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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 Toronto (691) 2. University of Western Ontario (664) 89.2% 3. Queen’s University (507) 9.3% Have Held 4. McGill University (412) Have Held Directorships 5. University of British Columbia (391) Directorships for 5-15 6. University of Alberta (295) for 20-30 Years Years 7. University of Calgary (260) 8. University of Waterloo (194) 9. Université Laval (192) 10. University of Saskatchewan (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, insurance, 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 Canada 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 2020 Diversity xvii Disclosure Practices Diversity and leadership at Canadian public companies By Andrew MacDougall, John Valley and Jennifer Jeffrey Number of CBCA public company board positions held by At 26 companies Aboriginal peoples is 7 (4.4% of TSX-listed companies) the CEO is a woman 64.7% of TSX-listed companies FINANCIAL POST have written board diversity policies Targets for women directors have been adopted by 58.5% of S&P/TSX 60 companies, but by xviii only 28.8% of TSX-listed The percentage of CBCA public companies company board seats held by visible minorities is 5.5% 47.6% of TSX-listed companies have Few CBCA public companies more than 1 have director targets beyond women director targets for women Aboriginal peoples 1 Number of CBCA Members of visible minorities 1 5% of the time, public company Persons with disabilities 0 the chair of a board positions held Designated groups (including TSX-listed company by persons with women) collectively 2 is a woman disabilities is 6 Developments in diversity: 1 A wider focus DIRECTORY OFDIRECTORS2022 Among the many profound changes ushered in by the COVID-19 pandemic has been a renewed focus on social issues. Most of the world entered various stages of lockdown, dividing humanity from one another to slow the inexorable advance of an especially virulent disease. Yet the challenges of isolation and, on the flipside, the sense of purpose that enabled us to take responsible collective action to protect the lives of those most vulnerable, also created an opportunity for change. Ignited by public outrage over the killing of George Floyd by police, and xix fueled by many examples of the mistreatment of minorities, there has been a strong drive to address the impediments, both express and hidden, to the advancement of underrepresented communities to leadership positions in organizations. Advancement of women Canada In January 2020, Statistics Canada released data on gender composition of corporate boards of all types in Canada, including public companies, government business entities and private companies, based on data from 2016 and 2017. For 2017, the data included 10,108 corporations that are required to file returns under the Corporations Returns Act and the gender of directors was estimated using other Statistics Canada data and probabilistic imputation. The report noted that overall 18.1% of board positions were held by women in 2017, a slight increase from 17.8% in 2016. The report noted that government business entities had the highest levels of representation of women, with women directors holding 35.2% of the board positions of such entities in 2017. For public companies, 21.3% of the board seats were held by women, while for private companies women held only 17.7%. In March 2020, Catalyst Canada in collaboration with the 30% Club Canada released its first progress report of Women in Leadership at S&P/ TSX Companies (2020). The study reviews the 234 S&P/TSX Composite Index companies as at December 31, 2019, noting that women hold 27.6% of the board seats of such companies, but comprise only 17.9% of the executive teams. A few companies have disclosed ways they tie executive compensation to the achievement of diversity and inclusion goals. For example, • Bank of Nova Scotia – Short-term incentive performance for the CEO takes into consideration improvements in the depth and diversity of the bank’s leadership pool, particularly with regard to gender diversity, where the bank’s vice president and above leadership group is now comprised of 35% women globally (39% in Canada).