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FP/CP say OSC notes Canada still lags U.S. in diversity

2019-03-28 08:57 ET - In the News

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

The Financial Post reports in its Thursday edition that gender diversity in Canada's corporate boardrooms continues to lag that of the United States, and "stronger headway" needs to be made in the country's resource sectors and small firms, a TD Bank economist says in a new report. A Canadian Press dispatch to the Post says the report says that "noteworthy progress" has been made since the Ontario Securities Commission in 2015 implemented a so-called comply-or-explain rule aimed at increasing board diversity, but the S&P/TSX still shows lower aggregate female diversity at 24 per cent, compared with 25 per cent on the S&P 500, said Beata Caranci, TD's chief economist. The Canadian benchmark index is resource industry-heavy, and has a higher prevalence of smaller organizations, relative to the U.S., she added. "Ultimately, to move the needle in corporate Canada as a whole, stronger headway needs to be made among smaller firms, and disproportionately within the resource sector," Ms. Caranci said. In 2015, the OSC introduced a comply-or-explain rule that requires most companies listed on the Toronto Stock Exchange to disclose annually how many women are on their board and in executive officer positions.

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