The methodology used by CK for this female representation ranking is a formula they have employed in previous rankings and it is based on data obtained “from fiscal 2011 [reports] and is for the 130 public and private companies in the universe considered for the Best 50 Corporate Citizens in Canada. CK looked at the percentage of board members that are women, and found the percentage based on total directors assessed.” According to the CK ranking, the top ten Canadian boards for gender diversity are:
“Utilities, financial organizations, insurance and retail companies tend to be more gender diverse than the manufacturing and resource extraction sectors.” There have been studies that show having women in positions of power has a positive impact on a company’s bottom line and overall success. According to CK a Dow Jones VentureSource study released in October 2012 based on data accumulated between 1999 and 2011 found that “successful start-ups had demonstrably more women in senior positions than unsuccessful ones.” CK also referenced The Credit Suisse Research Institute that determined that since 2006 on a global scale “large companies with female-friendly boards performed 26 per cent better than those with men-only boards.”
“Progress is being made domestically, with 85 per cent of the Canadian companies ranked this year having a female board member.” Although, ”only 10.3 per cent of overall Canadian board members are female, meaning that only select companies have gone beyond adding one woman to the board.” According to experts from the International Institute for Management Development in Switzerland “only the presence of three or more women on the board leads men to view them as more than just female directors. The women, too, say they feel less self-conscious and less concerned about representing their gender” they wrote in the Wall Street Journal.
The nonprofit group Catalyst, places Canada 14th on board gender diversity globally and that’s just embarrassing. Progress may have been made but not nearly as much as should have already occurred here. Come on Canada – you can do better than that because you are better than that (or at least you should be).