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THE FACE OF LEADERSHIP ™ BC SCORECARD 2016 1 Foreword 2 Introductory comments by Tamara Vrooman 3 Executive Summary 5 The Youth Perspective 6 The Aboriginal Lens 7 Methodology 9 Key Findings 11 Overall Results 13 Consumer Discretionary / Consumer Staples 14 Energy 15 Financials 16 Health Care 17 Industrials 18 Information Technology 19 Materials 20 Telecommunication Services 21 Utilities 23 The Pledge and Signatories 25 About Minerva The Minerva Foundation for BC Women 320 - 111 West Hastings Street Vancouver, BC V6B 1H4 (604) 683-7635 phone (604) 683-7695 fax [email protected] www.theminervafoundation.com @MinervaBC facebook.com/MinervaBC THE FACE OF LEADERSHIPTM Authors Samantha Jo Simmonds, The Minerva Foundation for BC Women Michael Yow and Jeremy Chan, Corporate Knights Capital Design Michelle Cormack A Girl Named Fred Design + Communication Strategic Counsel Lyn Brown RESEARCH PARTNER FUNDING PARTNER Support for this project does not necessarily imply Vancity’s Our goal is to change the face of leadership, and our Corporate Knights Capital (CKC) is an investment endorsement of the home is here in BC. Founded in 1998, Minerva is a advisory and research firm based in Toronto, findings or content of charitable foundation that delivers unique programs Canada. CKC is a certified B Corporation and a this report. that support women and girls to move forward proud signatory of the United Nations-supported in life with the confidence and skills to reach their Principles for Responsible Investment (PRI). CKC’s leadership potential. From the Face of Leadership™ mission is to accelerate the transition to long-term, Initiative to programs in values-based leadership sustainable capitalism by building world-class and culturally relevant programming developed investment portfolios for the global investment IN-KIND PARTNER and delivered in partnership with Indigenous community. For more information about CKC, women – we are passionate about accelerating please visit www.corporateknightscapital.com. women in leadership. You can learn more about Minerva’s impact at theminervafoundation.com. FOREWORD A Pledge and a Path THE FACTS are in: gender equality What we now know is that it will be There is good work being done in is a business imperative. It’s also the another 75 years before we achieve Canada on increasing the percentage right thing to do. The trouble is our gender parity in BC. It’s a staggering of women on boards. Where this organizations, like our minds, are riddled statistic, one which impacts not only this Score Card sheds new light is on the with unconscious biases. generation of future leaders, but their percentage of women in senior executive A year ago, we had a simple idea. daughters, and their daughters. roles, where the critical budget, strategy, Minerva set out to paint a clear, irrefutable The Pledge is for them. And so we culture and policy decisions are made. picture of the state of gender diversity in created a signing event, and invited With Minerva’s continuum of BC – with the first edition of this Score them to Jimmy Pattison’s boardroom leadership programs and initiatives, Card. What we didn’t anticipate was on the morning of November 17, 2015. we have our sights set on promoting how much mobilization would come as a We paired an alumna from our Learning women into the c-suite. With the Face result of that simple conversation-starter. to Lead™ program for Grade 11 girls of Leadership™ Conference, we’re In the months leading up to the with each of the CEO signatories in targeting blind spots at the organizational release of the first Score Card, we attendance. level. By de-biasing our companies, engaged the CEOs of the 28 companies The conversations at the table were we’re enabling smart changes that have featured in our research. We created a remarkable. Not only were the CEOs far-reaching impacts. gender diversity Pledge (which you’ll find keen to commit to our 7 principles of Most importantly, in all of our on page 23 of this report), and invited diversity; they were keen to learn – and work, we are highlighting Indigenous them to sign it. to mentor. Each of the companies is perspectives, and including the voices of What happened next was quite participating in a quarterly peer-learning Aboriginal leaders who have been absent unexpected. circle, where they meet to discuss their from the table for so long. As we continued down the path of challenges and progress against the Our ultimate goal is to create engagement, reaching out to business Pledge. organizations that work for everyone, to leaders, we were repeatedly asked the Since November, we’ve also improve how we make decisions. We still same question: facilitated ‘Leadership Days’, where each have a long road ahead of us, and are Why are we doing this? of the girls has spent a day shadowing grateful to our partners on this path. The answer emerged, very simply, one of the CEOs – attending all of again and again. We are doing it for their meetings, asking them inspired Adine Mees, CEO the girls in our leadership programs. questions. You’ll hear more about those and Bob Elton, Board Chair They want to change the world, and experiences later in this report. Minerva Foundation they are full of optimism, and the clear The Score Card became something expectation that they will be given every intergenerational, and has already equal opportunity. They believe we will inspired a great deal of change. It has meet them half way. also honed Minerva’s area of focus. 