Statement by the Minister Responsible for Women's Issues and the Minister of Finance on the Women on Boards and Executive Positions Compliance Report
Today, Tracy MacCharles, Minister Responsible for Women's Issues and Charles Sousa, Minister of Finance, issued the following statement on the Canadian Securities Administrators Women on Boards and Executive Positions Compliance Report:
"We appreciate today's report from the Canadian Securities Administrators, and are encouraged by the figures showing an increasing number of women on boards and in executive leadership positions across the country. Our government acknowledges that 15 per cent of companies have added one or more women to their boards this past year alone. However, we know that more work needs to be done to see a greater level of equality in corporate boardrooms.
Women make up half of Ontario's workforce and more than half of our postsecondary graduates. Yet women are still under-represented in leadership positions in many areas of the private sector.
Ontario is a leader in moving to broader gender diversity on boards and in senior management of major businesses, not-for-profits and other large organizations. We are also the first Canadian jurisdiction to develop the "comply or explain" regulation. Since the introduction of this regulation in December 2014, several other provinces have followed our lead.
It is because of this approach that we finally have better information on the number of women in corporate board positions, which will help us create policies to promote equality. Our government is proud of the transparency this brings to corporate boardrooms and we look forward to tracking further progress through future annual reports.
Increasing the number of women on boards and senior management positions is good for the economy, good for business and critical for Ontario women seeking full workplace equality. We urge all Ontarians to continue their collective effort to ensure our boardrooms and executive suites reflect a fair and equal society."