WOMEN LEAD HERE: MARK CARNEYONHOW DO YOUREALLY, HONESTLY, MEET THE CANADIANS OUR BENCHMARK REPORT TO SAVE THE WORLD (AND TRULYNEED TO CARE AT THE FOREFRONT OF A ON FEMALE LEADERSHIP MAKE MONEYDOING IT) ABOUT BITCOIN? U.S. BIOTECH BOOM UNDERESTIMATE ME. THAT’LL BE FUN LAURENTIAN BANK IS FACING A FIGHT.GOOD THING ITSNEW CEO, RANIA LLEWELLYN, HASNEVER BACKED DOWN FROM ONE APRIL 2021 INNOVATION ARENA COMING 2023 Imagine an epicentre fornew and growing companies. Acatalyst forbreakthroughs in health tech and innovation. And acommunity foremerging talent, researchers and health experts. Ourgreatest impact happens together. MORE THAN ASPACE. The Innovation Arena, located in the City of Kitchener’s Innovation District, will amplifyWaterloo region’s health tech sector.With Velocity –Canada’s most productive incubator –atits core, the Innovation Arena will streamline commercialization pathways for businesses, fast-track delivery of health technologies and drive Canada’s next wave of economic growth. Connect with us uwaterloo.ca/innovation-arena FP1322 Contents WOMEN LEAD HERE 2 EDITOR’SNOTE OUR ANNUAL BENCHMARK STUDY 4 SEVEN THINGS OF WOMEN IN CORPORATELEADERSHIP It’s not just you—two- thirds of Canadians are ABOUT TIME holding on to meh jobs It’s Rania Llewellyn’s job to fix during the pandemic. Laurentian Bank. As the first woman Plus, whywomen often to leadamajor Canadian bank, she’s settle fornot-so-dream jobs and howgrey up to the task. /ByJoanna Pachner skies could sink your startup Meet the 71 companies thatmade our list, plus fiveCEOs on moving 7 NEED TO KNOW diversityand inclusion beyond gender Aradical idea for improving drug development: quit sooner 9 BIG IDEA Connecting with a SON different sort of mentor TRICK AS 11 ASK AN EXPERT CC Canyou lose your job forflouting public- ION REBE health guidelines AT outside of work? (Spoiler: absolutely) 12 THE EXCHANGE Two-time central bank governor and AHDESMAKI; ILLUSTR first-time author Mark UL Carneyhas stared into the abyssofseveral financial crises. Nowhe’sleading Brookfield’scharge to RD; (RIGHT) MARKK save the planet (and WA makemoneydoing it) 52 WEALTH O’SHANE HO Andrew Simpson’s BY funds onlyinvest in companies thatmeet AZINE AG sociallyresponsible BM How Anne of criteria—which is RO Green Gables whyhe’ll take the OR helped launch FAANG stocks, minus YF John Hamer’s 36 44 Facebook VC career page 41 SAYEHHHH GREATEST SHOWONEARTH 56 TURNING POINT Canada has produced some of Formuch of its existence, ForTop Hat’sMike the biggest names in biotech bitcoin could be dismissed as Silagadze,being CEO (including the guywho financed apeculiar butpassing fad. But GRAPHED EXCLUSIVEL meant awhole lot of TO COVID-19 vaccine maker now, the worldoftraditional stress—which is why Moderna). Toobad theyall left financeiSScrambling to he decided to hand the job to someone else VER PHO forthe U.S. /BySeanSilcoff catchup. /ByJason Kirby CO 2 APRIL 2021 /REPORTONBUSINESS April 2021, Volume 37,No. 4 Editor’s Note Editorial Editor JAMES COWAN Assistant Editor DAWN CALLEJA Senior Editor JOHN DALY CopyEditors MICHAEL BARCLAY, SUSAN NERBERG Research CATHERINE DOWLING, ANNA-KAISAWALKER Art ArtDirector DOMENIC MACRI Associate ArtDirector BRENNAN HIGGINBOTHAM Director of Photography CLARE VANDER MEERSCH Contributors DEBORAH AARTS,LIZA AGRBA, JOE CASTALDO,TREVOR COLE, ROSEMARY COUNTER, TIM KILADZE, JASONKIRBY, SUSAN KRASHINSKYROBERTSON, ALEX MLYNEK, JOANNA PACHNER, JUDITH PEREIRA Advertising Chief Revenue Officer ANDREW SAUNDERS Managing Director,Creative Studios and Ad Innovation TRACY DAY Senior Manager,Special Products ANDREA D’ANDRADE Product Manager Getting past good enough RYAN HYSTEAD Production Vice President, Print Operations Earlier this year,The Globe and Mail published an article filled with damn- SALLYPIRRI ing statistics documenting just howfew women occupythe C-suites of corpo- Production Co-ordinator rate Canada. Just 13%ofsenior executivesatthe country’sbiggest companies ISABELLE CABRAL were women; only4%ofthe firms dfha emale chief executives. Thepiecewas a Publisher PHILLIP CRAWLEY meticulous examination of the problem and the systemic reasons behind it. But Editor-in-Chief, TheGlobe and Mail if youneeded the issue summarized in asingle sentence, hereitis: “Thereare DAVID WALMSLEY moremale CEOs named Michael at Canada’slargest publiclytraded corpora- Managing Director,Business and Financial Products tions than thereare female CEOs.” GARTH THOMAS That wonderful, horrible line waswrittenbyTavia Grant, who, along with Editor,ReportonBusiness RobynDoolittle,Chen Wang and manyofour other Globe colleagues, have pro- GARYSALEWICZ duced ThePowerGap,aseries thatexposes the inequityfacing women across ReportonBusiness magazine is the private and public sectors. Takentogether,their