƌLJ͘dŚĞŵĞƚƌŝĐƐ ƐĞůĞĐƚĞĚĂŶĚĐĂůŝďƌĂƚĞĚǁŝƚŚŝŶƚŚĞƐĞŝŶĐĞŶƚŝǀĞƉůĂŶƐĂƌĞƚLJƉŝĐĂůůLJůŝŶŬĞĚƚŽƚŚĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJĂƉƉƌŽǀĞĚ ďLJƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͘/ŶƚŚĞŽƌLJ͕ĂƚůĞĂƐƚ͕ďƵƐŝŶĞƐƐĞƐŚĂǀĞƚŚĞĐĂƉĂĐŝƚLJƚŽƚŝĞĂƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŽĨ ƚŚĞŝƌĞdžĞĐƵƚŝǀĞƐ͛ŝŶĐĞŶƚŝǀĞƉĂLJŽƵƚƐƚŽ^'ƉĞƌĨŽƌŵĂŶĐĞ͘ /ŶƉƌĂĐƚŝĐĞ͕ƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ^'ŵĞƚƌŝĐƐŝŶĞdžĞĐƵƚŝǀĞƉĂLJŚĂƐďĞĞŶůĞƐƐƚŚĂŶŽƉƚŝŵĂů͘ĐĐŽƌĚŝŶŐƚŽ ƌĞĐĞŶƚƐƚĂƚŝƐƚŝĐƐ͕ŽŶůLJϵƉĞƌĐĞŶƚŽĨƚŚĞϮ͕ϲϴϰĐŽŵƉĂŶŝĞƐůŝƐƚĞĚŝŶƚŚĞ&d^ůůtŽƌůĚ/ŶĚĞdžƚŝĞĚĞdžĞĐƵƚŝǀĞ ƉĂLJƚŽ^'ŝŶϮϬϮϬ͘/ŶĂŶĂĚĂ͕ĂϮϬϭϵŽŵƉĞŶƐĂƚŝŽŶ'ŽǀĞƌŶĂŶĐĞWĂƌƚŶĞƌƐƐƵƌǀĞLJŽĨƉƌŽdžLJĐŝƌĐƵůĂƌƐŽĨ ϭϵϲĐŽŵƉĂŶŝĞƐŝŶƚŚĞ^ΘWͬd^yƌĞǀĞĂůĞĚƚŚĂƚϲϭƉĞƌĐĞŶƚŽĨƚŚĞĐŽŵƉĂŶŝĞƐŵĞĂƐƵƌĞĚƐƵƐƚĂŝŶĂďŝůŝƚLJ ŵĞƚƌŝĐƐŝŶƚŚĞŝƌŝŶĐĞŶƚŝǀĞƐ͘dŚĞƐƵƌǀĞLJĂůƐŽĨŽƵŶĚƚŚĂƚ ^'ŵĞƚƌŝĐƐǁĞƌĞƐŝŐŶŝĨŝĐĂŶƚůLJŵŽƌĞƉƌĞǀĂůĞŶƚŝŶƐŚŽƌƚͲƚĞƌŵŝŶĐĞŶƚŝǀĞƉůĂŶƐͶŽƵƚŽĨϮϴϮĚŝƐĐůŽƐĞĚ ŵĞƚƌŝĐƐͬŐŽĂůƐ͕ŽŶůLJϵ;ϯƉĞƌĐĞŶƚͿǁĞƌĞƉĂƌƚŽĨĂůŽŶŐͲƚĞƌŵŝŶĐĞŶƚŝǀĞƉůĂŶ͖ ƐƵƐƚĂŝŶĂďŝůŝƚLJ͕ǁŚĞŶƵƐĞĚĂƐĂǁĞŝŐŚƚĞĚĐŽŵƉŽŶĞŶƚ͕ƚLJƉŝĐĂůůLJƌĞƉƌĞƐĞŶƚĞĚŶŽŵŽƌĞƚŚĂŶϭϬƉĞƌĐĞŶƚŽĨ ƚŽƚĂůĐŽŵƉĞŶƐĂƚŝŽŶ͖ĂŶĚ ŽŶůLJϭƉĞƌĐĞŶƚŽĨĐŽŵƉĂŶŝĞƐǁĞŝŐŚĞĚƐƵƐƚĂŝŶĂďŝůŝƚLJĂƚŽǀĞƌϮϬƉĞƌĐĞŶƚŽĨƚŚĞŝƌŝŶĐĞŶƚŝǀĞƉůĂŶƉĂLJŽƵƚ͘ ůĞĂƌůLJ͕ƚŚĞƌĞŝƐĂĚŝƐĐŽŶŶĞĐƚďĞƚǁĞĞŶ͕ŽŶŽŶĞŚĂŶĚ͕ƚŚĞŝŶŚĞƌĞŶƚůLJůŽŶŐͲƚĞƌŵŶĂƚƵƌĞŽĨ^'ŐŽĂůƐĂŶĚ͕ ŽŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞƚĞŶĚĞŶĐLJƚŽƵƐĞ^'ŵĞƚƌŝĐƐŵĂŝŶůLJŝŶƐŚŽƌƚͲƚĞƌŵƉůĂŶƐ͘&ƌŽŵĂĐŽŵƉĞŶƐĂƚŝŽŶ ƉĞƌƐƉĞĐƚŝǀĞ͕ƚŚĞƉŚŝůŽƐŽƉŚLJďĞŚŝŶĚŝŶĐĞŶƚŝǀĞĚĞƐŝŐŶŝƐŶĞĂƚůLJƐƵŵŵĂƌŝnjĞĚŝŶƚŚĞĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ ƉƌŝŶĐŝƉůĞƐŽĨƚŚĞĂŶĂĚŝĂŶŽĂůŝƚŝŽŶĨŽƌ'ŽŽĚ'ŽǀĞƌŶĂŶĐĞ;''Ϳ͕ƉĂƌƚŝĐƵůĂƌůLJŝŶƉƌŝŶĐŝƉůĞϮ͕ǁŚŝĐŚ ĨŽĐƵƐĞƐŽŶƉĂLJĨŽƌƉĞƌĨŽƌŵĂŶĐĞ͚͗͞WĞƌĨŽƌŵĂŶĐĞ͛ƐŚŽƵůĚďĞďĂƐĞĚŽŶŬĞLJďƵƐŝŶĞƐƐŵĞƚƌŝĐƐƚŚĂƚĂƌĞ ĂůŝŐŶĞĚǁŝƚŚĐŽƌƉŽƌĂƚĞƐƚƌĂƚĞŐLJĂŶĚƚŚĞƉĞƌŝŽĚĚƵƌŝŶŐǁŚŝĐŚƌŝƐŬƐĂƌĞďĞŝŶŐĂƐƐƵŵĞĚ͘͟ /ƚŝƐĐƌƵĐŝĂůƚŽŵĂƚĐŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞƉĞƌŝŽĚ;ĂŶĚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐĞŶƚŝǀĞƉĂLJŽƵƚƐͿǁŝƚŚƚŚĞƌŝƐŬ

lvi DIRECTORY OF DIRECTORS 2022

ďĞŝŶŐƚĂŬĞŶ͕ĂŶĚ>d/ƐƐŚŽƵůĚďĞĂůŝŐŶĞĚǁŝƚŚůŽŶŐͲƚĞƌŵďƵƐŝŶĞƐƐŽďũĞĐƚŝǀĞƐ͘ƵƚƚŚŝƐƉƌŝŶĐŝƉůĞďĞŐƐƚŚĞ ƋƵĞƐƚŝŽŶ͗ŽĐƵƌƌĞŶƚƚĂdžƌƵůĞƐ;ƐƵĐŚĂƐƚŚĞ͞ƚŚƌĞĞͲLJĞĂƌƌƵůĞ͟ĚŝƐĐƵƐƐĞĚďĞůŽǁͿĂůůŽǁĂŶĂƉƉƌŽƉƌŝĂƚĞƚŝŵĞ ƉĞƌŝŽĚĨŽƌŵĞĂƐƵƌŝŶŐƉĞƌĨŽƌŵĂŶĐĞŝŶŝŵƉƌŽǀŝŶŐ^'ŵĞƚƌŝĐƐ͕ƉĂƌƚŝĐƵůĂƌůLJŐŝǀĞŶƚŚĂƚ^'ƌĞƚƵƌŶƐŵĂLJ ƚĂŬĞƐŝŐŶŝĨŝĐĂŶƚůLJůŽŶŐĞƌƚŽŵĂƚĞƌŝĂůŝnjĞ͍

