Celebrating Our 2012 Canadian Diversity Champions
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DEDICATE D TO THE ADVANCE MENT OF PROFESSI ONAL WOMEN MAGAZINE + Celebrat ing our 2012 Canadian Diversity Champi ons 2 e nd Annual Special Issu CELE BRATI NG WOMEN OF IN FLUENCE’S 2 012 CAN ADIAN DIV ERSITY CHAMPIONS LISA HEIDMAN LL.B. SENIOR CLIENT PARTNER, THE BEDFORD CONSULTING GROUP, NORTH AMERICAN DIRECTOR OF BEDFORD LEGAL t this time last year and in the number of women on S&P 500 by 41% in terms of return on equity and conjunction with Women of company boards was approximately 56% in operating results.” In addition, A Influence’s inaugural magazine 16%, according to recent Bloomberg Catalyst research has consistently edition celebrating the Top 25 Women rankings. The statistics at the CEO and demonstrated that companies with more of Influence we felt it was important senior executive level, while improving, women in corporate officer positions to also recognize and celebrate the were similarly slight. Catalyst, the and on their boards financially leadership of outstanding men at the leading global research organization outperform those with fewer women. board and executive tables, who had dedicated to expanding opportunities Although the 2012 statistics have opened doors, sponsored and mentored for women in business, reported that not yet significantly changed on either upcoming senior executive women women held 14.4% of executive officer side of the border, what has changed and who had each led the way for their positions in Fortune 500 companies. dramatically in the past year is that own corporation’s innovative diversity Further, Forbes.com noted, “that men the business case for diversity is really initiatives, while championing women still make up 92% of the highest paid catching on, globally. This was never in business, not only across Canada, positions within major U.S. corporations”. better evidenced in Canada, than from but globally. In Canada, recent Catalyst research the immediate response from board In our magazine’s quarterly series found that women currently held 17.7% directors, CEOs and senior executive column: The Future of North American of corporate officer positions, and that team members from Canada’s leading Business , and within our article 30% of FP500 companies in Canada corporations when asked “Why does ‘Celebrating the Men in the Room, had no senior women officers. Further, diversity matter to you, your team, your WOI’s 2011 Canadian Diversity Catalyst found 40% of Canadian public business and to Canadian business Champions’ , (WOI Magazine, Winter companies still did not have a single broader?” The response across the 2011), we recognized close to 100 male woman on their board of directors. country has been nothing short leaders across Canada that were making It’s hard to ignore the evidence that of inspirational and overwhelming. a significant mark on the diversity front, more women on boards and at the To our delight this year’s Diversity in the hope that it would inspire many executive table simply makes good Champions list has more than tripled more across corporate Canada and business sense. McKinsey’s Women in size as it includes both men and indeed globally to get on the diversity Matter study found that, “companies women leaders and its reach is Canada bandwagon. with the highest share of women on wide in scope. Today close to 300 Within that article, we noted the executive committees outperformed individuals are being recognized across statistics we are all aware of: in the U.S., those with all-male executive committees Canada in the 2012 WOI Canadian 54 W OMEN O F I NFLUENCE MAGAZINE SERIES COLUMN HEIDMAN THE FUTURE OF NORTH AMERICAN BUSINESS... SENIOR EXECUTIVE WOMEN AT THE SENIOR EXECUTIVE AND BOARD TABLES Diversity Champions list, each and all change to open doors and promote initiative dedicated to advancing the of whom have made an individual and women and those with diverse back - placement of women on boards collective mark on the diversity front grounds and experience into senior through their mentoring program within Canada and will be recognized leadership roles, is both essential and which strategically matches Canadian as a WOI 2012 Canadian Diversity has already proven effective. These directors with senior executive Champion. champions of diversity, those that women as mentees. It includes board The business case for diversity is understand it’s a business imperative members and advisors of Women in well understood by these outstanding can, and are, acting as significant Capital Markets (WCM) , a non-profit Canadian leaders, including the CEO’s influencers and agents of change organization that promotes the of our Canadian banks. For Rick Waugh, across corporate Canada, and further advancement of women in the Canadian President & CEO of Scotiabank, it was serve as powerful role models to inspire financial industry, to dedicated advisors the knowledge that “great organizations many other business leaders to become to the Canadian Board Diversity Council become so with great people. Scotiabank