2024 Diversity
Disclosure Practices

Diversity and leadership at Canadian public companies

Examples of innovative leaders:

IGM Financial Inc.

The company’s Diversity Policy outlines a number of search and selection requirements for board and senior management appointments to meet, in order to
achieve the optimum composition and balance for the board and IGM Financial.

To this end, the board and senior management appointments will

• follow search protocols that extend beyond the networks of existing board members/senior management and that include the identification of a reasonable proportion of candidates who identify with one or more of the Employment Equity Act—designated groups: women, members of visible minorities, Indigenous Peoples and persons with disabilities
• require that any search firm engaged to help will identify candidates who are women and candidates who are members of the other designated groups
• review potential candidates from a variety of backgrounds and perspectives who are highly qualified based on their experience, education, expertise, personal qualities and general and sector-specific knowledge
• consider additional dimensions of diversity when determining the optimum composition and balance for the board and senior management

Automotive Real Estate Investment Trust

In searches for new trustees and executive officers, the Governance, Compensation and Nominating Committee (GCN Committee) of the board has considered, and will continue to consider, the level of representation of women and diversity on the board and in management. This has been and will continue to be achieved through monitoring the level of representation of women on the board and in senior management positions and, where appropriate, recruiting qualified women candidates as part of the REIT’s overall recruitment and selection process to fill board and senior management positions, as the need arises, through vacancies, growth or otherwise. Where a qualified female candidate can offer the REIT a unique skill set or perspective (whether by virtue of such candidate’s diverse characteristics or otherwise), the GCN Committee anticipates that it would typically select such a candidate over a male candidate. Where the GCN Committee believes that a male candidate and a female candidate each offer the REIT substantially the same skill set and perspective, the Committee will consider numerous other factors beyond diversity and the overall level of representation of women in deciding the candidate to whom the offer will be made.

Examples of innovative leaders:

Agnico Eagle Mines Limited

The company introduced the Dr. Leanne Baker Scholarship and Development Program in 2021, geared at accelerating women into leadership positions through a two-year mentorship and training program. Now in its third cohort, the program has so far contributed to the promotion of 64% of participants in the first two cohorts.

Boat Rocker Media Inc.

In 2023, the company launched an Employee Mentorship Program with a focus on top talent women and visible minorities identified for step-ups/expanded remits.

Examples of innovative leaders:

IGM Financial Inc

Employee-led Business Resource Groups (BRGs) are a vital component of IGM’s DEI strategy. Membership grew 300% year over year across all seven-employee and field-led BRGs (DiverseAbilities, Indigenous, Women, 2SLGBTQIA+, Black Advisory Council, Pan-Asian and Green), aligning their programs and initiatives to support IGM Financial’s DEI strategy and business priorities.

Enbridge Inc.

Enbridge has nine employee resource groups, which are employee-led and company-sponsored that

• promote understanding and support for historically underrepresented groups
• educate and create development opportunities for members and allies
• promote a diverse and inclusive work environment

These employee resource groups are

• CARES — Caregivers and allies

• Connect — Mutli-generational employees and Allies
• DAN (Diverse Abilities Network) — People with disabilities and allies
• EDGE (Ethnically Diverse Group of Employees) — Ethnic/racially diverse
  employees and allies
• FEMINEN — Female engineers and technologists and allies
• IERG (Indigenous Employees Resource Group) — Indigenous employees and allies
• Prism Energy — 2SLGBTQ+ and allies
• VTRN — Active and former members of the armed forces and allies
• Women@Enbridge — Women and Allies

Examples of innovative leaders:

Killam Apartment Real Estate Investment Trust

Killam has been an employer partner of the Canadian Centre for Diversity and Inclusion since 2020. This partnership provides its employees with access to expert advice, including a monthly newsletter, a knowledge repository and monthly webinars. Employees across the organization are encouraged to participate in diversity training that is offered several times each month. Killam also provides in-person diversity training and focused training on gender diversity and inclusion in the workplace. In 2023, Killam employees completed 230 unique diversity training courses.

Canadian Imperial Bank of Commerce

CIBC’s DEI programs include

• continued deployment of CIBC’s immersive Leading for Equity and Inclusion training which has been completed by 95% of its Global Leadership Team
• promoting additional eLearning content, developed in partnership with First Nations University of Canada, to help team members understand the unique history of Indigenous Peoples in Canada

Loblaw Companies Limited

DEI training was a factor in the ESG scorecard for purposes of short-term incentive plan payments to executives in 2023. Loblaw had targeted providing DEI training on inclusion and allyship to all colleagues/employees in 2023, with a target completion rate for in-scope corporate colleagues of 97% and with a target of rolling out training to franchise and associate owners and employees while tracking completion. The company achieved this target.