ĂŶĂĚŝĂŶƚĂdžƌƵůĞƐƉƌŽǀŝĚĞůŝŵŝƚĞĚƐĐŽƉĞĨŽƌĚĞĨĞƌƌŝŶŐĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͘dŚĞƐĞůŽŶŐƐƚĂŶĚŝŶŐƌƵůĞƐ ŐĞŶĞƌĂůůLJĚŽŶŽƚĂůŝŐŶǁŝƚŚĞĨĨŽƌƚƐƚŽŝŶƚĞŐƌĂƚĞ^'ŵĞĂƐƵƌĞƐŝŶƚŽĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶ͘ŵƉůŽLJŵĞŶƚ ŝŶĐŽŵĞŝƐŐĞŶĞƌĂůůLJƚĂdžĞĚƵƉŽŶƌĞĐĞŝƉƚ͘hŶĚĞƌĂďƌŽĂĚĂŶƚŝͲĚĞĨĞƌƌĂůƌƵůĞ͕͞ĚĞĨĞƌƌĞĚĂŵŽƵŶƚƐ͟ƵŶĚĞƌĂ ƐĂůĂƌLJĚĞĨĞƌƌĂůĂƌƌĂŶŐĞŵĞŶƚ;^ͿŵĂLJďĞƚĂdžĞĚƉƌŝŽƌƚŽƌĞĐĞŝƉƚ͘Ŷ^ŝƐďƌŽĂĚůLJĚĞĨŝŶĞĚƚŽŝŶĐůƵĚĞ ĂŶLJĂƌƌĂŶŐĞŵĞŶƚƵŶĚĞƌǁŚŝĐŚĂŶLJƉĞƌƐŽŶŚĂƐĂƌŝŐŚƚ͕ŝŶĂƉĂƌƚŝĐƵůĂƌLJĞĂƌ͕ƚŽƌĞĐĞŝǀĞĂŶĂŵŽƵŶƚĂĨƚĞƌ ƚŚĞLJĞĂƌŝĨŝƚŝƐƌĞĂƐŽŶĂďůĞƚŽĐŽŶƐŝĚĞƌƚŚĂƚ͞ŽŶĞŽĨƚŚĞŵĂŝŶƉƵƌƉŽƐĞƐ͟ŽĨƚŚĞƌŝŐŚƚ͛ƐĐƌĞĂƚŝŽŶŽƌĞdžŝƐƚĞŶĐĞ ŝƐƚŽƉŽƐƚƉŽŶĞƚĂdžŽŶƐĂůĂƌLJŽƌǁĂŐĞƐĨŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚŝŶƚŚĞƉĂƌƚŝĐƵůĂƌLJĞĂƌŽƌĂŶĞĂƌůŝĞƌLJĞĂƌ͘

