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.
|Board||Total Board Members||Total Men||Total Women||Share||Column2|
|Saputo Inc.||10||5||5||50%||Top Quartile (75th to 100th percentile)|
|National Bank of Canada||13||8||5||38%||Top Quartile|
|METRO INC.||14||9||5||36%||Top Quartile|
|Toronto-Dominion Bank||14||9||5||36%||Top Quartile|
|Canadian Imperial Bank of Commerce||17||11||6||35%||Top Quartile|
|George Weston Ltd.||12||8||4||33%||Top Quartile|
|Bank of Montréal||12||8||4||33%||Top Quartile|
|Royal Bank of Canada||15||10||5||33%||Top Quartile|
|Goldcorp Inc.||9||6||3||33%||Top Quartile|
|Suncor Energy Inc.||12||8||4||33%||Top Quartile|
|Manulife Financial Corp.||15||10||5||33%||Top Quartile|
|Agrium Inc.||12||8||4||33%||Top Quartile|
|Fortis Inc.||12||8||4||33%||Top Quartile|
|Kinross Gold Corp.||9||6||3||33%||Top Quartile|
|Rogers Communications Inc.||15||10||5||33%||Top Quartile|
|Potash Corp. of Saskatchewan Inc.||13||9||4||31%||Second Quartile (50th to 75th percentile)|
|Magna International Inc.||10||7||3||30%||Second Quartile|
|The Bank of Nova Scotia||17||12||5||29%||Second Quartile|
|Imperial Oil Ltd.||7||5||2||29%||Second Quartile|
|Encana Corp.||11||8||3||27%||Second Quartile|
|Sun Life Financial Inc.||11||8||3||27%||Second Quartile|
|Alimentation Couche-Tard Inc.||11||8||3||27%||Second Quartile|
|Canadian National Railway Co.||11||8||3||27%||Second Quartile|
|Enbridge Inc.||11||8||3||27%||Second Quartile|
|Bombardier Inc.||15||11||4||27%||Second Quartile|