Canadian securities regulators publish sixth review regarding women on boards and in executive officer positions

Toronto – Securities regulatory authorities in Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (the participating jurisdictions) today published results from the sixth year review of women on boards and in executive officer positions.  

The notice summarizes results from a review of the disclosure of 610 issuers with year-ends between December 31, 2019 and March 31, 2020. The review focuses on public disclosure regarding women on boards and in executive officer positions, as set out in National Instrument 58-101 Disclosure of Corporate Governance Practices.

Key trends from this year’s review include:

• The total number of board seats occupied by women increased to 20 per cent in 2020, compared to 11 per cent in 2015.
• Seventy-nine per cent of issuers had at least one woman on their board, an increase from 49 per cent in 2015.
• Six per cent of issuers had a female chair of their board.
• Over half of issuers adopted a policy relating to the representation of women on their board, representing a significant increase since 2015.

“We are publishing our sixth-year data on the same week we celebrate International Women’s Day,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “In addition to the work we are sharing today, the CSA has been considering its role in the broader diversity conversation and will continue to engage with issuers, investors and other stakeholders on this topic.”

The CSA intends to publish the underlying data from the review by summer 2021.

CSA Multilateral Staff Notice 58-312 Report on Sixth Staff Review of Disclosure Regarding Women on Boards and in Executive Officer Positions is available on participating CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.