KŶĞǁŝĚĞůLJƵƐĞĚĞdžĐĞƉƚŝŽŶƚŽƚŚĞ^ƌƵůĞƐĂƉƉůŝĞƐƚŽĐĞƌƚĂŝŶƚŝŵĞͲůŝŵŝƚĞĚďŽŶƵƐƉůĂŶƐ͘^ƉĞĐŝĨŝĐĂůůLJ͕ ƵŶĚĞƌƐƵďƐĞĐƚŝŽŶϮϰϴ;ϭͿ͕ĂƉůĂŶŝƐŶŽƚĂŶ^ŝĨŝƚŝƐĂ͞ƉůĂŶŽƌĂƌƌĂŶŐĞŵĞŶƚƵŶĚĞƌǁŚŝĐŚĂƚĂdžƉĂLJĞƌŚĂƐĂ ƌŝŐŚƚƚŽƌĞĐĞŝǀĞĂďŽŶƵƐŽƌƐŝŵŝůĂƌƉĂLJŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďLJƚŚĞƚĂdžƉĂLJĞƌŝŶĂƚĂdžĂƚŝŽŶ LJĞĂƌƚŽďĞƉĂŝĚǁŝƚŚŝŶϯLJĞĂƌƐĨŽůůŽǁŝŶŐƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͟;ƚŚĞĂĨŽƌĞŵĞŶƚŝŽŶĞĚ͞ƚŚƌĞĞͲLJĞĂƌƌƵůĞ͟Ϳ͘ ƉƌĞǀĂůĞŶƚ>d/ǀĞŚŝĐůĞŝƐĂƌĞƐƚƌŝĐƚĞĚƐŚĂƌĞƵŶŝƚ;Z^hͿ͕ǁŚŝĐŚŝƐĞĨĨĞĐƚŝǀĞůLJĂƉŚĂŶƚŽŵƵŶŝƚƚƌĂĐŬŝŶŐƚŚĞ ƵŶĚĞƌůLJŝŶŐǀĂůƵĞŽĨĂƐŚĂƌĞ͘ĞĐĂƵƐĞƚŚĞĂŶĂĚĂZĞǀĞŶƵĞŐĞŶĐLJ;ZͿĐŽŶƐŝĚĞƌƐZ^hƐƚŽďĞƌĞĨĞƌĂďůĞ ƚŽĂƉĂƌƚŝĐƵůĂƌďŽŶƵƐƉĂŝĚŝŶƌĞƐƉĞĐƚŽĨĂƉĂƌƚŝĐƵůĂƌLJĞĂƌ͕ƚŚĞƚŚƌĞĞͲLJĞĂƌƌƵůĞƌĞƋƵŝƌĞƐƚŚĂƚƚŚĞZ^hƐ ƌĞĨĞƌĂďůĞƚŽƚŚĞƉĂƌƚŝĐƵůĂƌďŽŶƵƐďĞƉĂŝĚŽƵƚŶŽůĂƚĞƌƚŚĂŶĞĐĞŵďĞƌϯϭŽĨƚŚĞƚŚŝƌĚĐĂůĞŶĚĂƌLJĞĂƌ ĨŽůůŽǁŝŶŐƚŚĞLJĞĂƌŝŶǁŚŝĐŚƚŚĞƐĞƌǀŝĐĞƐǁĞƌĞƌĞŶĚĞƌĞĚ͘/Ĩ͕ĨŽƌĞdžĂŵƉůĞ͕ĂƌŝŐŚƚƚŽĂŶĂŵŽƵŶƚĂƌŝƐĞƐŝŶ ƌĞƐƉĞĐƚŽĨĂƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚďLJƚŚĞĞŵƉůŽLJĞĞŝŶϮϬϮϭ͕ƚŚĞĚĞĨĞƌƌĞĚĂŵŽƵŶƚŵƵƐƚďĞĨƵůůLJƉĂŝĚŽƵƚďLJŶŽ ůĂƚĞƌƚŚĂŶĞĐĞŵďĞƌϯϭ͕ϮϬϮϰͶƚŚĂƚĚĂƚĞďĞŝŶŐŶŽůĂƚĞƌƚŚĂŶƚŚĞĞŶĚŽĨƚŚĞƚŚŝƌĚLJĞĂƌĨŽůůŽǁŝŶŐƚŚĞ LJĞĂƌŽĨƐĞƌǀŝĐĞĨŽƌǁŚŝĐŚƚŚĞĂǁĂƌĚŝƐŵĂĚĞ͘ ůƚŚŽƵŐŚŝƚŝƐĐůĞĂƌĨƌŽŵƚŚĞůĞŐŝƐůĂƚŝŽŶƚŚĂƚƚŚĞƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚŵƵƐƚďĞĐŽƵŶƚĞĚĨƌŽŵƚŚĞLJĞĂƌŝŶ ǁŚŝĐŚƚŚĞƐĞƌǀŝĐĞƐŚĂǀĞďĞĞŶƌĞŶĚĞƌĞĚďLJƚŚĞƚĂdžƉĂLJĞƌ͕ƚŚĞĂŶĂĚŝĂŶƚĂdžĂƵƚŚŽƌŝƚŝĞƐŚĂǀĞŚŝƐƚŽƌŝĐĂůůLJ ƚĂŬĞŶĂƌĞƐƚƌŝĐƚŝǀĞǀŝĞǁŽĨŚŽǁƚŽĚĞƚĞƌŵŝŶĞƚŚĞƐĞƌǀŝĐĞLJĞĂƌ͘/ŶĂƌĞĐĞŶƚƚĞĐŚŶŝĐĂůŝŶƚĞƌƉƌĞƚĂƚŝŽŶ;Z ĚŽĐƵŵĞŶƚŶŽ͘ϮϬϮϬͲϬϴϲϰϴϯϭ/ϳ͕EŽǀĞŵďĞƌϭϯ͕ϮϬϮϬͿ͕ƚŚĞZĐŽŶƐŝĚĞƌĞĚĂƉůĂŶŝŶǁŚŝĐŚƚŚĞƵŶŝƚƐǁĞƌĞ ŐƌĂŶƚĞĚ͞ĞĂƌůLJ͟ŝŶƚŚĞĨŝƌƐƚLJĞĂƌ͘dŚĞZĐŽŶĐůƵĚĞĚƚŚĂƚŝĨƚŚĞƵŶŝƚƐŚĂǀĞƉŽƐŝƚŝǀĞǀĂůƵĞĂƚƚŚĞƚŝŵĞŽĨ ŐƌĂŶƚ͕ŝƚŝƐůŝŬĞůLJƚŚĂƚƚŚĞLJǁŽƵůĚƌĞůĂƚĞƚŽƉĂƐƚƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚƚŽƚŚĞĐŽŵƉĂŶLJƉƌŝŽƌƚŽƚŚĞLJĞĂƌŽĨ ŐƌĂŶƚ͕ƚŚĞƌĞďLJĂĐĐĞůĞƌĂƚŝŶŐƚŚĞŵĂŶĚĂƚŽƌLJƉĂLJŽƵƚĚĂƚĞƚŽƚŚƌĞĞLJĞĂƌƐĂĨƚĞƌƚŚĂƚƉƌŝŽƌLJĞĂƌ͘/ŶĞĨĨĞĐƚ͕ ƚŚĞZĂĚŽƉƚƐĂƌĞďƵƚƚĂďůĞƉƌĞƐƵŵƉƚŝŽŶƚŚĂƚĂǁĂƌĚƐŵĂĚĞĞĂƌůLJŝŶƚŚĞLJĞĂƌŵƵƐƚƌĞůĂƚĞƚŽĞŵƉůŽLJĞĞ ƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͘dŚŝƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶĞĨĨĞĐƚŝǀĞůLJƐŚŽƌƚĞŶƐƚŚĞĚĞĨĞƌƌĂůƉĞƌŝŽĚƚŽůĞƐƐƚŚĂŶ ƚŚƌĞĞLJĞĂƌƐĂĨƚĞƌƚŚĞLJĞĂƌŽĨŐƌĂŶƚ͘ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ͞ƚŚƌĞĞͲLJĞĂƌ͟ĞdžĐĞƉƚŝŽŶĂƉƉůŝĞƐŽŶůLJƚŽĂ͞ďŽŶƵƐŽƌƐŝŵŝůĂƌƉĂLJŵĞŶƚ͖͟ŽƌĚŝŶĂƌLJƐĂůĂƌLJ͕ĂƐ ŽƉƉŽƐĞĚƚŽĂďŽŶƵƐ͕ŐĞŶĞƌĂůůLJĐĂŶŶŽƚďĞĚĞĨĞƌƌĞĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ŽƚŚĞƌƚLJƉĞƐŽĨƌĞŵƵŶĞƌĂƚŝŽŶ͕ƐƵĐŚĂƐ ĚŝƌĞĐƚŽƌƐ͛ĨĞĞƐ͕ĂƌĞŶŽƚĞůŝŐŝďůĞĨŽƌĚĞĨĞƌƌĂůƵŶĚĞƌƚŚĞƚŚƌĞĞͲLJĞĂƌƌƵůĞ͘ dŚĞZŚĂƐĂůƐŽĂĚŽƉƚĞĚĂďƌŽĂĚƌĞĂĚŝŶŐŽĨƚŚĞƌĞƋƵŝƌĞŵĞŶƚŝŶƚŚĞ^ĚĞĨŝŶŝƚŝŽŶƚŚĂƚ͞ŽŶĞŽĨƚŚĞŵĂŝŶ ƉƵƌƉŽƐĞƐ͟ŽĨƚŚĞƌŝŐŚƚŝƐƚŽƉŽƐƚƉŽŶĞŽƌĚĞĨĞƌƚĂdž;ĨŽƌĞdžĂŵƉůĞ͕ƐĞĞZĚŽĐƵŵĞŶƚŶŽ͘ϮϬϮϬͲϬϴϰϭϵϲϭ/ϳ͕ :ƵůLJϭϬ͕ϮϬϮϬͿ͘/ƚƐŚŽƵůĚďĞƌĞĂƐŽŶĂďůĞƚŽĐŽŶĐůƵĚĞƚŚĂƚĐŽŵƉĞŶƐĂƚŝŽŶĂǁĂƌĚƐƚŚĂƚŚĂǀĞƚŚĞŝƌ ƉĞƌĨŽƌŵĂŶĐĞŵĞƚƌŝĐƐƚŝĞĚƚŽŵĞĂƐƵƌĂďůĞ^'ŐŽĂůƐĂŶĚƚŚĂƚĚĞĨĞƌĨŽƌƉĞƌŝŽĚƐůŽŶŐĞƌƚŚĂŶƚŚƌĞĞLJĞĂƌƐĚŽ ŶŽƚŚĂǀĞƚŚĞƉŽƐƚƉŽŶĞŵĞŶƚŽƌĚĞĨĞƌƌĂůŽĨƚĂdžĂƐĂ͞ŵĂŝŶƉƵƌƉŽƐĞ͕͟ďƵƚƚŚŝƐĐŽŶĐůƵƐŝŽŶƌĞŵĂŝŶƐƵŶĚƵůLJ ƵŶĐĞƌƚĂŝŶ͘dŚĞŐŽǀĞƌŶŵĞŶƚĐŽƵůĚĐůĂƌŝĨLJƚŚĞƐŝƚƵĂƚŝŽŶͶĂŶĚƚŚĞƌĞďLJĨŽƐƚĞƌƚŚĞĂĚŽƉƚŝŽŶŽĨ^'ͲůŝŶŬĞĚ ĐŽŵƉĞŶƐĂƚŝŽŶͶƚŚƌŽƵŐŚĂŵĞŶĚŵĞŶƚƐŽƌŐƵŝĚĂŶĐĞ͘

