ASC releases 2020 update of Women on Boards data

CALGARY –  The Alberta Securities Commission (ASC) today participated in the publication of CSA Multilateral Staff Notice 58-312 Report on Sixth Staff Review of Disclosure Regarding Women on Boards and in Executive Officer Positions.

As set out in National Instrument 58-101 Disclosure of Corporate Governance Practices, non-venture reporting issuers in Alberta are required to provide annual disclosure in their proxy circular or annual information form about representation of women on their boards and in executive officer positions, and other related disclosure requirements. 

“Investors have told us this information is important to their voting and investment decisions,” said Stan Magidson, Chair and Chief Executive Officer of the ASC. “We are encouraged that so many issuers have embraced these disclosures and along with other CSA members, we’re considering our role in the broader diversity conversation.” 

The Canadian Securities Administrators (CSA) sixth year review includes the disclosures from 122 TSX-listed Alberta-based companies with year ends between December 31, 2019 and March 31, 2020. Alberta trends include:

·         Women hold 18 per cent of board positions in Alberta, an increase from 14 per cent in 2019 and eight per cent in 2015.[1] 

·         Seventy-four per cent of companies have one or more women on their board, compared with 70 per cent in 2019 and 46 per cent in 2015; 57 per cent report having one or more women in executive officer positions.

·         Thirty-three per cent of board vacancies were filled by women in 2020, an increase from 25 per cent in 2017.[2]

·         Alberta’s largest companies continue to have the highest percentage of gender diversity among board members. Of the Alberta-based companies that form part of the TSX 60 Index:

o   Thirty-two per cent of board positions are held by women.

o   Thirty-six per cent of board vacancies were filled by women.

o   One hundred per cent have two or more women on their board, and 89 per cent report one or more women in their executive ranks.

The CSA expects to publish the underlying data by the summer of 2021.

The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.(pr)

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