Board Games B7

MONDAY,NOVEMBER 26, 2018 | THE GLOBE AND MAIL G BOARD GAMES B7

Board Games: Cannabis firms can easily correct a number of governance weaknesses

FROM B1

“You might be able to get away with less than tier-one corporate governance for a while, but it would be unwise to wait for your stock price to drop and the market tell you your corporate governance practices aren’t up to snuff, because now you’re deal- ing with it in the vacuum of a crisis,” says Rahul Bhardwaj, chief executive of the Institute of Corporate Directors. “That would not be wise.” Jennifer Longhurst of Davies Ward Phillips Vineberg LLP said many young companies need a greater awareness of what they should be doing. “Startups need to understand governance best practices and monitor the evolu- tion in those practices,” said the author of the law firm’s annual Governance Insights survey of Canadian trends. “Like it or not, ajunior company will be judged comparatively by those standards and in times of volatility, or declining performance, those are oftentimes the first areas of attack.” For an example of a company that faced a governance-based attack when its share price was low, look to Crescent Point Ener- gy Corp., which dropped nearly 50 spots in this year’s rankings, losing more points than any other company, as it battled an ac- tivist investor. Cation Capital Inc. picked away at Crescent Point’s Cannabis plants grow at a medical marijuana facility near Cremona, Alta., on Nov. 12. JEFF MCINTOSH/THE GLOBE AND MAIL compensation practices, pointing out a disconnect between its in particular had to worry about Sleep Country made: CEO David our corporate reputation.” est Canadian dual-class compa- hefty executive-pay totals and its complying with a host of federal Friesema owns stock in the com- Aspokeswoman for Shopify nies, however, may be taking woeful stock return. (Board and provincial regulations on pany worth more than three Inc., the tech company that pro- their cue from U.S. tech giants Games measures elements of pay marketing, selling and packag- times his base salary – but the vides e-commerce services for Google parent Alphabet Inc. and disclosure and governance – for ing. “Investors of those young company didn’t have a formal small business, declined to com- Facebook Inc., whose structures example, giving Crescent Point companies may not want man- policy requiring it, and Sleep ment for this story, while Aphria, are more about founder control marks for holding a say-on-pay agement to be devoting both Country didn’t do a good job of Aurora Cannabis and Canada than family control. vote – but makes no judgment people time and money toward explicitly disclosing his holdings. Goose failed to respond. Canada’s institutional inves- on whether shareholders are get- some of those processes given “If we’d asked the board prior to The cannabis companies have tors have largely expressed mis- ting a good bang for their bucks. some of those other challenges this, ‘Do you think it’s a good anumber of governance weak- givings about dual-class structur- They felt they were not, as Cres- they’re focused on,” Ms. Long- idea the CEO holds stock?’ they nesses that can be corrected eas- es, but have needed to tolerate cent Point lost say-on-pay votes hurst said. would have absolutely agreed ily, by creating and disclosing them in order to invest in as wide in 2016 and 2018.) Sleep Country Canada Hold- with that,” Mr. Masson said. “It processes for the board stock arange of domestic stocks as Or, for an example of how ings Inc. is an example of a was just a matter of writing it ownership and self-evaluation, possible. even long-term share outper- young company that was preoc- down.” for example. Or they can evolve The Canadian Coalition for formance can offer no blank cupied with those challenges af- Shengjun (Victor) Li, an exec- in time, such as shifting the Good Governance, in a 2013 pol- check on governance matters, ter its 2015 initial public offering. utive vice-president at Kingsdale board mix away from early in- icy statement on the issue, noted look to Alimentation Couche- But it also saw its 2017 Board Advisors who specializes in gov- vestors and founders to more in- “there is not unanimity among Tard. The convenience-store Games ranking – 234th out of 242 ernance issues, says as compa- dependent directors. Aphria, for CCGG members as to the govern- chain could point to a stock price –and felt it had to do better. It nies mature, they often attract example, added four new inde- ance principles which should ap- that had multiplied 650 times in added 26 points in 2018 and more institutional investors, pendent directors at its annual ply to [dual-class share] compa- its 30-year history when it asked moved firmly into the middle of who are more attuned to, and meeting earlier this month. nies in Canada” – something still shareholders in 2015 to extend the pack. more vocal about, governance, Other governance issues are true, says the group’s executive the super-voting powers of its “When we first went public, compared with retail investors. intentional, fundamental and director, Catherine McCall. “Insti- four founders, even as they grad- we were very focused on “When their shareholder base long-term. Shopify and Canada tutional shareholders continue ually began to retire from the growth,” chief financial officer changes, they have to listen … Goose have dual-class share to buy them, in spite of some of company. Facing shareholder Robert Masson said in an inter- eventually, they face the pressure structures in which company in- them having objections in prin- pushback, it pulled the proposal. view. “Going public and all the of shareholders.” siders or private investors have ciple. There’s not just one view Governance specialists say in- regulatory affairs that go with Still, it remains to be seen multiple votes for each share on it.” vestors may be more tolerant of that is a big extra burden, and we when and whether some of the they own, versus single votes for That may give Shopify and less-developed structures in run a pretty lean ship here. We other young companies that cur- investors who buy common Canada Goose some cover, and young companies because man- don’t even have internal [legal] rently lag will become more pro- shares on the TSX. These struc- the cannabis companies more agement is focused on other counsel. So these are all things active on governance matters. tures de-couple economic own- time to change their practices. matters. “Young company star- that add to the workload.” “The corporate governance ership and voting rights, giving There will always be, however, tups – the cannabis industry is “But our board does care policies we implement don’t the holders of the supervoting institutional shareholders such an example of that – are grap- about corporate governance, and tend to take external rankings shares more influence than their as the Canada Pension Plan In- pling with a lot of challenges that’s why we focused our atten- into account,” Canopy spokes- investment might otherwise vestment Board, who treat good [compared with] companies that tion on this,” Mr. Masson said. man Jordan Sinclair e-mailed in warrant. governance as a requirement for have evolved or matured,” Ms. “And now that we have a founda- response to a query about Ca- Dual-share structures have investment. Longhurst said. tion in place, it becomes less of a nopy’s low marks. long been a feature in corporate If you don’t adopt those prin- Most young companies are burden every year, and it’s more “We develop corporate gov- Canada, given the number of ciples, CEO Mark Machin said, not as cash-rich – good govern- just getting it done in the normal ernance policies to ensure we’re family-controlled companies “the chances are you’re going to ance comes at a cost – and com- course of business.” managing risks and protecting such as the Desmarais’ Power underperform financially and ec- panies in the cannabis industry One example of the changes shareholder value along with Corp., or Bombardier. The new- onomically. It’s not a tradeoff.” Product: TGAM PubDate: 11-26-2018 Zone: GTA Edition: 1 Page: ROB_2580760 User: SLaloudakis Time: 11-25-2018 19:13 Color: CMYK

