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Board Diversity Rankings

Diversity Of TSX60 Boards

In 2016, the Canadian Board Diversity Council once again conducted a special analysis of the diversity on the boards of directors of the TSX60. The TSX60 is a stock market index of the 60 largest companies listed on the Toronto Stock Exchange (TSX) as measured by market capitalization. A survey was sent to the corporate secretaries of all TSX60 companies asking them to confirm the composition of their board and its diversity with regard to members who are women, Aboriginal peoples, visible minorities, people with disabilities and people who identify as LGBTQ. Twenty-eight out of the TSX60—a little under half of the companies— responded to the survey. With these results, we were able to provide a much more in-depth picture of the diversity on these boards.

The boards of TSX60 companies have 688 seats on them. Women represent 24 percent of TSX60 directors (165). The 28 TSX60 companies that chose to participate in the CBDC’s survey had a higher percentage of women directors with 27.6 percent of the 333 board seats being held by women directors (92). This is a higher share of the directorships than the average for the TSX60 and the FP500.

We would like to thank the following list of TSX60 companies that responded to our survey: Bank of Montréal, BCE Inc., Blackberry Ltd., Brookfield Asset Management Inc., Cameco Corp., Canadian Imperial Bank of Commerce, Canadian Pacific Railway Ltd., Cenovus Energy Inc., Dollarama Inc., Encana Corp., Franco-Nevada Corp., George Weston Ltd., Goldcorp Inc., Imperial Oil Ltd., Manulife Financial Corp., METRO INC., National Bank of Canada, Potash Corp. of Saskatchewan Inc., Royal Bank of Canada, Saputo Inc., Silver Wheaton Corp., SNC-Lavalin Group Inc., Sun Life Financial Inc., Suncor Energy Inc., Teck Resources Ltd., The Bank of Nova Scotia, Toronto-Dominion Bank, TransCanada Corp.

The following analysis reveals the top two quartile rankings for TSX60 boards.

BoardTotal Board MembersTotal MenTotal WomenShareColumn2
Saputo Inc.105550%Top Quartile (75th to 100th percentile)
National Bank of Canada138538%Top Quartile
METRO INC.149536%Top Quartile
Toronto-Dominion Bank149536%Top Quartile
Canadian Imperial Bank of Commerce1711635%Top Quartile
George Weston Ltd.128433%Top Quartile
Bank of Montréal128433%Top Quartile
Royal Bank of Canada1510533%Top Quartile
Goldcorp Inc.96333%Top Quartile
Suncor Energy Inc.128433%Top Quartile
Manulife Financial Corp.1510533%Top Quartile
Agrium Inc.128433%Top Quartile
Fortis Inc.128433%Top Quartile
Kinross Gold Corp.96333%Top Quartile
Rogers Communications Inc.1510533%Top Quartile
Potash Corp. of Saskatchewan Inc.139431%Second Quartile (50th to 75th percentile)
Magna International Inc.107330%Second Quartile
The Bank of Nova Scotia1712529%Second Quartile
Imperial Oil Ltd.75229%Second Quartile
Encana Corp.118327%Second Quartile
Sun Life Financial Inc.118327%Second Quartile
Alimentation Couche-Tard Inc.118327%Second Quartile
Canadian National Railway Co.118327%Second Quartile
Enbridge Inc.118327%Second Quartile
Bombardier Inc.1511427%Second Quartile

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