Corporate leaders are calling on Canada’s biggest securities regulator to compel companies to set targets for female board representation, after the latest figures show glacial progress at just 14 per cent of seats.
That’s up from 11 per cent three years ago, the Ontario Securities Commission chair says, when the regulator introduced a rule for companies to disclose the percentage of women on boards and in executive positions.
Maureen Jensen adds it may be time to supplement this comply-or-explain rule with guidelines as it would take 30 years to reach parity at this pace.
TMX Group Ltd.’s president of capital formation Ungad Chadda told a panel discussion hosted by the OSC that pushing companies to set an actual gender diversity goal, and to explain if they fall short, is the next logical step.
Ungad Chadda was one of several voices on the panel to recommend the OSC compel companies to set targets.
RBC Global Asset Management vice-president Judy Cotte also recommended targets and says research shows that at least 30 per cent female representation is needed to ensure their voices are heard.