Significant compliance by Alberta companies with new gender diversity disclosure requirements

-- Alberta's largest companies continue to report highest participation of women on boards --  

CALGARY, Oct. 5, 2017 /CNW/ - The Alberta Securities Commission (ASC) today participated in the publication of CSA Multilateral Staff Notice 58-309 Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of Corporate Governance Practices.

In December 2016, the ASC adopted amendments to NI 58-101. The amendments require non-venture reporting issuers in Alberta 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. 

Over 95 per cent of Alberta-based TSX issuers complied with the key elements of the required disclosure. While this level of compliance is significant, there is room for continued improvements. Additionally, a small number of issuers had material deficiencies, and the ASC is working with these issuers to make the necessary enhancements.

"We are pleased that Alberta companies are providing the diversity disclosure required by this national instrument and look forward to continued improvement in the quality of the disclosure," said Stan Magidson, Chair and Chief Executive Officer of the ASC. "This disclosure provides investors with information that may be useful when making their voting and investment decisions."

The ASC's participation in the CSA's disclosure review replaces the former ASC/University of Calgary "Women on Boards Index," as published in 2015 and 2016. The CSA review included the consideration of information from 148 TSX-listed Alberta-based companies.¹ Alberta trends worth noting and comparing with the 2015 and 2016 indices include:

• Women hold 13 per cent of board positions in Alberta, an increase from 11 per cent in 2016, and nine per cent in 2015.
• 58 per cent of companies have at least one woman on their board, compared with 51 per cent in 2016 and 43 per cent in 2015; 57 per cent report having one or more women in executive officer positions.²
• 25 per cent of board vacancies were filled by women in 2017, which represents an increase from 22 per cent in 2015 and a decrease from 32 per cent in 2016.
• Alberta's largest companies continue to have the highest percentage of gender diversity among board members. Of the companies that form part of the TSX 60 Index:
• 24 per cent of board positions are held by women.
• 28 per cent of board vacancies were filled by women.
• 100 per cent have at least two women on their board, and 93 per cent report at least one woman in their executive ranks.

The ASC wishes to thank the following Women on Boards advisory committee members for their service in overseeing the prior years' research.

• Trudy Curran, Corporate Director
• Wendy Hanrahan, Executive Vice President, Corporate Services, TransCanada Corporation
• Linda Hohol, Corporate Director
• Byron Neiles, Executive Vice President, Corporate Services, Enbridge Inc.
• Co-Chairs Dr. Loren Falkenberg, associate dean of research, University of Calgary's Haskayne School of business, and Alison Trollope, Director of Communications and Investor Education, ASC.

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.

¹ The CSA's 2017 review included only  December 31 through March 31 year-ends.
² As the methodology for calculating women in executive officer positions in prior years was completely different from the CSA's review, directly comparative amounts for prior years are unavailable. 

SOURCE Alberta Securities Commission

For Media Inquiries: Hilary McMeekin, Manager, Communications, 403.592.8186; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488

Related Links

http://www.albertasecurities.com