lvii FINANCIAL POST

^h''^dZ&KZD^ ƐĞdžƉůĂŝŶĞĚĂďŽǀĞ͕ĐƵƌƌĞŶƚĂŶĂĚŝĂŶƚĂdžƉŽůŝĐŝĞƐŝŵƉĞĚĞƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞŐƌĂƚŝŽŶŽĨ^'ŽďũĞĐƚŝǀĞƐŝŶƚŽ ĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶĂƌƌĂŶŐĞŵĞŶƚƐ͘ZĞĨŽƌŵƐƚŽĂĚĚƌĞƐƐƚŚŝƐƐŚŽƌƚĐŽŵŝŶŐĐŽƵůĚŝŶĐůƵĚĞ;ϭͿĐůĂƌŝĨLJŝŶŐ ƚŚĂƚĂƌƌĂŶŐĞŵĞŶƚƐƚŽĚĞĨĞƌĞŵƉůŽLJŵĞŶƚŝŶĐŽŵĞƚŚĂƚĂƌĞůŝŶŬĞĚƉƌŝŵĂƌŝůLJƚŽĂĐŚŝĞǀŝŶŐ^'ŽďũĞĐƚŝǀĞƐǁŝůů ŐĞŶĞƌĂůůLJŶŽƚďĞĐŽŶƐŝĚĞƌĞĚƚŽŚĂǀĞƚĂdžĚĞĨĞƌƌĂůĂƐŽŶĞŽĨƚŚĞŵĂŝŶƉƵƌƉŽƐĞƐŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͕ĂŶĚ;ϮͿ ĂĚŽƉƚŝŶŐĂŵŽƌĞďĂůĂŶĐĞĚĂƉƉƌŽĂĐŚƚŽƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƚŚƌĞĞͲLJĞĂƌƌƵůĞŝŶĐĂƐĞƐǁŚĞƌĞ ĂƌƌĂŶŐĞŵĞŶƚƐŚĂǀĞĂŶ^'ĐŽŵƉŽŶĞŶƚ͘

ŵŽƌĞĂŵďŝƚŝŽƵƐƌĞĨŽƌŵǁŽƵůĚďĞƚŽĂĚĚĂŶĞǁĞdžĐĞƉƚŝŽŶƚŽƚŚĞ^ĚĞĨŝŶŝƚŝŽŶĨŽƌĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶƐ ƚŚĂƚĂƌĞůŝŶŬĞĚƚŽ^'ŵĞƚƌŝĐƐ͘dŚĞĐŽŶǀĞŶƚŝŽŶĂůƚŚƌĞĞͲLJĞĂƌĚĞĨĞƌƌĂůĐŽƵůĚďĞƉĞƌŵŝƚƚĞĚƚŽďĞƌŽůůĞĚŽǀĞƌ ĂŶĚĞdžƚĞŶĚĞĚĨŽƌĂŶĂĚĚŝƚŝŽŶĂůƚŚƌĞĞLJĞĂƌƐŝĨƉƌĞĚĞƚĞƌŵŝŶĞĚ^'ĚĞǀĞůŽƉŵĞŶƚƐĂƌĞďĞĐŽŵŝŶŐĞǀŝĚĞŶƚĂƚ ƚŚĞĞŶĚŽĨƚŚĞŝŶŝƚŝĂůƚŚƌĞĞͲLJĞĂƌƉĞƌŝŽĚ͘dŚŝƐǁŽƵůĚĞŶĐŽƵƌĂŐĞĂůŽŶŐĞƌͲƚĞƌŵƚƌĂũĞĐƚŽƌLJĨŽƌƐƵƐƚĂŝŶĂďůĞ ĐŚĂŶŐĞƚŚƌŽƵŐŚĞdžĞĐƵƚŝǀĞŝŶŶŽǀĂƚŝŽŶĂŶĚĚĞƚĞƌŵŝŶĂƚŝŽŶǁŝƚŚŽƵƚǀĞĞƌŝŶŐƚŽŽĨĂƌĨƌŽŵƚŚĞĞdžŝƐƚŝŶŐ ĚĞĨĞƌƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶƌĞŐŝŵĞ͘ůƚĞƌŶĂƚŝǀĞůLJ͕ƚŚĞƚŚƌĞĞͲLJĞĂƌĚĞĨĞƌƌĂůĐŽƵůĚƐŝŵƉůLJďĞĞdžƚĞŶĚĞĚƚŽĨŝǀĞ LJĞĂƌƐŝŶƐŝƚƵĂƚŝŽŶƐǁŚĞƌĞƚŚĞŵĞƚƌŝĐƐŽĨƚŚĞƉĂLJŽƵƚĂƌĞďĂƐĞĚŽŶŝŶĚƵƐƚƌLJͲƐƉĞĐŝĨŝĐƐƵƐƚĂŝŶĂďŝůŝƚLJ ŽďũĞĐƚŝǀĞƐ͘

