Authors: Andrew MacDougall, John M. Valley, Joanna Cameron, and Jessie Armour
Going above and beyond: best company disclosure
Every year, among the many hundreds of issuers whose diversity disclosure we review, we find some that have taken the opportunity to provide an especially thoughtful and meaningful approach to disclosing diversity at the board and senior executive levels. This chapter showcases some of our favourite examples of disclosure over the course of the last year. The examples are drawn from issuers in a variety of industries and of varying sizes to demonstrate that diversity cuts across a spectrum of issuers. We hope that these examples will inspire others.
Leaders in disclosure on diversity practices
Aecon Group Inc., Enbridge Inc. and Kinaxis Inc. have consistently excelled as leaders in disclosure on diversity practices through their annual management proxy circulars. Each company provides disclosure that goes well beyond the mandated requirements. Based on the extent of the information disclosed and the attention paid to the presentation of information related to diversity, it is clear that these companies are committed to communicating clearly how diversity efforts have been realized within their organizations.
Graphics on board diversity
Canadian Tire Corporation
Canadian Tire uses graphics to provide a quick snapshot early in its management information circular on the diversity of its director nominees, highlighting several key dimensions of diversity, including gender, race, age and geography.
AECON Group Inc.
AECON also uses graphics to illustrate not only the diversity in the composition of its director nominees board but also the rate at which the company is adding women to the board when appointing new directors since adopting its first gender diversity target. Those same graphics are equally transparent about representation of visible minorities, persons with disabilities and Indigenous Peoples on the AECON board.
Enbridge Inc.
Enbridge uses a variety of graphics to highlight the diversity of its board across gender, race, age, geographic dimensions and, notably, aggregate representation of Aboriginal persons, persons with a disability, and members of visible minorities and 2SLGBTQ+. Enbridge also extends the visual snapshot to set out the number of board leadership roles (in form of the number of chair roles) fulfilled by women.
AtkinsRéalis Group Inc.
AtkinsRéalis uses a different style of graphics to show readers the diversity of its director nominees across multiple dimensions. The company highlights not only diversity across the gender, race, age and geography, but also across languages spoken by its board members.
Metro Inc.
Albeit somewhat later in its management information circular, Metro Inc. illustrates the representation of women at each of the board, senior management and management levels since 2022.
Nominating process
AtkinsRéalis Group Inc.
AtkinsRéalis provides a comprehensive description of its director nomination process, highlighting when and how diversity characteristics are considered in identifying potential candidates for director roles.
Setting and increasing target levels
Open Text Corporation
Open Text has set high targets for the proportion of women in key roles (50%) and in leadership positions (40%), as well as the proportion of ethnically diverse employees (a majority) to be achieved within the next six years.
Metro Inc.
Metro Inc. increased its target for the representation of women on its board from a fixed target of 30% to a range of 30%–40% and amended its policy to provide that at least one board member belong to one of the following groups: visible minority, ethnic minority, people with invisible or visible disabilities, Indigenous Peoples or members of the LGBTQ2+ community. It also adopted targets to be achieved within the next two years for women in senior management (30%) and management (35%) and racially or ethnically diverse persons in senior management (17%) and management (17%).
CAE Inc.
CAE discloses a history of adopting diversity targets for its board and executive officer roles, and then raising and broadening those targets once they are met. CAE is currently maintaining a target of 30% women directors, while also aiming to have 33% of executive officers and 40% of its directors be from underrepresented groups (including women, persons with disabilities, Indigenous Peoples, members of visible minorities and the LGBTQ2+ community) by 2025.
Enbridge Pipelines Inc.
Like many organizations, Enbridge has adopted programs for enhancing diversity within its workforce, including adopting representation goals. One of its initiatives involves sharing with its employees its internal “Diversity Dashboard,” with which one can filter data like turnover rates for various categories. Enbridge targets progress towards meeting workforce representation goals of having 40% women, 28% ethnic and racial diversity, 6% persons with disabilities and 7% U.S. protected veterans by 2025.
Explanation for not adopting diversity targets or lowering targets
Lundin Mining
Lundin Mining has adopted a target of 30% women directors and 30% women executive officers, but has not adopted targets for other diverse individuals on its board. While Lundin discloses that it has chosen to focus on the representation of women for now as women represent roughly half the population in the jurisdictions in which the company operates, it does also describe several programs it has implemented to enhance visible minority representation within its workforce generally.