B8 BOARD GAMES G THE GLOBE AND MAIL | MONDAY,NOVEMBER 26, 2018

ILLUSTRATION BY DAVE MURRAY Firms object to influence of proxy advisers

Heavy U.S. lobbying vestors accept the recommenda- visers’ role. “Proxy advisory ject to SEC supervision. which is already registered with tions wholesale and vote blindly firms address a client need, but It also would require the firms the SEC as an investment adviser would require such −aparticular problem, compa- transparency around how they to turn over the bulk of their re- −says it has done. ISS chief exec- companies to register nies say, if the advisory firms reach their opinions has always ports to the subject companies utive Gary Retelny said in the as investment advisers, have made an error in the analy- been an issue,” he said. “Their and allow the companies to con- Nov. 15 round-table that “we ac- sis underlying the recommenda- recommendations can impact duct a meeting with the firms to knowledge there are potential pushing Canadian tions. the market and there seems to challenge their work. conflicts of interest in what we regulators to take Now heavy lobbying of the be enough anecdotal evidence The SEC, under pressure, con- do and we work extremely hard similar steps U.S. Congress and the Securities pointing to inaccurate company ducted a day-long public exam- to mitigate those potential con- and Exchange Commission has or governance analysis to raise ination of the U.S. proxy process flicts of interest.” resulted in legislation that would concerns.” on Nov. 15, including a panel dis- He said ISS has “a very strong DAVID MILSTEAD require proxy advisers to register cussion devoted to the advisory firewall in place” separating the INSTITUTIONAL INVESTMENT as investment advisers and sub- firms. analysts from the employees REPORTER ject them to supervision by the “After a day of discussion, it who work for the “corporate so- SEC. Those moves could push seems there is now a platform lutions” business, who also tell Canadian regulators to take simi- But if this legislation were to for the SEC staff to build on the companies “there is no quid pro anadian companies that lar steps and possibly limit the observations of Main Street In- quo.” have complained about sway advisers have in this coun- pass and force change … I’d vestors and implement much Unfortunately for ISS, neither Cwhat they say is the undue try. suspect you’d also see needed oversight of the proxy Glass Lewis & Co. − which is influence of proxy advisers could Proxy firms in Canada appear changes in Canada, because advisory industry,” the advocacy owned by Ontario Teachers’ Pen- get a boost from U.S. legislation to be well aware of the pressure the challenges that have group said in a statement. sion Plan and Alberta Invest- that could rein them in. from lobbyists in the United The issue hasn’t been nearly ment Management Corp. − nor Proxy advisers offer opinions States. been identified in the U.S. as hot in Canada. The Canadian Egan-Jones Proxy Services has a to their clients, typically big in- “The firms, from what I can also exist in Canada. It Securities Administrators (CSA) similar business model. “Since stitutional investors, on the mea- tell, have been sensitive to some doesn’t stop at the border. put out guidance in April of 2015 the beginning … we took the sures companies send to their of this criticism over the past few to address potential conflicts of view we shouldn’t be providing shareholders for a vote. Often, years, and I think they’ve made MATTHEW FORTIER interest for proxy advisers, in- consulting services to the com- there’s not much controversy. improvements to their process- VICE-PRESIDENT OF POLICY cluding one that has become a panies we write on,” Glass Lewis FOR CANADA’S INSTITUTE But the firms, such as Institu- es,” said Matthew Fortier, vice- OF CORPORATE DIRECTORS hot-button issue in the United CEO Katherine Rabin told the tional Shareholder Services president, policy for Canada’s In- States: Institutional Shareholder SEC panel. (ISS), have developed their own stitute of Corporate Directors The unhappiness has resulted Services’ practice of soliciting For now, corporate Canada guidelines for what constitutes said. in a public-relations campaign consulting fees from the compa- will wait and see. Specialists in effective corporate governance “But if this legislation were to by a corporate-backed group nies they evaluate on how better proxy matters say they’re not so and appropriate executive pay − pass and force change … I’d sus- called the Main Street Investors to conform with ISS standards sure the U.S. legislation will be- and when companies run afoul pect you’d also see changes in Coalition and the lobbying of on governance. come law in its current form, but of those guidelines, the firms Canada, because the challenges Congress and the SEC. The CSA document urges the they say that if U.S. companies recommend their clients vote that have been identified in the And it’s yielded results: One proxy firms to develop internal are allowed advance warning of “no” on company proposals. U.S. also exist in Canada. It piece of legislation, which has policies and codes of conduct to what the advisers will say about Many companies don’t like doesn’t stop at the border.” been passed by the country’s minimize the risk of a conflict of them, and a mandated chance to that much, at all. They argue that Mr. Fortier says there has long House of Representatives, would interest. respond, it’s likely Canadian too many small institutional in- been controversy over proxy ad- see proxy advisers become sub- That’s something that ISS − companies will want the same.