ŶŽƚŚĞƌĂƉƉƌŽĂĐŚĐŽƵůĚďĞƚŽĨŽĐƵƐŽŶǀĞƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐƚŽďĞƚƚĞƌĂůŝŐŶ^'ŵĞƚƌŝĐƐǁŝƚŚĞdžĞĐƵƚŝǀĞ ŝŶĐĞŶƚŝǀĞƐ͘>ŝŶŬŝŶŐƚŚĞǀĞƐƚŝŶŐĐŽŶĚŝƚŝŽŶƐŽĨƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚ>d/ĂǁĂƌĚƐ͕ƐƵĐŚĂƐƐƚŽĐŬŽƉƚŝŽŶƐŽƌ ƉĞƌĨŽƌŵĂŶĐĞƐŚĂƌĞƵŶŝƚƐ͕ƚŽƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐĂĐŚŝĞǀĞŵĞŶƚŽĨĐĞƌƚĂŝŶŵĞĂƐƵƌĂďůĞĂŶĚƌĞůĞǀĂŶƚ^' ŵĞƚƌŝĐƐ;ĨŽƌĞdžĂŵƉůĞ͕ĂǀĞƌĂŐĞĨĂƚĂůŝƚLJƌĂƚĞƐ͕ĞŵƉůŽLJŵĞŶƚĞŶŐĂŐĞŵĞŶƚƐĐŽƌĞƐ͕ĂŶĚĚŝǀĞƌƐŝƚLJƚĂƌŐĞƚƐĂƐ ŽƉƉŽƐĞĚƚŽƚŚĞŵŽƌĞĐŽŵŵŽŶůLJƐĞĞŶŝŶƚĞƌŶĂůƌĂƚĞŽĨƌĞƚƵƌŶ΀/ZZ΁ŽƌŽƚŚĞƌƌĞƚƵƌŶŵĞƚƌŝĐƐͿŵĂLJĂůůŽǁĨŽƌ ƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨ^'ŝŶƚŽĞdžĞĐƵƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶǁŝƚŚŽƵƚƌĞƋƵŝƌŝŶŐŵĂƚĞƌŝĂůĐŚĂŶŐĞƐƚŽƚŚĞĞdžŝƐƚŝŶŐ ĚĞĨĞƌƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶƌĞŐŝŵĞ͘ dŚĞϮϬϮϭĨĞĚĞƌĂůďƵĚŐĞƚĐŽŶĨŝƌŵĞĚƚŚĞĐŽŵŝŶŐŝŶƚŽĨŽƌĐĞŽĨĐĞƌƚĂŝŶƉƌĞǀŝŽƵƐůLJĂŶŶŽƵŶĐĞĚĐŚĂŶŐĞƐƚŽƚŚĞ ƐƚŽĐŬŽƉƚŝŽŶƌƵůĞƐ͘dŚĞƐĞĐŚĂŶŐĞƐ͕ƚĂƌŐĞƚŝŶŐƚŚĞĚŝƐƉƌŽƉŽƌƚŝŽŶĂƚĞďĞŶĞĨŝƚĂĐĐƌƵŝŶŐƚŽĂƐŵĂůůŶƵŵďĞƌŽĨ ǁĞĂůƚŚLJŝŶĚŝǀŝĚƵĂůƐ͕ĂƌĞŝŶƚĞŶĚĞĚƚŽƌĞĚƵĐĞƚŚĞĂƚƚƌĂĐƚŝǀĞŶĞƐƐŽĨƐƚŽĐŬŽƉƚŝŽŶƐƚŽŚŝŐŚůLJĐŽŵƉĞŶƐĂƚĞĚ ŝŶĚŝǀŝĚƵĂůƐĂƚůĂƌŐĞ͕ǁĞůůͲĞƐƚĂďůŝƐŚĞĚĐŽŵƉĂŶŝĞƐ͘/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚĞĚƉƵďůŝĐƉŽůŝĐLJƌĂƚŝŽŶĂůĞĨŽƌ ĂĨĨŽƌĚŝŶŐƉƌĞĨĞƌĞŶƚŝĂůƚĂdžƚƌĞĂƚŵĞŶƚŽĨĞŵƉůŽLJĞĞƐƚŽĐŬŽƉƚŝŽŶƐƚŽƐƵƉƉŽƌƚLJŽƵŶŐĂŶĚŐƌŽǁŝŶŐĂŶĂĚŝĂŶ ďƵƐŝŶĞƐƐĞƐ͕ƚŚĞƌƵůĞƐǁĞƌĞƐƉĞĐŝĨŝĐĂůůLJĚƌĂĨƚĞĚŶŽƚƚŽĂƉƉůLJƚŽĂŶĂĚŝĂŶͲĐŽŶƚƌŽůůĞĚƉƌŝǀĂƚĞĐŽƌƉŽƌĂƚŝŽŶƐŽƌ ƚŽĐŽŵƉĂŶŝĞƐǁŝƚŚƌĞǀĞŶƵĞƐƵŶĚĞƌĂƐƉĞĐŝĨŝĞĚƚŚƌĞƐŚŽůĚ͘ ŵŽĚŝĨŝĐĂƚŝŽŶƚŽƚŚĞƐĞŶĞǁƐƚŽĐŬŽƉƚŝŽŶƌƵůĞƐ͕ƐƵĐŚƚŚĂƚĐŽƌƉŽƌĂƚŝŽŶƐƚŚĂƚĂĐŚŝĞǀĞŵĞĂƐƵƌĂďůĞĂŶĚ ƉƌĞĚĞƚĞƌŵŝŶĞĚ^'ŵĞƚƌŝĐƐǁŽƵůĚďĞŝŶĐůƵĚĞĚŝŶƚŚĞƐƵďƐĞƚŽĨĐŽƌƉŽƌĂƚŝŽŶƐĞdžĞŵƉƚĨƌŽŵƚŚĞƐĞƌƵůĞƐ͕ ĐŽƵůĚďĞĂŶĞĨĨĞĐƚŝǀĞŵĞƚŚŽĚŽĨŐŝǀŝŶŐďŽƚŚĞŵƉůŽLJĞĞƐĂŶĚĞdžĞĐƵƚŝǀĞƐĂŶŝŶĐĞŶƚŝǀĞƚŽƚŚŝŶŬĐƌĞĂƚŝǀĞůLJ ĂďŽƵƚŵĂdžŝŵŝnjŝŶŐƚŚĞŝƌĐŽŶƚƌŝďƵƚŝŽŶƐƚŽ^'͘ ǀĞŶǁŝƚŚŽƵƚƚŚĞƐĞƌĞĨŽƌŵƐ͕ƐŽŵĞŽƌŐĂŶŝnjĂƚŝŽŶƐĂƌĞĂůƌĞĂĚLJĐŽŵŵŝƚƚŝŶŐƚŽĂĐŚĂŶŐĞŝŶĞdžĞĐƵƚŝǀĞ ďĞŚĂǀŝŽƵƌ͕ƉƌŝŽƌŝƚŝĞƐ͕ĂŶĚ͕ƵůƚŝŵĂƚĞůLJ͕ĐŽƌƉŽƌĂƚĞĐƵůƚƵƌĞ͘ĂĐŚŽĨĂŶĂĚĂ͛ƐƐŝdžůĂƌŐĞƐƚďĂŶŬƐŚĂƐĂĚĚĞĚ ^'ĐŽŵƉŽŶĞŶƚƐƚŽƚŚĞŝƌKƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĨƌĂŵĞǁŽƌŬƐ͕ĂŶĚĞĂĐŚďĂŶŬŚĂƐĐŽŵŵŝƚƚĞĚƚŽŝŶĐƌĞĂƐŝŶŐ ƚŚĞĚŝǀĞƌƐŝƚLJŽĨĞŵƉůŽLJĞĞƐƚŚƌŽƵŐŚŽƵƚŝƚƐŽƌŐĂŶŝnjĂƚŝŽŶ͕ĨƌŽŵƐƚƵĚĞŶƚŝŶƚĞƌŶƐŚŝƉƐƚŽĞdžĞĐƵƚŝǀĞ ĂƉƉŽŝŶƚŵĞŶƚƐ͘WƌĂĐƚŝĐĂůůLJƐƉĞĂŬŝŶŐ͕ƚŚŝƐĐŽŵŵŝƚŵĞŶƚƐŝŐŶĂůƐƚŽƉƵďůŝĐŵĂƌŬĞƚƐĂŶĚĞdžĞĐƵƚŝǀĞƐƚŚĂƚƚŚĞ ďŽĂƌĚĂŶĚƐŚĂƌĞŚŽůĚĞƌƐĞdžƉĞĐƚĂŶĚǀĂůƵĞĐŚĂŶŐĞ͘ dŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨŝŶĐƌĞĂƐŝŶŐƚŚĞĚŝǀĞƌƐŝƚLJŽĨĞŵƉůŽLJĞĞƐĂƚƚŚĞƐƵŵŵĞƌͲƐƚƵĚĞŶƚŽƌũƵŶŝŽƌͲĞŵƉůŽLJĞĞ ůĞǀĞůƐŵĂLJďĞĚŝƌĞĐƚůLJŵĞĂƐƵƌĂďůĞŝŶƚŚĞǀĞƌLJƐŚŽƌƚƚĞƌŵ͕ďƵƚƚŚĞůŝŵŝƚƐŝŵƉŽƐĞĚďLJƚŚĞƚŚƌĞĞͲLJĞĂƌƌƵůĞ ĂƌĞĂŶŽďƐƚĂĐůĞƚŽƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĞĨĨĞĐƚŝǀĞŵĞƚƌŝĐƐĨŽƌŵĞĂƐƵƌŝŶŐǁŚĞƚŚĞƌƚŚĞƐĞŝŶŝƚŝĂůŚŝƌĞƐ