investigation demonstrates published 7times ayearbyThe Globe and Mail Inc., 351King Street E., Toronto thatwomen arestill “outnumbered, outranked and outearned” in major institu- M5A 0N1. Telephone 416-585-5000. tions, from crowncorporations to municipal governments. Letters to the Editor: We launched our ownattempt to track the extent of female leadership at [email protected]. Thenextissue will be on April 24. Canadian corporations twoyearsago,with Women LeadHere. Our project had Copyright 2021, TheGlobe and Mail. aslightlydifferent, if complementary,mission to ThePowerGap: seeking to Indexedinthe Canadian Periodical Index. identify firms at the forefront of appointing women intoexecutive roles. The Advertising Offices Head Office, TheGlobe and Mail, goal wastoset abenchmarkthatall companies in Canada could use to assess 351King Street E., TorontoM5A 0N1 their progress.Wewereaware thatmost companies arealong wayfromachiev- Telephone 416-585-5111 or toll-free ing gender equityintheir leadership.But it seemed useful to establish what 1-866-999-9237 Branch Offices “good” currentlylooks like. Montreal514-982-3050 Theresearch began with the largest publiclytraded companies. Researchers Vancouver 604-685-0308 evaluatedthe topthree tiersofexecutive leadership,fromthe CEO to senior Calgary 403-245-4987 Email: [email protected] vice-presidents (ortheir equivalents). This year,thatworkidentified 71 compa- United States and countries outside of nies in which women held an averageof44% of the executive roles. Compare North America: AJR Media Group, this result to our 2020 report and you’ll find that—long sigh—not much has 212-426-5932, ajrmediagroup@ changed. Still, thereissome hopeful news.Thereare 34 companies joining our globeandmail.com list forthe first time. Andtoft ou he 37 companies thatalso appeared in 2020, Publications mail registration No.7418. 41% sawanincrease in female leadership.Itshows thereare companies recog- HIRI Thepublisher acceptsnoresponsibility ES forunsolicited manuscripts, nizing thatwhatcurrentlycounts as “good” still isn’t good enough. Making this HK transparencies or other material. an annual initiative allows us to track both progress and setbacks. OS Printed in Canada by Transcontinental UR Printing Inc. Beyond setting abenchmark, we also want to highlight the approaches, cul- KO ReportonBusiness magazine is electronically tures and mindsets thatcan leadtotangible improvement. Notall corporate available through subscription to Factiva.com from Factiva, at factiva.com/factiva leadersare willing to acknowledgeaproblem or commit to rectifying it. Yet GRAPH Send feedback to or 416-306-2003. manyhaveexpressed asinceredesiretoaddressthe imbalance. Forthem, we’re TO robmagletters@ tgam.ca/r globeandmail.com heretooffer ideas and inspiration. /JamesCowan PHO APRIL 2021 /REPORTONBUSINESS 3 TL;DR Canada needs charging stations forits cars 1 Out of those planning to buy anew vehicle in the next fiveyears,68% intend to purchaseanelectric or ahybrid model, according to aKPMG survey. Butdriverswill need places to plug in afterthe upgrade. CANADIANS WHO BELIEVE… CHARGING CARMAKERS STATIONS SHOULD 83% SHOULD BE 89% HELP PAY AT EVERY 04/21 FORELECTRIC GASSTATION, CHARGING PLUS MALLS AND INFRASTRUCTURE GROCERYSTORES Driving ranges ONLINE BOOZESHOPPING arethe hottest 3 IS TAKING OFF sports venues TheUnited States will replaceChina as the largest market foronline alcohol sales 2.“Off-course”golf,including driving in the world within the next two years, according to IWSR,adatafirm. rangesand similar venues, is the fastest growing physical activity, 2019 $7 BILLION according to the Sports and Fitness $3.1 CHINA Industry Association. $8.6 2020 $5.6 UNITED STATES TOP5SPORTS WITH HIGHEST 2021 $8.8 GROWTH IN PARTICIPATION $9.4 (2015-2020) 2022 $12.4 OFF-COURSE GOLF: 72% PICKLEBALL 67% AMAJORITY OF 5 SKATEBOARDING 38% CANADIANS ARE TENNIS 21% Women often get 6 “SHELTERING” badcareer advice IN THEIR JOBS FLAG FOOTBALL “Female students 68% of respondents to aLinkedIn survey are 20% prioritizing asteady paycheque overwork they aremore find rewarding or career growth. dissuaded from their preferred career path than male students, and Burgers arestill king While Popeye’sfried chicken sandwich 4 this differenceis has spurred anew trend in fast food, INVESTORS in part explained hamburgerswerestill the toppick among Canadians lastyear, according 7 GIVE LESS ON by professionals’ to the NPD Group. greateremphasis CLOUDYDAYS SERVINGSSOLD IN 2020 on work-life “Do investors’ moods influencetheir contributions to riskyinvestments balancewhen in equitycrowdfunding?Yes.…Our resultsindicatethatchange in sky responding to HAMBURGERS BREADED CHICKEN BBQCHICKEN cloud coverfromzerotofull reduces female students.” 739MILLION