Why three of Canada’s Big Cannabis companies scored low

JANET MCFARLAND independent directors on its key Sept. 1 cutoff for the Board board committees. But founder Games markers at the University Bruce Linton is both chairman of Toronto, so the marks were and co-chief executive officer, based on last year’s proxy circu- AURORA CANNABIS INC. which means the company lost lar. Total score: 28/100 marks for combining the roles of The company received marks Board Composition: 8/33 chair and CEO. for having independent directors Shareholding and Compen- While the company offers on its board, as well as independ- sation: 6/30 equal voting rights to all share- ent directors on its key board Shareholder Rights: 14/27 holders, it has not adopted other committees. But it lost marks be- Disclosure: 0/10 shareholder rights processes cause Vic Neufeld is both chair- such as offering say-on-pay votes man and CEO. The company has Aurora was marked using its sha- to give investors a voice on com- one woman on its board, Renah reholder proxy circular from Oc- pensation practices. It also does Persofsky. tober, 2017, because Board not disclose provisions for claw- Aphria does not have some Games markers at the Clarkson ing back bonuses when wrong- board processes marked in Board Centre for Board Effectiveness at doing has occurred, or requiring Games, such as director perform- the University of Toronto have a CEOs to hold on to shares for a ance reviews, but says it is devel- cutoff date of Sept. 1 for proxy fil- A worker tends to cannabis plants at Canopy Growth’s facility in Smiths predetermined period after leav- oping a peer review process for ings to ensure all work is com- Falls, Ont., on Sept. 18. The company is Canada’s largest producer of ing. the coming year. It also does not pleted for publication by Novem- cannabis. FRED LUM/THE GLOBE AND MAIL On the compensation front, disclose whether it has a detailed ber. Canopy lost marks for its high CEO succession planning proc- Aurora released a new proxy Board Games applies strict tion: 9/30 level of stock-option dilution, ess, or a formal director educa- circular in late October in ad- standards for director independ- Shareholder rights: 14/27 and for not linking executive pay tion program. The company said vance of its annual meeting on ence, and considers directors to Disclosure: 3/10 to the company’s financial per- independent directors meet Nov. 30, and its Board Games be related (that is, not independ- formance relative to its peer without management present for score would be higher using ent directors) if they receive pay- Canopy is Canada’s largest can- group. The company also pays di- aportion of board meetings. some of the newer information. ments for providing non-board nabis producer, but it is still a rel- rectors with stock options. It also On the compensation front, For example, the company has business services to the compa- ative newcomer to the ranks of has no share ownership guide- Aphria does not offer a say-on- adopted share-ownership guide- ny. the major companies that com- lines for the CEO or directors to pay vote to shareholders, grants lines for its executives, which Aprivate company controlled prise the S&P/TSX Composite In- ensure everyone holds at least a high levels of stock options that would improve its score, al- by board chair Michael Singer re- dex. That means it has adopted minimal level of the company’s are dilutive to shareholders, and though it has not adopted share- ceived payment for providing fi- some common good governance stock. pays its directors in options. ownership guidelines for direc- nancial advisory services in 2018, practices, but for the most part Aphria received stronger tors. while a company controlled by its governance processes are not marks for disclosure than the Aurora has also begun con- director Jason Dyck received fees mature. APHRIA INC. other two cannabis companies in ducting director performance for research and development The company does not have a Total score: 49/100 the S&P/TSX Composite Index, self-assessments, although it work for Aurora. The result is system for formal board perform- Board Composition: 13/33 scoring 7 out of 10 in the cate- does not have a peer-review that the company loses marks for ance reviews, for example, and Shareholding and Compen- gory. It provided detailed direc- process. It has also prohibited ex- having related directors on its does not have a formal diversity sation: 15/30 tor biographies, accurately executives from using financial in- key board committees. policy. It also does not report de- Shareholder Rights: 14/27 (10 plained directors’ relationships struments to hedge or offset tails of a CEO succession plan- of those points came from one to the company, and fully dis- their equity exposure. ning process, and does not have a question on dual-class shares) closed the value of all directors’ Aurora will continue to lose CANOPY GROWTH CORP. director education program. Disclosure: 7/10 shareholdings. marks in other areas, however, Total score: 39/100 Canopy got credit for having a See all the marking details be- particularly board independ- Board Composition: 13/33 majority of independent direc- Aphria also filed its latest share- hind each score at tgam.ca/ ence. Shareholding and Compensa- tors on its board, and for having holder proxy circular after the boardgames2018.

In an unprecedented environment, marijuana companies should focus on these issues

RAHUL BHARDWAJ This has created entirely new es to the top. Agility of action company will create value over strategy in any industry is a tall levels of risk for everyone in- rarely emerges from deeply em- the long term. When you have no task these days. volved with these companies. bedded thinking. It comes from comparables around compensa- But wait one second. While the OPINION The task of managing that risk directors who bring new points of tion in this “Wild West” environ- cannabis industry is a special case falls first to the boards as they be- view to the table, and that new- ment, it’s hard to get these critical because its circumstances are so President and CEO of the Institute gin to build trust and confidence ness can be a function of a variety long-term decisions right, espe- extreme, it is not a unique one. of Corporate Directors with all of the stakeholders at a of characteristics – including age cially the first time. There are many young tech time when trust in corporations and gender – as well as experi- It’s no surprise that cannabis companies whose directors face he “instant industry” creat- and their leaders is at a low point. ence and expertise. What’s more, boards have to manage an almost the same kinds of hurdles, al- ed by the legalization of In this unusual environment, when there’s no corporate history unheard-of burden of risk from though not quite to the same de- Tcannabis just five weeks there is so much to be done so at all, creating a functional cul- many angles. Needless to say, in a gree. In fact, there are all kinds of ago presents obvious challenges quickly that it’s easy to confuse ture relies heavily on new ideas. new industry that’s only now be- mature and even legacy compa- for the directors of cannabis com- what’s urgent with what’s impor- Adiverse board will also be ing brought into a legal frame- nies whose boards confront simi- panies. But it also offers lessons tant. But to my mind, boards more likely to start building the work, the sensitivity to reputa- larly vexing – and sometimes ex- for the directors of every kind of need to focus on four issues: right culture by selecting the best tional risk is inherently high. But istential – challenges. These in- company. 1. Building the right culture. chief executive they can find. add product-safety risk, data clude, for example, ensuring their The risks and opportunities in 2. Overseeing risk. Again, as we’ve seen from the ev- breach and cybersecurity risk to organizations foster cultures of cannabis are simply unpreceden- 3. Developing the right strate- er-shorter terms of CEOs in indus- the mix, and the job of chief risk safety and inclusivity, as well as ted. gy. tries where there are battalions of governor becomes even more understanding the strategic These are all new companies, 4. Creating a diverse board. qualified women and men, this is complex as the industry faces a threats and opportunities pre- with new boards, new manage- To achieve numbers one incredibly hard. Finding the right future filled with unknowns. sented by disruptive technolo- ment, new employees, new inves- through three, I believe boards CEO when not one candidate can This brings me to the third gies. tors, new customers and new reg- first need to address number four. point to any direct industry expe- “must-do” for cannabis boards: to All this is to say, it’s never been ulators – in an industry that itself In the most entrenched indus- rience on their résumé takes a oversee management in creating more challenging signing on to didn’t exist before. At least, not tries, boards are rushing to be- special kind of judgment. The awinning long-term strategy for the obligations of being a director legally. come more diverse. But when board also has to decide how best the company – in an industry that of any public company, let alone Talk about the shock of the you’re a new company in a new to compensate the CEO and re- didn’t exist 50 days ago. But con- one that’s never had a quarterly new! industry, diversity of thought ris- ward the right behaviour so the sider that creating a bullet-proof investors’ call or even an AGM. OptimizeYourBoard’s Performance When you have one of the morethan 4,600 ICD.D designates at the table, you have someone who has made alifelong commitment to be abetter director,and ultimately, create better boards and better business. With an ICD.D, you have adirector who can make adifference.

