Statement - Minister Champagne welcomes encouraging results shown in the third annual Corporations Canada diversity disclosure report

OTTAWA, ON, April 20, 2023 /CNW/ - The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement regarding the publication of the 2022 Corporations Canada diversity disclosure report, a requirement under the Canada Business Corporations Act. 

"Today, I welcome the publication of Corporations Canada's third annual report on the diversity of boards of directors and senior management of federal distributing corporations. Since the implementation of this requirement, conversations with shareholders about the benefits of reflecting the diversity of the communities in which they operate have increased.

"The report's findings show that Canada is taking the right steps and moving in the right direction to improve diversity on boards of directors and in senior management. In 2022, more Canadian corporations reported having women, Indigenous peoples, members of visible minorities and persons with disabilities on their boards of directors and in their senior management ranks compared to the previous year. As well, a greater number of Canadian corporations are setting targets to make their senior leadership more diverse.

"While the report shows that Canadian federal distributing corporations are making progress, there is still much more work to be done to ensure greater diversity in positions of corporate leadership.

"A diverse and representative workforce enables Canadian businesses to reach their full potential, which in turn strengthens our economy. It is not only the right thing to do but also a smart business move for corporations. And our government will continue to support corporations, including with the 50 – 30 Challenge; the Women Entrepreneurship Strategy; a charter on equity, diversity and inclusion for post-secondary institutions; and the Black Entrepreneurship Program—the first of its kind in Canada.

"I look forward to continuing to work with companies, thought leaders, diversity organizations and government partners across Canada to further our shared goals."

Related products

• Diversity of Boards of Directors and Senior Management of Federal Distributing Corporations – 2021 annual report
• Diversity of Boards of Directors and Senior Management of Federal Distributing Corporations – 2020 annual report

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SOURCE Innovation, Science and Economic Development Canada

Laurie Bouchard, Director of Communications, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]