Canadian Tire Corporation
Canadian Tire discloses that instead of adopting diversity targets for executive officer positions, it takes a more holistic approach, focusing on making systematic changes that create an inclusive work environment and foster diversity at all levels of its workforce, including its senior executive team, with various programs and initiatives.
Teck Inc.
In not adopting numerical targets for diverse representation among executive officers, Teck Resources cites the possibility that numerical targets could suggest that diverse employees were selected only for their diversity characteristics.
Real Matters Inc.
Real Matters discloses that it is reluctant to adopt targets for the representation of women and other designated groups on its board and among its executive officers because it is satisfied with the board’s composition and believes that its current initiatives will be more effective than numerical targets in fostering diversity among its executive team and board.
Transat A.T. Inc.
Transat disclosed that it has revised its approach to diversity to include not only women but also members of other diverse groups. In light of this broader focus, the company reduced its target for women executive officers to 30% from 40%.
Describing diversity initiatives
Saputo Inc.
Saputo lists the commitments it has made to create a more diverse, equitable and inclusive workplace, and itemizes the actions it has taken to achieve those commitments.
Nutrien Ltd.
Nutrien discloses that it has adopted a global “Strategic Inclusion Plan” that includes equity, diversity, inclusion and value chain initiatives. Nutrien highlights some of the key initiatives it has undertaken in furtherance of the plan and, for interested shareholders, includes a link to its Global Sustainability Report, which contains additional details.
Cameco Corporation
Cameco lists initiatives it pursued during the reporting year to continue its progress toward achieving its long-term diversity and inclusion objectives.
Enbridge Inc.
Enbridge incorporates its diversity highlights with its other social and environmental initiatives into the environmental, social and governance section of its management information circular.
Showing progress over time
Lundin Gold Inc.
In order to be transparent to its shareholders about the results of its diversity initiatives, Lundin Gold discloses the proportion of women on its board, among its executive officers and throughout its workforce over a five-year period. In doing so, it acknowledges that it has lost some ground in the proportion of women executives in recent years.
Onex Corporation
The graphical representation of the diversity of Onex’s workforce shows the impact of its diversity initiatives over a three-year period. It highlights that its recent progress in increasing ethnic minority diversity within its workforce may have resulted in a decline in the representation of women among its employees and an increase the representation of ethnic minorities. Onex also includes the industry average for female representation among its employees, providing readers with some context.
Cameco Corporation
Cameco provides details on the representation of women over a three-year period at multiple levels, including on the board of directors and among executive officers, vice presidents and the workforce generally. The practice of including information across multiple levels of the workforce is increasing among issuers and provides shareholders with insight into the company’s pipeline of female talent and the success of its diversity initiatives over time.
Fiera Capital Corporation
Fiera Capital uses easy-to-read graphics to illustrate progress towards aligning the proportion of women across the organization with the proportion of women in management positions, as well as its progress in increasing the representation of minority racial and ethnic groups across its workforce. Fiera also discloses that although there were no women on its executive team as of December 31, 2023, 39% of second level executive roles were held by women. Again, there is an increasing trend towards measuring and reporting on the potential pipeline of diverse employees.
DEI strategy and DEI’s role in strategy
Alimentation Couche-Tarde Inc.
Disclosure in Alimentation Couche-Tarde’s management information circular highlights the strategic value the organization places on enhancing diversity, believing that it positions the business to better meet the needs of its diverse customer base and is a strategic advantage.
Kinaxis Inc.
Kinaxis’ disclosure describes four key pillars to its DEI strategy: promoting employee training and awareness, enabling employees to express their views, providing inclusive and equitable programs and creating meaningful external partnerships.
National Bank of Canada
National Bank discloses that it has a developed a three-year plan to continue to evolve its diversity, equity and inclusion practices. Its plan seeks to foster openness and strengthen commitment and accountability and is founded on three guiding principles: being curious and valuing differences, adapting how things are done so everyone has an equitable experience and eliminating barriers and implementing intentional measures.
Superior Plus Inc.
Superior discloses that it focuses on diversity and inclusion as an integral part of its overall corporate strategy and recognizes the beneficial impact that diversity and inclusion have on decision-making and business outcomes. While it pursues a company-wide strategy, it also tailors its approach for local differences.