CONGRATULATIONS TO THIS YEAR’S ICD.Ds!

Bonnie Agostinho Sheri Chateauvert Sylvie Giguère Anne Labelle Gordon T. Nelson Christopher Sinclair Anne-Marie N. Ainsworth Brita Chell Jay-Ann Gilfoy Crystal Laborero Jennefer J. Nepinak Bonny L. Skene Rene Aldana James Chepyha Christine Gillespie Jean-Frédéric Lafontaine Nora Nestor Tim R. Smith John G. Alho Samantha Cheung Alison Glober Diane E. Lai Shawn Neumann Susan Smith Naim Ali Jonathan W. Chia Philip Gold Joseph C. Lambert Albert Ng P. Louise Smith Aiyaz A. Alibhai Maryann Chichak Sandra Goldberg Valerie Lambert Barry William Nowoselski Darcy J. Smith Susan Allen Terris N. Chorney Beena Goldenberg Ken Lamont Ellen Nygaard Patrick Michael Smyth Brent Allison Derek Christie Rose Goldstein Margaret Lange Geoffrey Owen Oberg Elizabeth (Liz) Soria Doug Anderson John Gordon Clarkson Margo M. Goodhand Sarah Lantz Penny Omell Jeremy South Jordan K.S. Anderson M. Rachel Colabella Linda Goss John G. Lark Brian O’Neil Norman Southward Bridgitte Anderson John R. Cole Steve Gray Bertrand Lauzon Arlene D. O’Neill Sano Stante Andie Andreou Janice Comeau Mathé Grenier Jay S. Layman John G. Osborne Deborah Starkman Tina Antony George Coon Paul Greven André Le Bel Michelle A. Ostermann Patricia Steele Germain Archambault Chaya Cooperberg Patti Grier Rosemarie T. Leclair Cathie E. O’Toole Connie Stefankiewicz Mark Arthur Jennifer Leigh Coulson Paul Gruner Terrence Leier Laetitia Pacaud Vicky Stergiopoulos David Ascott Cathryn Cranston Annick Guérard Claude F. Lemasson Sarah D. Palmer Lori R. Sterling David Asper Cam Crawford Martin T. Guest Craig Lennox Alan Pangbourne Hartley Stern Lesia M. Babiak Keith L. Cronkhite Peter C.H. Guo Eric Leonty Sarah Paquet Dan Steward Cathy L. Backman Scott Crowley Robert Hague Jim Letwin Mario Paradis Liz Stretch Trent Baker Carlo Crozzoli Alan Hair Elif Lévesque Paolo Parisi John Glenn Sutherland Michael Baker Mike Csversko Garry M. Hamblin Ivan Limpright Bradyn Lee Parisian Michael Szymanski William F. C. Baker Matthew Cugnet Glenn A. Hamilton David Linder Melinda Park Sanjiv Talwar Meena Ballantyne Don Cummings John F. Hammond Peter F. Lister Ron Parker Zouheir Tamim El Jarkass Nathan RichardBallantyne Andy Curnew Susanna Han Ronald Little Jeffrey Parr Emily Taylor David Barber Pina D’Agostino Hans Hannema Rania Llewellyn Marco Pasteris Anne-Marie Thomas Heather A. Barnhouse Mary D’Alton Tim Hart Perry Lo LeonardPecore David Thornhill Ronald G. Barsi Russell David Stephen P. Hart Jacoline B. Loewen Lucy Marie Pelletier Mark Thorpe Dmitry Barsukov Jacquie Davison Joanne Hausch Paul Loucks Dave Perkins Derrick B. Thue John Bean Lise Cecile de Moissac John Paul Havey Dave Lougheed Joseph W. Perrin Terri Tinella Carole Beaulieu Eitan Dehtiar Robert Hawes Gary S. Love Shawn B. Peters Cameron Todd Helen Beck Cynthia (Cindy) Delaloye Amber Haworth Jeffrey Lyash David Petras Eric Toews RichardBeddoes Jonathan Denis Michael Heck Barrie R. Lynch Donna Phillips Michael Brent Tolmie Paul Beitel Jean Desgagne John Helou Shannon MacDonald Joanne Pilkey Cindy Tomlinson Keon Maryse Bélanger Marie Lynne Desrochers Brenda Hemmelgarn Bob MacDougall Randolph W. Pinna Jeffrey W. Tooth Johanne Bélisle Gregory Dewling Alfred Hendry Kevin Magee Hassan Pirnia Alyson Townsend Anthony Bellomo Avik Dey Mike Herz Ginette Maillé Michelle Lisa Plouffe Janice Tranberg Laurene Beloin Joanne Dial Kirk Hill Alain Maisonneuve Robert Poirier Heather Treacy David C. Bennett Andrew Dickson RichardHill Alan T. Mak Angela K. Pollard Miville Tremblay John M. Benson Ronald D. Dimock Kathy E. Hillman-Weir Peter Malajczuk Michael Lawrence Gwyneth S. Tremblay Paul E.C. Benson Louie DiNunzio Hans Thomas Hofmann Ian Mallory Prendiville Teresa Marie Troy Abram George Bergen Adam M. Dodek Jeffrey D. Hogan Jean-Paul Marmoreo Robert Presser Rob Turpin Nichole Anderson Diana L. Dodge Jennifer M. Holmes Erwin Martinez Shannon Colleen Kathy L. Uher Bergeron Shane Doig Charles Holt Rachel K. Martinuik Prud’homme Ene Underwood Rima Michelle Diane Ming Fang Dou Nathalie Houle Trish A. Martynook Collin N.A. Pullar Ganesh Vaidyanathan Berns-McGown Robert Dougans Christine Hrudka Paul R. Mason Kam Raman Robert VanBelle Ian M. Berzins Liz Doughty Dan Hursh Carlton D. Mathias Tamra Rapsky Michael Vandergrift Jacques Besnainou Jon Alexander Douglas Anna M. Iacobelli Dan Mathieson John M. Rattray Vanda Vicars Jefferey LLoyd Bird Donna Dowler Ingrid Innes Jill Matthew Nicholas Rawluk François Vimard Leo Bisharat Colette Downie Brad Ireland Marilyn Loewen Mauritz Michael Redeker Michael Vineberg Veronica May Bliska Roman Dubczak Lori Ireland Mina Mawani Jim Rediger Glenn Vollebregt Robert Blowes Gwen Dueck Trevor Ironside Evelyn Linda Maxwell Donald Redmond Wouter Vosmeer Sandra Colleen Blue Mark Dufresne Dustin Sean Isaacs Daina Mazutis Helga Reidel Roland M. Walton John Bockstael Luc Germain Dugas Mike Jackson Diane McArthur Natalia R. Reiman Amanda W. Walton John Bogert Robin L. Dunn Nitin Jain Jonathan McCain Ken Rempel Kimberly D. Watamaniuk PierreBoivin Jim Durrell Daniel Jean RichardMcCammon Allan Ritchie Thomas J. Webster Sylvain Bolduc Elsie Elford Karen Jensen George J.R. McClean Charles Roberge John Webster Kathy Bolton William Eric Elkington Merle Johnson Stephen McDermott Bruce G. Roberts Gregory Weeres Shilo Boucher Julia C. Elvidge Beverly J. Johnson Stephen McDonough Michael Roberts Cathy Welling Marie Bountrogianni Caroline Emond Cherilyn Jolly-Nagel William (Bill) McGoey Stéphane Robichaud Alan Whitten Michael D. Bowie Alvin Epp Russell N. Jones M. Bernadette McIntyre Jason Blair Roblin Mary F. Whittle Glenda Boynton Brad D. Eshleman Al Jones Kathy McLaughlin Michael Rodyniuk Laura Wiebe J. A. PierreBreau Mary Falconer Janet Julé Alison McLean Brian A. Rogers Garrick Wiebe Lucas M. Brotz Leanna Falkiner Tim Julien Rob A. McLeod Randy L. Roller Marni Wieshofer Jean Brousseau Jennifer Fang François M. Julien Mary-Margaret McMahon Paula Rosen Karen Wilkinson Susan M. Brown Roozbeh Farhadi Peter Kampian Cam McRobb John Ross Kristina Williams Kyle Brunner David Farrell Julia Kamula John W. McVey RichardRousseau Alexandra Williams Ken Budzak Renaud Faucher Alok Kanti Priti Mehta-Shah Geoffrey Rowan John Williams David Bullock Barbara Feit Peter Kappel Kenneth John Meinert Lorne G. Rubis M. Cecilia Williams Dave Bulmer Anita Karen Ferrari Anthony Karakatsanis Dany Meloul Antonio Ruggieri Keith A. Willoughby Harry Bundy John Filion Benjy Katchen Louise Menard CesareRuggiero Philip C. Wilson Steve Burleton Catherine Filmon Celia (Ceci) Kaufman Brian Mergelas Darren John Ruhr Jennifer Wilson Kathryn Bush Hon. Steven J. Fletcher Jerry L. Kavanagh Shannin H.A. Ara Sahakian Geoffrey A. Wilson Peter Busse Lawrence Flowers Kristal Kaye Metatawabin Suromitra Sanatani Doug Woloshyn Kimberly Butler Jason Forsyth John Kearns Curtis Millen Deven Sandhu Grace Wong Sneddon Douglas Byblow Sherri Fountain Gary Kent JeffMiller Dominic Scarangella Jennifer Ann Wood Frederick J. Cahill Louise Fourès Robert Kirkpatrick Saylor Millitz-Lee Duane Schellenberg Sheri A. Wright David Caldwell Lise Fournel Tim Kitchen Kent Mitchell Kelly Schmitt Michael C. Wrinch Brian Callaghan Mary Fragedakis Henry Kneis Erich Mohr Marilyn Schonberner Julie Ann Wriston David Cameron Mitch Frazer Chitwant S. Kohli Deanna Monaghan Brian Ronn Schumacher John Yip Ronald D. Camp Joel Friesen Samantha Kolias-Gunn Robert Montgomery Glen N. Schwartz TomYip Ken Campbell Curwin W. Friesen Saifa Koonar Teresa Moore Josie Scioli Stephanie Yong Kim Campbell Michelle L. Gagnon Jennifer Koury Sean Morley David W. Sculthorpe Ryan Young Andrew B. Casey Gail Galea Tanis Kozak Roly Morris Nada Semaan Glenn Yuen Hilary Cassady Barbara Gamey Monica Kreuger M. Claudia Morrow Derek Alan Senft Judith M. Yungwirth Ngee Buan Cau Peggy Garritty Kenneth P. Kuchma David Mortimer Michael Senger Susanna Zagar Anubhav Chaitanya Rene W. Gatien Jason Kujath Abdur Rehman Raj Sewda Damian Zapisocky Dean Chambers Éric Gaudreau GordKukec Muhammadi Beth Ann Shaw Mary Lou Zietsoff Guy J. Champagne Charlene Gavel Bob Kuzminski Janet L. Mulligan Lana Sherman Raziel Zisman Robert Chant George Georghiades Arthur H. Kwan Jason Munsch David Shiner Deanna Zumwalt Danielle Charest Kerry D. Gerber Greg Kwong Sarosh Nanavati Martha E. Simmons Hélène Chartier Karl Gerrand Belinda Labatte Niaz Nejad Jan Simon