Examples of innovative leaders:

Roots Corporation

In 2020, Roots established a Diversity Equality Equity and Inclusion Council (the DEEI Council) of employees with a mandate to manage initiatives, raise issues and advance programs focused on diversity and inclusion. The DEEI Council is a cross-functional group of employees, including the CEO and several members of the senior management team. In addition, in furtherance of enhancing diversity in the company’s governance, Roots became a signatory to the BlackNorth Initiative CEO Pledge, which recognizes the need to create opportunities for Black people in Canada. As part of the pledge, Roots committed to have, at a minimum, 3.5% of board and executive roles be held by Black leaders by 2025.

Saputo Inc.

The Diversity, Equity and Inclusion Executive Council (DEI Executive Council), comprised of Saputo’s Chief Human Resources Officer (CHRO), its President and Chief Operating Officer (International and Europe) and employees from each of Saputo’s divisions, promotes a diverse and inclusive work environment. The CHRO receives regular updates on the DEI Executive Council’s progress and reports yearly to the board on diversity, equity and inclusion matters.

Examples of innovative leaders:

IA Financial Corporation

IA Financial launched its first annual voluntary self-identification campaign in 2023, which reminds employees of the importance of getting to know each other better to be able to promote diversity, equity and inclusion in tangible ways.

Rolled out for the majority of employees in Canada, this initiative provides a Canadian portrait of the organization, gives the corporation a better understanding of its workforce demographics and helps it to identify priority actions to deploy. For this first campaign, IA Financial achieved a participation rate of 73% (excluding some Canadian subsidiaries).

Loblaw Companies Limited

In early 2024, the corporation surveyed the board and management to determine the number and proportion of individuals who self-identified as belonging to one or more of the designated groups under the Canada Business Corporations Act. Participation in the survey was voluntary and, as such, the results represent only those individuals who elected to participate and may not be entirely representative of the designated groups at the board or management level.

Teck Resources Limited

In 2022, Teck completed its second company-wide inclusion and engagement survey to build on the baseline data gathered in the first survey in 2020 and gain further insight on inclusion and diversity, employee engagement and workplace culture. Results from the survey have informed the continued development of an inclusion and diversity strategic plan and the company expects to conduct the survey again in 2024 to measure its progress.

Additional steps Teck takes to monitor progress in building a pipeline of future women leaders include

• proactively reviewing development plans for high-performing and high-potential women

• ensuring senior management succession plans include women
• identifying talented individuals for leadership development programs and encouraging them to apply for more senior roles

Examples of innovative leaders:

CGI Group Inc.

The company is championing digital inclusion for students of all ages by improving access to technology education and mentoring, and reducing inequities by preparing students to succeed in a digital society. For example, in collaboration with the company’s partners, CGI’s global flagship program, STEM@CGI, introduces young people, mainly from underrepresented populations, to science, technology, engineering and math. CGI has also developed several programs enabling young adults to pursue careers in information technology or individuals to be trained and reskilled for new careers through initiatives such as U’DEV, CGI’s own coding school in France and Morocco, which leads to a recognized diploma and a qualified developer job with CGI.

Bank of Montreal

BMO’s commitment to diversity, equity and inclusion extends to building sustainable business opportunities, an inclusive society and a thriving economy, including by

• implementing BMO EMpower 2.0, a five-year, $40-billion Community Benefits Plan for local communities across the bank’s expanded U.S. footprint. More than $16 billion of its funding is targeted for California. This commitment includes advancing home ownership, growing small businesses, strengthening communities and creating a more equitable society.
• expanding the reach of BMO’s U.S. Zero Barriers to Business program from eight to 22 states. Since launching the program in late 2020, $80 million in small business loans have been approved, funding more than 3,400 underrepresented businesses.
• awarding $230,000 through the BMO Celebrating Women Grant Program to support the high-level growth plans of 20 women-owned businesses across North America.
• offering networking, mentoring and business opportunities through BMO Elevate, the bank’s diverse supplier development program, and more than doubling BMO’s year-over-year procurement spending with Tier I-certified diverse businesses.
• enhancing BMO’s benefit offerings for military reservists to provide greater financial peace of mind during periods of military training and/or deployment. Job-protected, unpaid leave was also made available for employees with reservist family members, offering more flexibility as they take care of loved ones while a member of the family serves.