1 • THE FACE OF LEADERSHIP™ 2016 INTRODUCTION Letting the Light In GLOBALLY, MORE and more businesses are recognizing that accountability reporting sends an important signal about their commitment to transparency and their response to community concerns, as demanded by increasing numbers of customers and shareholders. At Vancity, we integrate social, environmental and economic factors into all aspects of our business, measure how we did against our goals, and report on our results. By creating comfort around disclosure, we can improve our impacts—even when it’s a bit messy because we may not be exactly where we want to be. Once things get aired, we can begin to deal with them. Or, to quote iconic Canadian songwriter Leonard Cohen: “Ring the bells that still can ring Forget your perfect offering There is a crack, a crack in everything That’s how the light gets in.” Minerva’s Score Card is already creating a climate of encouragement around disclosure, and the actions that flow from taking a hard look at the facts. We don’t want businesses that disclose only because they must, but because they should. The positive engagement that Minerva has generated from this research is a testament to what happens when we measure and reflect on the results. They become the crack that allows the light to enter. With this Score Card, Minerva has given us a wonderful opportunity to create an alliance of like-minded peers, as the BC50. Collectively, we now have a tool against which to track our progress, and the visibility with which to grow our membership. With the conference, we have a venue. We are now tasked with inspiring more and more businesses to do the same—to let the light in. Tamara Vrooman President and CEO, Vancity THE FACE OF LEADERSHIP™ 2016 • 2 EXECUTIVE SUMMARY Women in Leadership WELCOME TO the second annual Pledge1, a CEO-led commitment to of the companies listed on the Toronto installment of Minerva’s Face of promote women into leadership positions Stock Exchange have adopted a formal Leadership™ BC Score Card, a report within their respective organizations. policy for improving the proportion which provides an annual snapshot of However, only 10 of the 28 organizations of women on their boards; it was gender diversity in leadership positions surveyed last year had an explicit policy concluded that many companies “require among major organizations in British to promote women into leadership additional guidance” about the disclosure Columbia. Not only does the current positions; only four organizations had a necessary to satisfy the reporting report look at changes since last year, female CEO and none had any board requirements. The review found that 12% but the research universe has expanded member or senior executive of Aboriginal did not comply with the board reporting to include 50 BC organizations. ancestry. rule and 15% did not disclose their The 2015 assessment of 28 of BC’s Leadership diversity remains an proportion of female executives3. largest businesses found that in most evolving issue. Effective 31 December The apparent lack of enthusiasm part, the selected organizations matched 2014, publicly listed organizations in to promote gender diversity among or beat their S&P/TSX Composite- Saskatchewan, Manitoba, Québec, New leadership positions is at odds with listed peers, Canada-wide and global Brunswick, Nova Scotia, Newfoundland an increasingly rich body of research counterparts on a per-sector average and Labrador, Northwest Territories, which strengthens the business basis. A majority of the women holding Nunavut and Ontario2 and all those case for female membership among board directorship positions among issuers on the TSX were required to corporate boards and senior executive those 28 organizations were also disclose the representation of women ranks. A research paper published in involved as members of various board on boards and in senior management. January 2016 by the Asian Development committees. A positive outcome of the On September 28, 2015, The Globe and Bank found that on the relation between 2015 report is that 17 organizations have Mail issued a review of the first year of gender diversity and firms’ financial signed the Minerva Face of Leadership compliance and found that only 14% performance, firm performance is the 1.