Completion of the ICD-Rotman Directors Education Program is your ﬁrst step in attaining the ICD.D designation.

Visit icd.ca/DEP to learn more. Product: TGAM PubDate: 11-26-2018 Zone: GTA Edition: 1 Page: ROB_2580762 User: SLaloudakis Time: 11-25-2018 17:29 Color: CMYK

B10 BOARD GAMES G THE GLOBE AND MAIL | MONDAY,NOVEMBER 26, 2018

BOARD GAMES: THE 17th ANNUAL CORPORATE GOVERNANCE RANKINGS

Report on Business has examined the boards of directors of 237 companies and trusts in the S&P/TSX Composite Index as of Sept. 1 to assess the quality of their governance practices. The marking scheme examines dozens of factors related to board composition, compensation, shareholder rights and disclosure

RANK COMPANY TOTAL TOTAL RANK COMPANY TOTAL TOTAL RANK COMPANY TOTAL TOTAL 2018 2017 2018 2017 2018 2017 (100) (100) (100) (100) (100) (100) 1 Manulife Financial Corp. 100 100 80 Badger Daylighting Inc. 82 80 160 Cascades Inc. 68 68 2Intact Financial Corp.999980 Crescent Point Energy Corp.8289160Enbridge Income Fund Holdings Inc. 68 70 3 Emera Inc. 98 97 80 Killam Apartment REIT 82 n/a 160 Great Canadian Gaming Corp. 68 68 3Canadian National Railway Co.989780 MAG Silver Corp.8282160 Intertape Polymer Group Inc. 68 69 5 Royal Bank of Canada 97 98 80 Wheaton Precious Metals Corp. 82 85 160 Kirkland Lake Gold Ltd. 68 64 5Sun Life Financial Inc. 97 98 80 Whitecap Resources Inc. 82 70 160 Pretium Resources Inc. 68 63 7 Chartwell Retirement Residences 96 96 87 Air Canada 81 81 167 Endeavour Mining Corp. 67 62 7Fortis Inc. 96 95 87 Bausch Health Companies Inc. 81 n/a 167Peyto Exploration & Development Corp.6769 7 SNC-Lavalin Group Inc. 96 95 87 Canadian Apartment Properties REIT 81 82 167 Stars Group Inc. 67 53 7Suncor Energy Inc. 96 95 87 Celestica Inc. 81 76 167Torex Gold Resources Inc. 67 70 7 Bank of Montreal 96 96 87 Crombie REIT 81 80 167 Quebecor Inc. 67 67 7Toronto-Dominion Bank 96 96 87 Encana Corp.8176172CCL Industries Inc. 66 66 13 Industrial Alliance Insurance and Financial Services Inc. 95 94 87 Exchange Income Corp. 81 66 172 Husky Energy Inc. 66 64 13 Metro Inc. 95 95 87 Iamgold Corp.8168174Advantage Oil and Gas Ltd. 65 71 15 Canadian Imperial Bank of Commerce 94 92 87 SSR Mining Inc. 81 81 174 Western Forest Products Inc. 65 68 15 Gildan Activewear Inc. 94 92 96 Cogeco Communications Inc. 80 81 176 Alimentation Couche-Tard Inc. 64 57 15 Pembina Pipeline Corp. 94 91 96 Maple Leaf Foods Inc. 80 80 176 Canadian Tire Corp. Ltd. 64 64 18 Bank of Nova Scotia 93 96 96 Pan American Silver Corp.8073176 Canadian Utilities Ltd. 64 65 19 Boardwalk REIT 92 93 96 North West Co. Inc. 80 80 176 Centerra Gold Inc. 64 62 19 Canadian Pacific Railway Ltd. 92 86 96 West Fraser Timber Co. Ltd. 80 81 176 CES Energy Solutions Corp.6463 19 Capital Power Corp. 92 84 101 CAE Inc. 79 82 176 Computer Modelling Group Ltd. 64 59 19 Keyera Corp.9290101Extendicare Inc. 79 80 176 Genworth MI Canada Inc. 64 65 19 Kinross Gold Corp. 92 89 101 Seven Generations Energy Ltd. 79 67 176 Lucara Diamond Corp. 64 62 19 Northview Apartment REIT 92 85 104 AltaGas Ltd. 78 77 176 NovaGold Resources Inc. 64 65 19 RioCan REIT 92 93 104 Boyd Group Income Fund 78 79 176 Power Financial Corp. 64 61 19 Telus Corp.9292104 Brookfield Asset Management Inc. 78 79 176 Sandstorm Gold Ltd. 64 60 19 TransCanada Corp. 92 90 104 Dream Office REIT 78 74 176 Shaw Communications Inc. 64 67 28 BCE Inc. 91 87 104 Empire Co. Ltd. 78 78 176 Thomson Reuters Corp.6470 28 Finning International Inc. 91 90 104 Parkland Fuel Corp. 78 77 189 Bombardier Inc. 63 62 30 Canadian Western Bank 90 89 110 Chorus Aviation Inc. 77 n/a 189 Lundin Mining Corp.6357 30 Franco-Nevada Corp. 90 90 110 First Quantum Minerals Ltd. 77 72 189 Parex Resources Inc. 63 62 30 H&R REIT 90 84 110 George Weston Ltd. 77 76 189 Rogers Communications Inc. 63 63 30 Magna International Inc. 90 90 110 Interfor Corp. 77 78 193 Fortuna Silver Mines Inc. 62 54 30 Morneau Shepell Inc. 90 75 110 OpenText Corp.7782193Northland Power Inc. 62 58 35 Inter Pipeline Ltd. 89 86 110 Premium Brands Holdings Corp. 77 74 195 Alaris Royalty Corp. 61 55 35 New Gold Inc. 