lviii DIRECTORY OF DIRECTORS 2022

ŝŶĐƌĞĂƐĞƚŚĞĚŝǀĞƌƐŝƚLJŽĨĞŵƉůŽLJĞĞƐĂŶĚĞdžĞĐƵƚŝǀĞƐŝŶƚŚĞůŽŶŐƚĞƌŵ͘tŚŝůĞǁĞĂƉƉůĂƵĚŝŶŝƚŝĂƚŝǀĞƐƚŚĂƚ ƉƌŽŵŽƚĞĚŝǀĞƌƐŝƚLJĂŶĚŝŶĐůƵƐŝŽŶ͕ǁĞĂŶƚŝĐŝƉĂƚĞƚŚĂƚƐƵƐƚĂŝŶĂďůĞĐŚĂŶŐĞŝŶǀŽůǀŝŶŐƚĂůĞŶƚĚĞǀĞůŽƉŵĞŶƚĂŶĚ ƚŚĞƌĞƚĞŶƚŝŽŶŽĨŶĞǁŚŝƌĞƐƌĞƋƵŝƌĞƐŵŽƌĞƚŚĂŶƚŚƌĞĞLJĞĂƌƐƚŽŵĞĂƐƵƌĞŝŶƚĞƌŵƐŽĨŵĞĚŝƵŵͲĂŶĚůŽŶŐͲ ƚĞƌŵƐŽĐŝĂůŽďũĞĐƚŝǀĞƐ͘ DŽƌĞŽǀĞƌ͕ƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨ͞ŵĞĂƐƵƌĂďůĞĂŶĚƌĞůĞǀĂŶƚ͟^'ŵĞƚƌŝĐƐĨŽƌĞǀĞƌLJŝŶĚƵƐƚƌLJŝƐŶŽƚĂƐŝŵƉůĞ ŵĂƚƚĞƌ͘dŚĂƚƐĂŝĚ͕ďĞƐƚƉƌĂĐƚŝĐĞƐĂŶĚƐƚĂŶĚĂƌĚƐͶ^^͛Ɛ͞ŵĂƚĞƌŝĂůŝƚLJŵĂƉ͕͟ĨŽƌĞdžĂŵƉůĞ͕ǁŚŝĐŚŝŶĚŝĐĂƚĞƐ ƐƵƐƚĂŝŶĂďŝůŝƚLJŝƐƐƵĞƐƚŚĂƚĂƌĞůŝŬĞůLJƚŽ͞ĂĨĨĞĐƚƚŚĞĨŝŶĂŶĐŝĂůĐŽŶĚŝƚŝŽŶŽƌŽƉĞƌĂƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨ ĐŽŵƉĂŶŝĞƐǁŝƚŚŝŶĂŶŝŶĚƵƐƚƌLJ͟ͶĐŽŶƚŝŶƵĞƚŽĚĞǀĞůŽƉƌĂƉŝĚůLJ͘dŚĞƐĞŐƵŝĚĞƐŵĂLJƉƌŽǀŝĚĞĂƐƚĂƌƚŝŶŐƉŽŝŶƚ ĨƌŽŵǁŚŝĐŚŵĂƚĞƌŝĂůŵĞƚƌŝĐƐĨŽƌŵŽƐƚŝŶĚƵƐƚƌŝĞƐĐĂŶďĞƐĞůĞĐƚĞĚĨŽƌƵƐĞŝŶ>d/Ɛ͘

KE>h^/KE ĐŚŝĞǀŝŶŐĐƌŝƚŝĐĂůŽďũĞĐƚŝǀĞƐƚŚĂƚŚĂǀĞĂŐůŽďĂůĂŶĚƐŽĐŝĞƚĂůŝŵƉĂĐƚͶĨŽƌĞdžĂŵƉůĞ͕ŐŽĂůƐƌĞůĂƚĞĚƚŽƐŽĐŝĂů ĐŚĂŶŐĞĂŶĚĐůŝŵĂƚĞͶǁŝůůƌĞƋƵŝƌĞŝŶŶŽǀĂƚŝǀĞĂƉƉƌŽĂĐŚĞƐŝŶĞǀĞƌLJĐŽƌƉŽƌĂƚĞďŽĂƌĚƌŽŽŵ͘ĂŶĂĚŝĂŶƐ ƐŚŽƵůĚĚĞŵĂŶĚƚŚĂƚŐŽǀĞƌŶŵĞŶƚƐ͕ƚŽŽ͕ďĞĐŽŵŵŝƚƚĞĚƚŽŝŶŶŽǀĂƚŝŽŶĂŶĚĂŐŝůŝƚLJŝŶƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨ ƚŚĞƐĞŽďũĞĐƚŝǀĞƐ͕ŝŶŽƌĚĞƌƚŽŚĞůƉŝŶǀĞƐƚŽƌƐ͕ĚŝƌĞĐƚŽƌƐ͕ĂŶĚĞdžĞĐƵƚŝǀĞƐĐůĞĂƌƚŚĞŝŶŝƚŝĂůŚƵƌĚůĞƐƚŽĂ ƐƵƐƚĂŝŶĂďůĞĂŶĚĞƋƵŝƚĂďůĞĨƵƚƵƌĞ͘tĞŶĞĞĚĚŝƐĐƵƐƐŝŽŶĂĐƌŽƐƐŝŶĚƵƐƚƌLJ͕ĂĐĂĚĞŵŝĂ͕ĂŶĚŐŽǀĞƌŶŵĞŶƚĂďŽƵƚ ŚŽǁĂŶĂĚĂ͛ƐƉƌŽŐƌĂŵƐ͕ĂŶĚƚŚĞƚĂdžƌƵůĞƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŵ͕ĐŽƵůĚďĞďĞƚƚĞƌĚĞƐŝŐŶĞĚƚŽŵĞĞƚĐƵƌƌĞŶƚ ^'ĐŚĂůůĞŶŐĞƐĂŶĚŐĞŶĞƌĂƚĞĨƵƚƵƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͘

dŚŝƐĂƌƚŝĐůĞǁĂƐŽƌŝŐŝŶĂůůLJƉƵďůŝƐŚĞĚŝŶWĞƌƐƉĞĐƚŝǀĞƐŽŶdĂdž>ĂǁΘWŽůŝĐLJ͕ƉĂƌƚŽĨƚŚĞĂŶĂĚŝĂŶ dĂdž&ŽƵŶĚĂƚŝŽŶ͘ŽͲĂƵƚŚŽƌŚƌŝƐƚŽƉŚĞƌŚĞŶŝƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨŽŵƉĞŶƐĂƚŝŽŶ 'ŽǀĞƌŶĂŶĐĞWĂƌƚŶĞƌƐ͘

Reproduced with the permission of Osler, Hoskin & Harcourt LLP, 2021. The report can be accessed online at https://www.osler.com/en/resources/governance/2021/esg-and-executive-compensation-in-canada.

lix FP500 Companies in the Directory

What follows is a list of companies drawn from the most recent FP500 – the Financial Post’s annual list of Canada’s largest companies by revenue. The full FP500 contains 800 companies, but the following list focuses solely on the top 500 companies in- cluded both on the FP500 and in the Directory of Directors. Missing ranks indicate that those companies do not appear in this edition of the Directory, and therefore do not qualify for inclusion on this edited list. Full FP500 data can be purchased from Postmedia Network Inc., at fpadvisor.financialpost.com.

Rank Legal Name 22 BCE Inc. 1 Brookfield Asset Management 23 Limited Inc. 24 METRO INC. 2 Financial 26 Canadian Natural Resources Corporation Limited 3 Alimentation Couche-Tard 28 Corporation Inc. 29 Corporation 4 Power Corporation of Canada 31 Saputo Inc. 5 Royal 33 Corporation, 6 Limited 7 The Toronto-Dominion Bank 34 Parkland Corporation 8 Inc. 35 Inc. 9 The Bank of Nova Scotia 36 Canadian National Railway 10 Inc. Company 11 Inc. 37 Hydro-Québec 12 Bank of 40 TC Energy Corporation 13 Costco Wholesale Canada Ltd. 41 Inc. 14 Ltd. 42 Intact Financial Corporation 15 Empire Company Limited 44 CGI Inc. 16 Fairfax Financial Holdings 47 Limited 48 Companies Inc. 18 Caisse de dépôt et placement 51 McCain Foods Limited du Québec 52 Toyota Canada Inc. 19 Canadian Imperial Bank of 53 General Motors of Canada Commerce Company 20 Inc. 54 Fortis Inc. 21 Mouvement des caisses 55 Canada Post Corporation Desjardins () 56 WSP Global Inc.