Examples of innovative leaders:

Agnico Eagle Mines Limited

The company continues to identify and work to mitigate the systemic barriers to the participation and advancement of women in the mining industry. The company has also continued its efforts to increase the number of women entering its workforce as well as advancement within the company, and tracks and reports on the progress of advancing women, though it does not set any fixed percentages or quotas.

As the company plans for the future, efforts have been made and will be increased to include gender-diverse candidates in the company’s succession planning and recruitment initiatives. In particular, recruitment teams have received training on how to eliminate biases in the recruitment process and prioritize the inclusion of gender-diverse candidate pools in the interview process when feasible.

Finning

Finning has committed to redesigning, where appropriate, its people processes to reduce or eliminate systemic bias and improve decision quality. It also continues to work to ensure that its employee demographics are diverse in both visible and invisible ways to better reflect the global nature of its operations and customer base,so that its culture is one where everyone feels safe, valued and a sense of belonging.

Examples of innovative leaders:

Intact Financial Corporation

Intact is committed to having a fair and inclusive workplace. As such, it has a solid framework in place and standardized processes built to provide objective and unbiased support at all stages of the compensation process.

Intact monitors closely compensation outcomes to assess pay equity and, in 2023, after adjusting for level, location and role, it observed throughout its Canadian insurance operations that

• • women globally earned equivalent dollar for dollar earned by men

• • Black People and People of Colour earned on average 99 cents for every dollar earned by employees who do not identify as BPOC

The Toronto-Dominion Bank

TD regularly reviews its structures and practices to confirm they are operating as intended and outcomes are appropriate. During 2023, the bank worked with a third-party provider to complete a detailed statistical analysis of compensation to assess potential differences in outcomes based on gender and ethnicity. After adjusting for factors such as level, geography and role, the review found that for both base salary and total compensation

• • women globally earned more than 99 cents for every dollar earned by men

• • visible minorities in Canada earned more than 99 cents for every dollar earned by non-visible minorities

• • minorities in the U.S. earned one dollar for every dollar earned by non-minorities

The bank uses these reviews to actively monitor compensation outcomes and makes adjustments where appropriate to further enhance consistency and fairness

Examples of innovative leaders:

The Toronto-Dominion Bank

In 2020, TD introduced a goal to increase combined Black, Indigenous and minority representation across executive roles titled vice president and above in North America to 25% by 2025, with a specific focus on efforts to increase Black and Indigenous representation. The bank is on track to deliver on its goal. As of October 31, 2023, combined Black, Indigenous and minority representation at these levels was at 24.3%.

Enbridge Inc.

In November 2020, the company established representation goals for the board of at least 40% women and 20% underrepresented ethnic and racial groups by 2025. In addition to the designated groups stipulated by the Canada Business Corporations Act and the company’s representation goals for women and underrepresented ethnic and racial groups, Enbridge considers additional diversity dimensions that are equally important and necessary across the organization, including but not limited to diversity of thought, perspectives and life experience, which can include education, language, gender expression, sexual orientation, values and beliefs, among others.

Examples of innovative leaders:

Cameco Corporation

Cameco’s board is committed to building long-lasting and trusting relationships with communities where the company operates, a significant portion of which are in northern Saskatchewan. The company’s diversity policy requires at least one director to have an Indigenous heritage and be from Saskatchewan to bring an understanding of the culture, heritage, values, beliefs and rights of the local Indigenous Peoples to the board. One (13%) director nominee is Indigenous. The representation of directors with an Indigenous heritage is considered when identifying and nominating candidates for election or re-election to the board.

Indigenous employees make up 50% of the workforce at Cameco’s northern Saskatchewan operations. In order to continue to build and sustain the company’s Indigenous workforce, Cameco offers strong support and development opportunities for its Residents of Saskatchewan’s North (RSNs) employees, the majority of whom are Indigenous. This includes Cameco’s talent acquisition and development practices, collaboration and participation agreements with northern communities and its community liaisons located in northern Saskatchewan. Cameco also has a dedicated team of employees in its stakeholder and sustainability relations department at the head office in Saskatoon and human resources representatives at its four northern Saskatchewan operations and corporate office who focus on supporting the RSN employees.

TMX Group Inc.

TMX Group is committed to finding real-world, long-term solutions to bring more investment to Indigenous-owned businesses, lower barriers for Indigenous companies to become publicly traded and make it easier for investors to find companies that uphold reconciliation within their corporate practices.

A few examples highlighting TMX Group’s initiatives and activities in 2023 surrounding Indigenous business development, community sponsorship and talent activities that contribute to its efforts around reconciliation are listed below.