diversity champions. (CBDC) , whose goal is to improve the recognizes the importance of attracting What’s unique about Women of diversity of Canada’s corporate boards the broadest spectrum of talent (and) Influence’s Diversity Champion by increasing the representation of the evidence is clear: diversity generates recognition in Canada, is it recognizes women, visible minorities, Aboriginal more innovative thinking, better decision the individual for their dedication and People including First Nations, Inuit making and stronger business results.” commitment (not just the company or and Métis, persons with disabilities Bill Downe, CEO of BMO concurs. organization) and intentionally does and members of the LGBT community. “The first thing to understand about not limit it to the top 50 or 100 ‘best’. It includes sponsors and advocates for diversity in the workplace is that it The intent is to include and recognize Pride at Work Canada , an organization comes down to profits. It’s important the vast scope of leadership shown both dedicated to improving the climate of that all banks in Canada, especially individually and collectively across inclusiveness for lesbian, gay, bi-sexual because we are Canada’s biggest industry sectors that are truly making and LGBT employees in the workplace. employers, take responsibility together a difference across Canada with the It includes members of the Canadian and show leadership. This is not an belief and the knowledge that it’s going founding advisory team of Women’s issue we can be complacent on. It is to take a village to move the needle Foodservice Forum (WFF) whose about many of your key employees, on the existing diversity statistics and goal is to develop diverse leadership your customers, and in the end it is in the hope that it encourages other within the foodservice industry across all about good business.” individual leaders to join and get with Canada. It includes Managing Partners Without question, it’s evident we still the diversity program. And what a and diversity and inclusion advocates have a long way to go on both sides of community of innovative leaders this is! from our leading Canadian law and the border, and that there is much work When you read the inspirational professional services firms, leaders to be done to remove barriers that stand responses across the country on Why involved in city based initiatives in the way of full participation for all. Diversity Matters (further details below) like DiverseCity and Toronto Region What’s inspiring and encouraging and examine the extensive individual Immigrant Employment Council however, is just how many of these and corporate leadership on innovative (TRIEC) , as well as thought leaders current board Chairs, CEOs, and senior diversity initiatives taken on behalf of that have made their mark in the executive leaders, are engaged, not only corporations and organizations across community and in the private, public as part of the diversity conversation, Canada, and the “who’s who” on our and not-for-profit sectors on the diver - but are innovatively and actively list, its pretty hard to remain anything sity agenda, speaking out on a variety leading the charge as champions for but optimistic and impressed with the of diversity panels and throughout the change. What these transformational leadership these individuals have shown national media. It also includes General leaders share in common is that each on perhaps the most important issue Counsels from over 60 corporations of them, individually, truly understand for Canadian business. across Canada, each individual the business case for diversity, globally. As a few examples, our Diversity signatories and members of Legal We know for certain that sustainable Champions include board members Leaders on Diversity, an extraordinarily leadership and change initiatives are, who dedicate their time and thought successful initiative dedicated to and must be, driven from the top. leadership to Catalyst Canada , the “promoting diversity within their own Persuasive, strategic and inspirational leading global research organization corporate departments, to consider leadership, from both board and senior committed to expanding opportunities diversity in their hiring and purchasing executive levels by leaders that are for women in business, to mentors practices and to encourage Canadian individually and collectively driving of WomenonBoar d TM an innovative law firms to follow in their example”. WINTER 2012 55 Each of our WOI 2012 Canadian to this initiative, and at the request Canadian Diversity Champion list, or Diversity Champions are exceptional of numerous Diversity Champions, want to share your active involvement examples of Canadian board directors, Women of Influence has also just and achievements on the diversity CEO and/or senior executive leaders, announced that there will be additional front with us please do so celebrated by Women of Influence recognition in the Spring 2013 WOI at [email protected] . and recognized for their consistent edition of our WOI magazine, distributed We want to know about you.