89 86 116 Aecon Group Inc. 76 79 195 Kelt Exploration Ltd. 61 58 35 Precision Drilling Corp. 89 93 116 Artis REIT 76 66 195 Mitel Networks Corp. 61 58 38 Alamos Gold Inc. 88 89 116 Canadian Natural Resources Ltd. 76 76 195 OceanaGold Corp.6156 38 Algonquin Power & Utilities Corp. 88 84 116 Dollarama Inc. 76 71 195 Spin Master Corp. 61 n/a 38 Enbridge Inc. 88 87 116 Home Capital Group Inc. 76 80 200 Kinaxis Inc. 60 56 38 Laurentian Bank of Canada 88 85 116 Loblaw Cos. Ltd. 76 75 201 Hudson's Bay Co. 59 58 38 TransAlta Corp.8886116 Martinrea International Inc. 76 69 201Kinder Morgan Canada Ltd. 59 n/a 38 Vermilion Energy Inc. 88 88 116 NuVista Energy Ltd. 76 73 203 Enghouse Systems Ltd. 58 51 44 ARC Resources Ltd. 87 90 124 CI Financial Corp.7575203Mullen Group Ltd. 58 60 44 Cineplex Inc. 87 83 124 Cominar REIT 75 65 205 Canfor Corp. 57 58 44 Innergex Renewable Energy Inc. 87 86 124 Cott Corp.7569206 Constellation Software Inc. 56 54 44 National Bank of Canada 87 91 124 Osisko Gold Royalties Ltd. 75 73 207 Atco Ltd. 55 57 44 Superior Plus Corp. 87 86 124 Saputo Inc. 75 79 207First Majestic Silver Corp.5555 44 Toromont Industries Ltd. 87 85 124 Secure Energy Services Inc. 75 72 207 Onex Corp. 55 50 50 Barrick Gold Corp.8686124 Turquoise Hill Resources Ltd. 75 76 210Colliers International Group Inc. 54 52 50 Cameco Corp. 86 89 131 Agnico Eagle Mines Ltd. 74 73 210 FirstService Corp. 54 57 50 Chemtrade Logistics Income Fund 86 83 131Alacer Gold Corp.7478210Guyana Goldfields Inc. 54 46 50 First Capital Realty Inc. 86 82 131 ATS Automation Tooling Systems Inc. 74 72 210 Paramount Resources Ltd. 54 n/a 50 Hudbay Minerals Inc. 86 82 131Boralex Inc. 74 77 210Restaurant Brands International Inc. 54 51 50 Russel Metals Inc. 86 87 131 ECN Capital Corp. 74 70 210 Tourmaline Oil Corp. 54 57 50 ShawCor Ltd. 86 86 131MEG Energy Corp. 74 72 216BRP Inc. 53 52 50 TMX Group Ltd. 86 91 131 Nutrien Ltd. 74 n/a 216 IGM Financial Inc. 53 49 50 WestJet Airlines Ltd. 86 87 138 Semafo Inc. 73 77 216Power Corp. of Canada 53 49 59 Allied Properties REIT 85 80 138 TFI International Inc. 73 68 219 CGI Group Inc. 52 49 59 Cenovus Energy Inc. 85 84 140Altus Group Ltd. 72 73 219Fairfax Financial Holdings Ltd. 52 50 59 Freehold Royalties Ltd. 85 78 140 Eldorado Gold Corp. 72 74 221 Ivanhoe Mines Ltd. 51 47 59 Methanex Corp.8583140Gran Tierra Energy Inc. 72 70 221Tricon Capital Group Inc. 51 43 59 Stantec Inc. 85 88 140 Imperial Oil Ltd. 72 74 223 B2Gold Corp. 50 41 59 Yamana Gold Inc. 85 83 140Nevsun Resources Ltd. 72 72 223 Dorel Industries Inc. 50 55 65 Enerflex Ltd. 84 84 140 Norbord Inc. 72 71 223 Great-West Lifeco Inc. 50 50 65 NFI Group Inc. 84 n/a 140Pason Systems Inc. 72 68 226 Aphria Inc. 49 n/a 65 Trican Well Service Ltd. 84 n/a 140 SmartCentres REIT 72 74 226 Labrador Iron Ore Royalty Corp. 49 51 68 Baytex Energy Corp.8380140Teck Resources Ltd. 72 70 226 Shopify Inc. 49 51 68 Descartes Systems Group Inc. 83 80 140 Transcontinental Inc. 72 69 229 Westshore Terminals Investment Corp. 48 46 68 Detour Gold Corp.8386140Waste Connections Inc. 72 69 230 Birchcliff Energy Ltd. 44 48 68 Dream Global REIT 83 82 151 Granite REIT 71 69 230 Knight Therapeutics Inc. 44 47 68 Enerplus Corp.8385151 Sienna Senior Living Inc. 71 n/a 230 Winpak Ltd. 44 44 68 Ensign Energy Services Inc. 83 83 151 Sleep Country Canada Holdings Inc. 71 45 233 Canada Goose Holdings Inc. 43 n/a 68 Gibson Energy Inc. 83 82 154 Linamar Corp.7069234 Stella-Jones Inc. 41 40 68 Goldcorp Inc. 83 83 154 Sierra Wireless Inc. 70 69 235 NexGen Energy Ltd. 40 35 68 Maxar Technologies Ltd. 83 79 154 Tahoe Resources Inc. 70 68 236 Canopy Growth Corp.3938 68 PrairieSky Royalty Ltd. 83 74 154 Torc Oil & Gas Ltd. 70 68 237 Aurora Cannabis Inc. 28 n/a 68 Ritchie Bros. Auctioneers Inc. 83 78 154 TransAlta Renewables Inc. 70 67 n/a = not applicable, not marked in 2017 68 WSP Global Inc. 83 79 154 Uni-Select Inc. 70 72 THE GLOBE AND MAIL, SOURCE: MARKING DATA PREPARED BY THE 80 Element Fleet Management Corp.8275160 BlackBerry Ltd. 68 60 CLARKSON CENTRE FOR BUSINESS ETHICS AND BOARD EFFECTIVENESS AT THE UNIVERSITY OF TORONTO