• Company leaders hosted a broad range of stakeholders from across the country’s mining ecosystem at the Canadian Mining Market Open, the TMX Group’s showcase Prospectors and Developers Association of Canada event. The event brought together key government representatives from nearly every mining jurisdiction in Canada, including Indigenous groups, industry organizations and regulators.
• On June 16, 2023, the Chief Executive Officer welcomed leaders from the Métis National Council to the TMX Market Centre where they engaged in a conversation about the unique challenges facing Métis businesses and how to work together to create sustainable pathways for Indigenous participation in the TMX Group’s stock markets.

• Indigenous business owners, entrepreneurs, advocates, allies and financial service industry partners joined TMX Group leaders for the market open on June 27, 2023, in celebration of National Indigenous History Month. TMX Group also hosted the Indigenous Arts Market, featuring talented Indigenous business owners, entrepreneurs, allies and partners in a diverse showcase of culture and creativity.

• The Chief Legal and Enterprise Corporate Affairs Officer and Corporate Secretary participated in a “fireside chat” event with senior management of the Downie
  Wenjack Fund in recognition of the 2023 National Day of Truth and Reconciliation.
• TMX Group sponsored, and representatives of TMX Group attended, the annual conference held by the Canadian Council for Aboriginal Business (CCAB). In 2023, TMX Group achieved Phase 2 of the CCAB’s Progressive Aboriginal Relations certification program. The certification program provides third-party and independent evaluation of corporate performance in four key areas: leadership actions, employment, business development and community relationships.
• TMX Group hosted the inaugural TSX Indigenous Investor Day on October 24, 2023, which connected entrepreneurs and businesses with potential investors and brought together industry players to discuss strategies for growing Indigenous-led businesses to the benefit of these businesses and investors and, ultimately, all Canadians.
• TMX Group partnered with the Indigenomics Institute to support their inaugural Indigenomics on Bay Street event on November 21 and 22, 2023, bringing together key players in capital markets that are committed to Indigenous economic reconciliation and to promoting impactful engagement for Indigenous businesses

Examples of innovative leaders:

Killam Apartment Real Estate Investment Trust

In 2021, Killam committed to increasing the diversity of its employees, including a 25% increase in representation by 2025 of current employees who identify as racialized, disabled and LGBTQ2S+. As of December 31, 2023, this target was achieved, with a 57% increase in such representation from 2020 levels. As of December 31, 2023, 1% of Killam’s employees identify as non-binary.

Aritzia Inc.

The company has recruited and selected board members and senior management candidates who represent a diversity of business understanding, personal attributes, abilities and experience. Any search firm engaged to assist the board or the Compensation and Nominating Committee in identifying candidates for appointment to the board is directed to include candidates who are women, members of visible minorities, Indigenous persons and LGBTQ+. With respect to the company’s current diversity representation, members of the board and the executive officers have voluntarily self-identified as members of diverse groups as follows: three of 10 (30%) members of the board and director nominees self-identify as a woman; one of 10 (10%) members of the board and director nominees self-identify as a member of a visible minority; and one of 10 (10%) members of the board and director nominees self-identify as a member of the LGBTQ2+ community.

Examples of innovative leaders:

AECON Group Inc.

In 2023, the company rolled out an updated Workplace Accommodation Policy whose design was led by Aecon’s Employee Resource Group focused on employees with disabilities.

Air Canada

In June 2023, Air Canada published its first Accessibility Plan, which sets out Air Canada’s commitment to improve accessibility and remove barriers for customers and employees with disabilities. This initial plan spans 2023–2026, and the company will report on progress after the first two years. Air Canada also implemented the voluntary Hidden Disability Sunflower program, which allows customers with nonvisible disabilities to wear a sunflower lanyard to indicate discretely that they have a non-visible disability and need a little extra time or patience.

Examples of innovative leaders:

Transat A.T. Inc.

For fiscal year 2024, 25% of Transat’s long term incentive plan objectives are directly linked to corporate responsibility and the development of a culture of inclusion. The LTIP applies to all officers and managers whose position within the hierarchy can influence Transat’s orientation in this area, which it believes is the best practice.

Kinross Gold Corporation

Kinross’s 2023 short-term incentive plan targets for the senior leadership team included environmental, social and governance goals worth 5% of the bonus. These included diversity goals, which for 2023 included implementation of a meaningful DEI strategy and a majority of company sites being successful on their DEI objectives.

Examples of innovative leaders:

CGI Group Inc.

CGI Partners in Germany developed a new Teams app, also used now in Canada: the Diversity Feedback Form (DIFF). With DIFF, CGI’s partners now have the chance to comfortably share their DEI experiences, raise awareness on existing challenges and, most importantly, contribute to the company’s DEI strategy.