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With our first annual survey, Report on Business intends to set a benchmark for gender diversity in corporate Canada. After evaluating hundreds of companies, we identified 73 at the forefront of women in leadership positions. On average, 44% of the executive roles for companies on the list are held by women. It’s not parity—but it’s not far off. This is what “good” looks like today. Consider it a starting point to track progress in the future.

2020 Women Lead Here honourees 

With an average of 44% women comprising  their executive ranks, these companies offer a benchmark for others. Companies were grouped by market cap, then listed alphabetically. 

Is a woman
CEO or
% women
tier 2
% women
tier 3
$5-billion plus
CAE Inc.Industrial products16.1No5020
Dollarama Inc.Retail6.6No5033
Fortis Inc.Gas & electrical utilities0.48No3350
Genworth MI CanadaInsurance-8.03No43N/A
H&R REITReal estate developer-18.85No3340
Intact FinancialInsurance13.29No4032
Lundin MiningMining-15.75Yes1743
Parkland FuelRetail50.46No38N/A
Royal Bank of CanadaBanks13.83No2241
Sun Life FinancialInsurance3.43No2753
TC EnergyManagement companies-3.42No38N/A
Toromont IndustriesWholesaler49.19No0100
$2-billion to $5-billion
Aritzia Inc.Retail16.06No50100
Ballard Power SystemsIndustrial products-20.15No0100
Boardwalk REITReal estate developer2.11No4050
Capital PowerGas & electrical utilities28.05No25100
Chartwell Retirement ResidenceOther services (retirement homes)9.92No6771
Colliers InternationalOther services (real estate)16.06No1477
Cominar REITReal estate developer-12.01No6727
Dream UnlimitedReal estate developer1.07Yes50N/A
First Capital REITReal estate developer-26No5067
First Majestic SilverPrecious metals14.81No67N/A
Green Thumb IndustriesBiotech &pharmaceuticals586.46No50N/A
Hudson's Bay Co.Retail-1.24Yes22N/A
Killam Apartment REITReal estate developer15.03No6067
Linamar Corp.Industrial products16.62Yes722
Lions Gate EntertainmentEntertainment-10.86No3833
PrairieSky RoyaltyOil & gas production-21.02No50100
Seven Generations EnergyOil & gas production31.95No3338
TransAlta Corp.Gas & electrical utilities2.11Yes430
$500-million to $2-billion
AltaGas CanadaOil & gas production-0.41No670
Aphria Inc.Biotech &pharmaceuticals281.35No5725
Cogeco Inc.Broadcasting8.35No3360
Corus EntertainmentEntertainment1.92Yes1449
Equitable GroupFinancial services18.13No38N/A
Laurentian Bank of CanadaBanks13.29No1758
Magellan AerospaceIndustrial products1.18No10029
Mainstreet EquityReal estate developer-6.76No0100
MTY Food GroupOther services (restaurant)26.83No4045
New Look Vision GroupOther services (eye care)27.48No5050
Park LawnOther services (funeral homes)84.03No075
Russel MetalsWholesaler26.29No10057
Sienna Senior LivingOther services (retirement homes)14.89Yes67100
StorageVault CanadaOther56.13No5050
Torex Gold ResourcesPrecious metals44.07No5033
Under $500-milllion
Athabasca Oil CorporationOil & gas production-3.61No0100
BMTC GroupRetail-0.19Yes500
Caldwell Partners Intl.Other services (recruitment)15.73No075
Calian GroupOther services (consulting)10.74No25100
Cervus EquipmentConsumer products10.65Yes2533
Chesswood GroupRetail15.36No100N/A
Clearwater SeafoodsFood production or distribution-10.45No5033
Conifex TimberForest products42.59No10025
Golden Star ResourcesPrecious metals-11.82No2567
Indigo Books & MusicRetail-3.02Yes2071
ISCOther services (data management)8.67No2575
K-Bro LinenOther services (uniforms)40.51Yes50N/A
Le ChateauRetail-6.62Yes5050
Lucara DiamondMining-20.19Yes10050
MCAN MortgageFinancial services-1.87Yes38N/A
Mediagrif Interactive Tech.Technology3.03No4050
Mogo Inc.Technology24.9No50N/A
Perpetual EnergyOil & gas production19.61Yes25N/A
Pine Cliff EnergyOil & gas production-16.37No5050
Prairie Provident ResourcesOil & gas production-5.86No10033
Reitmans (Canada)Retail-4.73No5063
Roots CorporationRetail2.85No5050
Sherritt InternationalMining-75.81No17100
Sportscene GroupOther services (restaurant)9.77No3350
Trevali MiningMining21.09No40N/A
TVA GroupBroadcasting-6.41Yes30N/A
Yellow PagesPublishing & printing-20.71No0100

Data source: Globe and Mail; Barchart Solutions

Market cap determined as of Feb. 28, 2020


To create the inaugural Women Lead Here list, Report on Business magazine evaluated the 500 largest publicly traded companies in Canada, as determined by our annual Top 1000 list. Assessments were done during November and December of 2019, and represent the state of each company during that time. Our researchers evaluated each company’s top three tiers of executive leadership (Tier 1: CEO or equivalent; Tier 2: C-suite, president or equivalent; Tier 3: generally EVP, SVP or equivalent), measuring the ratio of female-identifying to male-identifying individuals at each tier. We contacted each evaluated company by email to confirm the accuracy of data. We then applied a weighted methodology. We also took into account the company’s profitability, revenue growth and three-year return using 2019 financial data. The diversity of an executive team was also considered. We then assigned each company a score and applied a final screen to the top quintile: Companies with fewer than 30% of overall executive roles held by women were excluded, as were companies with only one woman-identifying executive.

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