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Globe says TD urges more time on OSC's diversity rules

2019-03-28 08:25 ET - In the News

Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Thursday edition that the boards of Canada's largest public companies have made rapid progress on gender diversity over the past four years, and regulators should give current disclosure rules more time before considering tougher policies, a new report argues. The Globe's Janet McFarland writes that a TD Bank study released on Wednesday shows women accounted for 24.4 per cent of directors on the boards of companies in the benchmark S&P/TSX Composite Index as of 2018, an increase from 12.9 per cent in 2014 before new reporting rules were introduced by the Ontario Securities Commission. Companies in the composite index with annual revenue less than $1-billion have showed the greatest progress in percentage terms, with women comprising 22.4 per cent of directors in 2018 compared with 10 per cent in 2014. Women represented 30.9 per cent of directors at the largest companies in the index, up from 22 per cent in 2014. Canadian securities regulators introduced new rules in 2015 that require publicly listed companies to report annually on their gender diversity policies for boards and disclose whether they have set targets for women -- an approach known as "comply or explain."

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