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57 Bombardier Inc. 103 Stantec Inc. 58 Limited 105 EllisDon Corporation 59 Sollio Group 106 The Wawanesa Mutual 60 Canada Mortgage and Insurance Company Housing Corporation 108 Ontario Lottery and Gaming 61 Corporation Corporation 62 PCL Construction Holdings 109 Quebecor Inc. Ltd. 110 Aviva Canada Inc. 65 Workplace Safety and 111 Maple Leaf Foods Inc. Insurance Board 112 NOVAChemicals Corporation 66 Agropur coopérative 113 Agnico Eagle Mines Limited 67 115 Open Text Corporation Limited 117 Premium Brands Holdings 68 Celestica Inc. Corporation 69 Insurance Corporation of 118 Inc. British Columbia 120 ATCO Ltd. 70 Waste Connections, Inc. 121 Workers' Compensation Board 72 Ontario Power Generation Inc. of British Columbia 73 SNC-Lavalin Group Inc. 122 Toronto Hydro Corporation 75 Liquor Control Board of 124 British Columbia Liquor Ontario Distribution 78 Ltd. 127 Colliers International Group 80 British Columbia Hydro and Inc. Power Authority 128 Garda World Security 81 Corporation Corporation 82 International Inc. 130 Dorel Industries Inc. 86 Co. Ltd. 132 Aecon Group Inc. 87 Air Canada 133 CAE Inc. 88 Linamar Corporation 134 Corporation 89 FCA Canada Inc. 135 Société des alcools du Québec 90 Corporation 136 Toromont Industries Ltd. 91 AltaGas Ltd. 137 Hyundai Auto Canada Corp. 93 Incorporated 139 Martinrea International Inc. 94 Inc. 141 NFI Group Inc. 96 Inc. 143 Ltd. 97 CCL Industries Inc. 144 HSBC Bank Canada 98 Lions Gate Entertainment 148 Keyera Corp. Corp. 150 Graham Management Services 99 Cascades Inc. LP 100 TFI International Inc. 151 Deloitte LLP 101 Gibson Energy Inc. 152 Alberta Gaming, Liquor & 102 Canada Ltd. Cannabis 153 Just Energy Group Inc.

lxii DIRECTORY OF DIRECTORS 2022

154 Loto-Québec 197 CI Financial Corp. 155 Economical Mutual Insurance 198 UAP Inc. Company 200 The Independent Order of 156 Lundin Mining Corporation Foresters 157 Russel Metals Inc. 201 EPCOR Utilities Inc. 158 Lafarge Canada Inc. 202 Lassonde Industries Inc. 159 Activewear Inc. 203 Uni-Select Inc. 160 The Hydro-Electric 204 New Brunswick Power Board Corporation 161 ENMAX Corporation 206 Ritchie Bros. Auctioneers 162 Primo Water Corporation Incorporated 163 ATB Financial 207 Business Development Bank 164 Workers' Compensation Board of Canada - Alberta 208 The Futura Corporation 165 Énergir Inc. 209 American Iron & Metal 166 Transcontinental Inc. Company Inc. 167 Stella-Jones Inc. 210 Secure Energy Services Inc. 168 E-L Financial Corporation 212 Cameco Corporation Limited 213 KPMG LLP 169 British Columbia Lottery 214 Capital Power Corporation Corporation 216 170 Pomerleau inc. 217 Pan American Silver Corp. 173 COGECO Inc. 218 PricewaterhouseCoopers LLP 175 John Deere Canada ULC 221 Laurentian Bank of Canada 176 Ltd. 222 ConocoPhillips Canada 177 Superior Plus Corp. Resources Corp. 178 The North West Company Inc. 224 Crescent Point Energy Corp. 179 IKEA Canada Limited 226 The Manitoba Public Partnership Insurance Corporation 180 Export Development Canada 227 Intertape Polymer Group Inc. 181 MEG Energy Corp. 230 Taiga Building Products Ltd. 182 Bank of Canada 231 IAMGOLD Corporation 183 Centerra Gold Inc. 232 United Farmers of Alberta 184 Algonquin Power & Utilities Co-operative Limited Corp. 234 Hatch Ltd. 186 B2Gold Corp. 236 Onex Corporation 187 Leon's Furniture Limited 239 Corus Entertainment Inc. 189 Interfor Corporation 240 Ernst & Young LLP 193 TransAlta Corporation 241 Bird Construction Inc. 194 Yamana Gold Inc. 243 Molson Coors Canada 195 Boyd Group Services Inc. 244 Groupe Deschênes Inc. 196 Northland Power Inc. 245 Corp.

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246 295 Optimum Group Inc. 247 SAP Canada Inc. 296 EBC Inc. 248 Hudbay Minerals Inc. 297 ARC Resources Ltd. 250 Wolseley Canada Inc. 298 High Liner Foods Incorporated 252 ATS Automation Tooling 302 H&R Real Estate Investment Systems Inc. Trust 253 Wajax Corporation 303 Equinox Gold Corp. 255 GDI Integrated Facility 304 Saskatchewan Liquor and Services Inc. Gaming Authority 256 The Equitable Life Insurance 305 SunOpta Inc. Company of Canada 306 Balancing Pool 259 First National Financial 307 Morguard Corporation Corporation 310 Torex Gold Resources Inc. 260 Chemtrade Logistics Income 312 NAV CANADA Fund 314 Alamos Gold Inc. 262 Corporation 315 Amex Bank of Canada 263 Franco-Nevada Corporation 318 LifeWorks Inc. 264 Turquoise Hill Resources Ltd. 319 Western Forest Products Inc. 265 Transat A.T. Inc. 321 Indigo Books & Music Inc. 269 Compass Group Canada Ltd. 324 Chorus Aviation Inc. 270 Toronto Transit Commission 325 Home Capital Group Inc. 271 Calgary Co-operative 326 Ensign Energy Services Inc. Association Limited 327 Precision Drilling Corporation 273 Hardwoods Distribution Inc. 328 Chartwell Retirement 274 RGA Life Reinsurance Residences Company of Canada 330 Vancouver City Savings Credit 275 Cervus Equipment Union Corporation 331 Premier Tech Ltd. 276 Canaccord Genuity Group Inc. 334 MNP LLP 279 BlackBerry Limited 335 British Columbia Ferry 280 Equitable Group Inc. Services Inc. 281 L'Oréal Canada Inc. 336 407 International Inc. 282 Shawcor Ltd. 337 EXCELDOR coopérative 283 Hydro Ottawa Holding Inc. 338 Whitecap Resources Inc. 284 Investissement Québec 339 Noranda Income Fund 286 Mullen Group Ltd. 340 CES Energy Solutions Corp. 288 Extendicare Inc. 341 Canadian Apartment 289 Unilever Canada Inc. Properties Real Estate 291 Winpak Ltd. Investment Trust 292 SSR Mining Inc. 344 TMX Group Limited 293 Vermilion Energy Inc. 346 Rogers Sugar Inc. 294 Richelieu Hardware Ltd. 348 New Gold Inc.

lxiv DIRECTORY OF DIRECTORS 2022

349 Enerplus Corporation 406 Boralex Inc. 352 Greater Toronto Airports 410 Innergex Renewable Energy Authority Inc. 353 Telesat Canada 411 Héroux-Devtek Inc. 354 Meridian 412 British Columbia Investment Limited Management Corporation 357 Baytex Energy Corp. 413 Logistec Corporation 359 AstraZeneca Canada Inc. 414 Paramount Resources Ltd. 360 Dundee Precious Metals Inc. 415 Capstone Mining Corp. 363 SmartCentres Real Estate 416 Sodexo Canada Ltd. Investment Trust 417 , Inc. 365 Rocky Mountain Equipment 419 Alberta Investment LP Management Corporation 366 Green Shield Canada 421 Vancouver Airport Authority 368 Canada Deposit Insurance 423 Altus Group Limited Corporation 424 Allied Properties Real Estate 370 Magellan Aerospace Investment Trust Corporation 425 Badger Infrastructure 371 Kubota Canada Ltd. Solutions Ltd. 372 Senvest Capital Inc. 426 Algoma Central Corporation 373 Nova Scotia Liquor 428 AGF Management Limited Corporation 431 Thales Canada Inc. 374 Atlantic Lottery Corporation 432 Reitmans (Canada) Limited 375 Federal 433 Agriculture Financial Services Credit Union Corporation 376 BMTC Group Inc. 434 Xerox Canada Inc. 380 Ltd. 437 WGI Westman Group Inc. 382 Calfrac Well Services Ltd. 438 Medical Facilities Corporation 384 Fiera Capital Corporation 441 MTY Food Group Inc. 385 BDO Canada LLP 443 IBI Group Inc. 386 Metrolinx 444 Canadian Broadcasting 389 Alcanna Inc. Corporation 391 First Capital Real Estate 445 Enghouse Systems Limited Investment Trust 448 North American Construction 392 AirBoss of America Corp. Group Ltd. 394 Sinopec Daylight Energy Ltd. 450 Velan Inc. 395 Cargojet Inc. 451 First Majestic Silver Corp. 397 Cominar Real Estate 453 Richards Packaging Income Investment Trust Fund 399 goeasy Ltd. 457 Gore Mutual Insurance 400 RioCan Real Estate Company Investment Trust 458 Wall Financial Corporation 404 Compugen Inc.

