The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
It's not exactly surprising news that Canadian companies don't load their corporate boards with women. But still, it's troubling to learn that female representation has fallen behind the level in other industrialized nations. That's a bad omen for gender diversity. In the wake of International Women's Day (which began during the industrial boom of the early 1900s), a new report by TD Economics shows that Canada is losing ground in the number of women who sit on the country's corporate boards. In a three-year period ending in 2011, its ranking dropped from sixth to ninth place, falling behind the reputedly macho countries of Australia and New Zealand. In other words, nearly half the companies listed in the TSX/S& P composite index have only one female board member and more than a quarter have none at all. Women business leaders may come a long way, but the men in many of Canada's top corporate jobs sure aren't opening any doors for them. Come on guys, it's 2013. According to the Toronto Star's Dana Flavelle, the report suggests that nothing is being done to push gender diversity in boardrooms. In economist-speak, this is considered a 'market failure' to appreciate the skills and perspectives that women bring. In cocktail conversations it's called the exclusionary membership practices of the old boys club. In any case, change is long past due. The report, authored by Beata Caranci, TD vice-president and deputy chief economist, and Leslie Preston, a TD economist, calls for a 'comply or explain' policy to explain board hiring decisions. It's an easy fix and could get started quickly if, for example, the Toronto Stock Exchange is willing to add the recommendation to its corporate governance code. No one is asking for a quota, just an explanation, when a board position gets filled, on why a qualified woman didn't get it. _ Toronto Star