The methodology Highest and lowest scores by industry sector

behind Board Games JANET MCFARLAND Consumer Staples Information Technology Metro Inc. 95 Descartes Systems Group Inc. Alimentation Couche-Tard 83 JANET MCFARLAND Inc. 64 Shopify Inc. 49 BOARD GAMES HIGHEST AND Energy Materials LOWEST SCORERS BY INDUSTRY Suncor Energy Inc. 96 Kinross Gold Corp. 92 or the 17th year in a row, Report on Business has rated SECTOR NexGen Energy Ltd. 40 Stella-Jones Inc. 41 the work of Canada’s corporate boards using a rigor- (Based on major S&P/TSX com- Financials Real Estate ous set of governance criteria designed to go far be- posite index subgroups. Total Manulife Financial Corp. 100 Boardwalk REIT 92 Fyond minimum mandatory rules imposed by regula- score is out of 100.) Great-West Lifeco Inc. 50 Tricon Capital Group Inc. 51 tors. Health Care Utilities Markers at the Clarkson Centre for Business Ethics and Communication Services Chartwell Retirement Resi- Emera Inc. 98 Board Effectiveness at University of Toronto examined the Telus Corp. 92 dences 96 Atco Ltd. 55 boards of directors of 237 companies and trusts in the S&P/ Rogers Communications Inc. Aurora Cannabis Inc. 28 All companies, all subgroups TSX Composite Index to assess the quality of their govern- 63 Industrials Manulife Financial Corp. 100 ance practices. The chart shows the total marks for 2018 and Consumer Discretionary Canadian National Railway Aurora Cannabis Inc. 28 2017 based on dozens of individual criteria across four broad Gildan Activewear Inc. 94 Co. 98 subcategories. Some of the marking criteria or weightings Canada Goose Holdings Inc. Westshore Terminals Invest- have changed from the prior year. Among the new criteria in 43 ment Corp. 48 2018, Board Games assessed whether companies used current market value to disclose the value of CEOs’ share holdings, or instead used a historic or book value. The methodology also included a new requirement for companies to disclose how shareholders can engage with Looking back on trends the board of directors, beyond attending the public annual meeting. The question assesses whether boards have developed shareholder engagement processes, which have be- JANET MCFARLAND roles of chair and CEO: 14, 16 92, 84 come an increasingly common practice. Boards also receive Percentage with dual-class Percentage paying directors credit if they provide specific details to investors about how shares or unequal voting rights: with stock options: 14, 26 to contact the board, such as an e-mail or postal address. 13, 14 Percentage with a provision Because of the changes, the marks in 2018 are not directly BOARD GAMES TRENDS: Percentage with ‘say on pay’ to clawback CEO bonuses if comparable with prior years. AFIVE-YEAR LOOK BACK votes: 69, 41 wrongdoing is uncovered: 80, 42 The marks are based on information published in the 2018 compared to 2013 Percentage with no women Percentage with excessively most recent annual shareholder proxy circulars of compa- Average Board Games score: on their boards: 2.5, 38 dilutive** stock options: 49, 53 nies that were members of the composite index as of Sept. 1. 75, 69 Percentage with at least one- *Related as defined by Board Six companies in the composite index as of Sept. 1 were Percentage scoring below 50: quarter women on the board: 44, Games criteria, available online at not marked this year. One had recently completed a merger, 5, 10 16 tgam.ca/boardgames and several did not file a proxy circular. Hydro One Ltd. was Percentage scoring 80 or Percentage of female direc- **Excessive dilution is de- not included because the board of directors and CEO re- higher: 42, 29 tors on S&P/TSX boards (2018 vs. fined as having options outstand- signed in July and the company has not filed a new proxy Percentage with a majority of 2014): 24, 15 ing or approved for issuance grea- circular yet. related* directors: 2.5, 4 Percentage with a director ter than 5 per cent of all shares All of the detailed marks for each individual question are Percentage that do not split share ownership requirement: outstanding. available on our website at tgam.ca/boardgames2018. MONDAY,NOVEMBER 26, 2018