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459 Fonds de solidarité des 519 EXFO Inc. travailleurs du Québec 520 Savaria Corporation (F.T.Q.) 522 Great Panther Mining Limited 460 The Descartes Systems Group 524 Golden Star Resources Ltd. Inc. 525 Newfoundland Labrador 461 Boardwalk Real Estate Liquor Corporation Investment Trust 526 Central 1 Credit Union 464 Colabor Group Inc. 527 Granite Real Estate 465 Artis Real Estate Investment Investment Trust Trust 528 Westport Fuel Systems Inc. 468 Goodfellow Inc. 531 Park Lawn Corporation 470 New Brunswick Liquor 533 Yellow Pages Limited Corporation 534 Peoples Trust Company 472 Teledyne DALSA, Inc. 535 Sierra Metals Inc. 474 Great Canadian Gaming Corporation 538 Hammond Power Solutions Inc. 477 NuVista Energy Ltd. 542 Concentra Bank 478 Evertz Technologies Limited 545 Canada Lands Company 482 Calian Group Ltd. Limited 484 Birchcliff Energy Ltd. 546 Calibre Mining Corp. 485 Argonaut Gold Inc. 548 Canadian General 486 WildBrain Ltd. Investments, Limited 487 Cineplex Inc. 549 Stingray Group Inc. 490 Pollard Banknote Limited 552 TerraVest Industries Inc. 491 Exco Technologies Limited 555 Vancouver Fraser Port 494 VIA Rail Canada Inc. Authority 495 Major Drilling Group 558 Points International Ltd. International Inc. 560 Obsidian Energy Ltd. 500 Trican Well Service Ltd. 563 Aéroports de Montréal 501 ClearStream Energy Services 567 Inc. Inc. 569 Trevali Mining Corporation 502 Crombie Real Estate 570 New Look Vision Group Inc. Investment Trust 571 504 Andrew Peller Limited 572 Pieridae Energy Limited 507 Peyto Exploration & Development Corp. 573 Prospera Credit Union 508 Canacol Energy Ltd. 574 Macro Enterprises Inc. 512 Westshore Terminals 576 Killam Apartment Real Estate Investment Corporation Investment Trust 514 Total Energy Services Inc. 577 DATA Communications Management Corp. 516 Taseko Mines Limited 579 HomeEquity Bank 518 Copper Mountain Mining Corporation 580 Pizza Pizza Limited

lxvi DIRECTORY OF DIRECTORS 2022

584 Munich Reinsurance 636 BlueShore Financial Credit Company of Canada Union 587 640 K-Bro Linen Inc. Limited 642 Surge Energy Inc. 592 5N Plus Inc. 644 Canassurance Hospital Service 594 Mandalay Resources Association Corporation 646 Summit Industrial Income 595 Advantage Energy Ltd. REIT 598 PHX Energy Services Corp. 647 Credit Union Central of 600 DIRTT Environmental Manitoba Solutions Ltd. 649 Ltd. 603 Village Farms International, 652 SIR Corp. Inc. 654 IMAX Corporation 605 Mountain Province Diamonds 656 Capstone Infrastructure Inc. Corporation 606 Melcor Developments Ltd. 659 ADF Group Inc. 607 Equifax Canada Inc. 662 Endeavour Silver Corp. 608 Tamarack Valley Energy Ltd. 663 The Calgary Airport Authority 609 and Credit 664 DUCA Financial Services Union Limited Credit Union Ltd. 610 Karora Resources Inc. 666 Birks Group Inc. 611 Canada 668 Amerigo Resources Ltd. 613 Assumption Mutual Life 669 Computershare Trust Insurance Company Company of Canada Inc. 615 Tree Island Steel Ltd. 670 616 Guardian Capital Group 671 Sprott Inc. Limited 673 CareRx Corporation 621 Wesdome Gold Mines Ltd. 675 InterRent Real Estate 622 Silvercorp Metals Inc. Investment Trust 623 People Corporation 677 Pason Systems Inc. 626 Jaguar Mining Inc. 681 StorageVault Canada Inc. 628 FirstOntario Credit Union 682 Crew Energy Inc. Limited 683 TransGlobe Energy 629 Dream Office Real Estate Corporation Investment Trust 685 Corby Spirit and Wine 630 Connect First Credit Union Limited Ltd. 688 Glacier Media Inc. 631 Supremex Inc. 689 Avcorp Industries Inc. 633 Labrador Iron Ore Royalty 691 Lucara Diamond Corp. Corporation 692 Mainstreet Equity Corp. 634 A&W Food Services of 693 The Boiler Inspection and Canada Inc. Insurance Company of Canada 635 Titanium Transportation Group Inc.

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694 Hammond Manufacturing 753 Firan Technology Group Company Limited Corporation 695 Imperial Metals Corporation 754 PetroShale Inc. 696 Quarterhill Inc. 755 Optiva Inc. 701 Klohn Crippen Berger Ltd. 757 Pine Cliff Energy Ltd. 702 Absolute Software 758 Fiore Gold Ltd. Corporation 760 Interior Savings Credit Union 704 Inc. 762 PetroTal Corp. 707 Orbit Garant Drilling Inc. 763 Swiss Water Decaffeinated 709 Dynacor Gold Mines Inc. Coffee Inc. 711 Harry Rosen Inc. 764 Vecima Networks Inc. 712 PFB Corporation 765 Robex Resources Inc. 713 Ontario Securities 766 Essential Energy Services Ltd. Commission 769 Unisync Corp. 715 H2O Innovation Inc. 770 BTB Real Estate Investment 717 Orvana Minerals Corp. Trust 719 TWC Enterprises Limited 773 High Arctic Energy Services 721 Sangoma Technologies Inc. Corporation 774 Dominion Lending Centres 723 Clairvest Group Inc. Inc. 724 Conifex Timber Inc. 775 Freehold Royalties Ltd. 727 Ltd. 776 Theratechnologies Inc. 729 MCAN Mortgage Corporation 778 Waterloo Brewing Ltd. 730 Sherritt International 779 VersaBank Corporation 781 RF Capital Group Inc. 731 (Canada) 782 The Valens Company Inc. 733 AKITA Drilling Ltd. 786 Thunderbird Entertainment 734 Chesswood Group Limited Group Inc. 736 Foremost Income Fund 787 Yangarra Resources Ltd. 739 Bonterra Energy Corp. 790 ShaMaran Petroleum Corp. 741 Sportscene Group Inc. 791 INSCAPE Corporation 743 Alaris Equity Partners Income 792 Computer Modelling Group Trust Ltd. 744 Timbercreek Financial Corp. 793 mdf commerce inc. 745 Dundee Corporation 794 Eastern Platinum Limited 747 Plaza Retail REIT 749 Genesis Land Development Corp. 750 Wow Unlimited Media Inc. 751 Western Energy Services Corp. 752 TECSYS Inc.

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