PAID POST BROUGHT TO YOUBY WE’RE IN THIS TOGETHER: TACKLINGGENDER INEQUALITY THE CANADIAN WAY

The lack of gender-balanced leadership in the workplaceshould be framed as abusiness problem, nota“women’s issue,” and gender parity as abusiness imperative.

Through collaboration and acommon vision, our country is making progress towards greater gender-balanced leadership.But there’s still work to be done

THERE’S AGOOD NEWS STORY TSXcompanies with at least one launched in 2015, it had ahandful areinformed by the work of the WORTHTALKINGABOUT: woman on their boardoutperform of members and women made up Alliancemembers. These practical Over the last fewyears, auniquely those with no women by over3 only 18 per cent of TSXComposite guides areespecially useful for Canadian strategy to tackle the per cent. boardseats. Three years later, there small and mid-sized companies pressing issue of gender inequality in Improving gender-balanced areover200 member organizations thatmay nothavethe resources the workplacehas takenhold. In short, leadership also has the potential and women nowcomprise 24 to createroadmaps forgender- thereisanemerging partnership to transform Canada’s economy. per cent of those boardseats. In balanced leadership on their own. between business, advocacy groups, McKinsey &Co. has estimated thattime, the number of boards Finally,Canada’s approach investors and government. thatachieving gender parity without women has declined from understands thatmen havea Thereisstrong evidencethat may increase Canada’s GDP by 46 to 4. necessary role to play in bringing gender-balanced leadership in $150-billion in 2026. Forty-two about gender-balanced leadership. business is morelikely to yield per cent of this growth would be Insteadofseeking to change women stronger financial results in the long attributable to greater diversity in Gender-balanced and ask them to “lean in,” our term, and amoreempowering high-productivity sectors such as leadership country increasingly believes thatit’s organizational culture. Through tech, wheresignificant barriers to the culturethatmust change, and collaboration and acommon entry forwomen currently exist. in the thatmen areintegral to the solution. vision, our country is making So,whatisCanada doing business world With this in mind, we areframing the progress towards greater gender- to improve gender-balanced lack of gender-balanced leadership as balanced leadership. leadership in the world of will benefitwomen, abusiness problem, nota“women’s Of course, thereisstill much business? First,thereisan men and the issue,” and gender parity as a work to be done. Women areless understanding thateffecting business imperative. likely to advanceatalmost every change truly “takes avillage.” With entire country. Men can take anumber of steps step of their careers. Reflecting this this in mind, important initiatives It can’t come to accelerateprogress forwomen in fact,they areunderrepresented backed by keystakeholders have the workplace. They can amplify the on boards and in keyleadership been launched to foster greater soon enough. voices of women, talk to other men positions. This has nothing to do gender-balanced leadership.In about creating agender inclusive with alack of ambition or ability on speaking with one voice, Canada workplace, and advocate for their part.Rather,systemic barriers, is speaking loud and clear on the Our Canadian ‘village’ is also workplaceflexibility benefits. Where such as unconscious biases and need fordiversity. providing companies with the such flex benefits already exist,men network effects, continue to keep One important campaign is the tools to makegender-balanced can take advantage of them, while talented women from the highest 30% Club Canada, acoalition of leadership happen. In 2017,the encouraging other employees of all rungs of the corporateladder. boardchairs and CEOs who share Canadian Gender and Good genders to do so as well. The research is clear that the goal of having at least 30 per GovernanceAlliance(The Alliance), Canada is making great progress companies with greater gender- cent of boardseatsand executive agroup of eight non-profits on breaking the glass ceiling for balanced leadership perform positions filled by women by concerned with governanceand/ women. We haveasolid consensus better.They aremorecollaborative, the year2022. Whatmakes this or gender,released The Directors’ on whatneeds to be done, and less susceptible to groupthink, aspiration particularly attainable is Playbook, aguide forboardchairs howtoget there. Gender-balanced and experiencehigher levels thatithas the public backing of 16 and directors to achievebetter leadership in the business world will of innovation. Notsurprisingly, institutional investors managing a gender balanceontheir boards benefit women, men and the entire these attributes translate into combined $2.1-trillion in assets. through deliberateaction. This country.Itcan’t come soon enough. results. Companies exhibiting Granted, thereare other 30% fall, the Alliancepublished the gender-balanced leadership Club chapters in the world. But the CEOBlueprint,aresource with aremoreprofitable than those Canadian one stands out forhow leading practices forCEOsand dominatedbymen, and reward quickly it has growninsuch ashort management teams committed Content produced by advertiser. shareholders accordingly.Arecent period of time and its success. to building gender-balanced The Globe and Mail was not CIBC study showedthatshares of When the 30% Club Canada was organizations. Both resources involved in its creation.

The BoardDirectors’ Playbook and the CEO Blurprint arepractical tools that companies can use to Join the 30% achieve gender-balance on boards and in organizations through deliberate action. Club Canada today!

www.30percentclub.org/about/chapters/canada

No membership fees •Noquotas Signal your commitment as an industry leader to gender-balanced leadership Download the Board Directors’ Playbook and CEO Blueprint at www.cggga.ca Alliance Members: