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Our fourth annual benchmark of gender diversity in corporate Canada celebrates 90 companies with an average of 46% women in executive roles. That’s progress. But only 6.6% of Canada’s largest publicly traded companies have a woman at the top (up one measly percentage point from 2020), and at the rate we’re going, we won’t reach top-level parity for another four decades. To put it bluntly, we’re not moving nearly fast enough. Here’s how to fix it.

2023 Honourees

COMPANYINDUSTRYFEMALE LEDTotal % of women executivesYears included on the listYear-over-year % women change
Algonquin Power & Utilities Corp.UtilitiesNo443Increased
Allied Properties REITReal estateNo392Increased
Amerigo Resources Ltd.MiningYes673Flat
Arc Resources Ltd.EnergyNo331Increased
Aris Mining Corp.MiningNo401Increased
Aritzia Inc.RetailYes734Increased
Artis REITReal estateNo602Increased
Atco Ltd.EnergyYes362Increased
Atlas Engineered ProductsIndustrial productsNo671N/A
Badger Infrastructure Solutions Ltd.IndustrialNo401Increased
Bank of MontrealFinancial servicesNo423Flat
Bank of Nova ScotiaFinancial servicesNo423Decreased
BCE Inc.CommunicationsNo331Increased
BMTC Group Inc.RetailYes674Flat
Boardwalk REITReal estateNo404Flat
Boat Rocker Media Inc.MediaNo601N/A
Canada Goose HoldingsRetailNo431N/A
CIBCFinancial servicesNo402Increased
Canopy Growth Corp.CannabisNo501Increased
Capital Power Corp.UtilitiesNo434Flat
CGI Group Inc.TechnologyNo351Increased
Chartwell Retirement ResidencesReal estateNo673Increased
CI Financial Corp.Financial servicesNo381Increased
Cogeco Communications Inc.CommunicationsNo433Flat
Colliers International Group Inc.Real estateNo603Increased
Corus Entertainment Inc.MediaNo474Flat
Dream Real estate Yes464Increased
Enerplus Corp.EnergyNo301Increased
Extendicare Inc.Long-term careNo502Increased
First Quantum Minerals Ltd.MiningNo402Increased
Fortis Inc.UtilitiesNo424Flat
George Weston Ltd.RetailNo562Increased
GFL Environmental Inc.Waste managementNo401Flat
Green Thumb Industries Inc.CannabisNo382Increased
H&R REITReal estateNo434Decreased
Hexo Corp.CannabisNo571Increased
Hut 8 Mining Corp.CryptocurrenciesYes431N/A
Indigo Books & Music Inc.RetailNo534Increased
Information Services Corp.Business servicesNo604Increased
Intact Financial Corp.Financial servicesNo403Increased
K-Bro Linen Inc.Business servicesYes674Flat
Keyera Corp.EnergyNo431Increased
Killam Apartment REITReal estateNo504Flat
Kits Eyecare Ltd.RetailNo532Decreased
Knight Therapeutics Inc.Health careYes632Decreased
Laurentian BankFinancial servicesYes303Increased
Lightspeed CommerceTechnologyNo381Increased
Lucara Diamond Corp.MiningYes754Flat
Lundin Mining Corp.MiningYes314Decreased
Mainstreet EquityReal estateNo674Flat
MCAN Mortgage Corp.Financial servicesYes504Decreased
MDF Commerce Inc.TechnologyNo453Flat
Morguard Corp.Real estateNo501Increased
Northland Power Inc.UtilitiesNo502N/A
Miravo HealthcareHealth careNo403Flat
Open Text Corp.TechnologyNo331Increased
Organigram Holdings Inc.CannabisYes503Decreased
Ovintiv Inc.EnergyNo502Flat
Pason Systems Inc.EnergyNo302Flat
Pembina Pipeline Corp.EnergyNo331Increased
Perpetual Energy Inc.EnergyYes333N/A
Pet Valu Holdings Ltd.RetailNo542Decreased
Prairie Provident Resources Inc.EnergyNo404Decreased
Prairiesky Royalty Ltd.EnergyNo504Flat
Primaris REITReal estateNo401Flat
Q4 Inc.TechnologyNo601N/A
Quisitive Technology Solutions Inc.TechnologyNo432Increased
Reitmans [Canada] Ltd.RetailNo544Decreased
Ritchie Bros. AuctioneersIndustrial servicesYes332N/A
Rogers Communications Inc.CommunicationsNo452Increased
Roots Corp.RetailYes434Decreased
Sienna Senior Living Inc.Real estateNo503Decreased
Slate Grocery REIT*Real estateNo401Increased
Slate Office REIT*Real estateNo402Increased
Softchoice Corp.TechnologyNo331Increased
Stantec Inc.Engineering and consultingNo382Increased
Storagevault Canada Inc.Storage facilitiesNo503Increased
Sun Life FinancialFinancial servicesNo424Flat
Tamarack Valley Energy Ltd.EnergyNo381Increased
Tecsys Inc. TechnologyNo361Increased
The Real Brokerage Inc.TechnologyNo401N/A
Thunderbird Entertainment Group Inc.MediaYes602Flat
Timbercreek Financial Corp.Financial servicesNo383Decreased
Titanium Transportation Group Inc.TransportationNo502Flat
Torex Gold Resources Inc.MiningYes434Decreased
Total Energy Services Inc.EnergyNo333Flat
Transcontinental Inc.Business servicesNo402Increased
True North Commercial REITReal estateNo501Flat
Urbana Corp.Financial servicesNo672N/A
Yellow Pages Ltd.Communications servicesNo404Flat

*Slate Grocer REIT and Slate Office REIT are publicly traded but part of Slate Asset Management, which is not included in the benchmark because it is a private company. In cases where a REIT is owned by a public parent company, the parent company was evaluated.

METHODOLOGY To create the 2023 Women Lead Here list, Report on Business magazine assessed approximately 500 publicly traded companies in Canada with annual revenues greater than $50 million. Companies were evaluated from November to December 2022 on their executive teams. Our researchers evaluated each company’s top three tiers of executive leadership, while measuring the ratio of female-identifying to male-identifying individuals at each tier. Tier 1 is CEO or equivalent; Tier 2 is C-suite, president or equivalent; and Tier 3 is generally EVP, SVP or equivalent. In the assessment process, we contacted each company by email to confirm the data’s accuracy. We then applied a weighted methodology, considering the company’s profitability, revenue growth and three-year return. The diversity of an executive team was also considered, as was the year-over-year comparison of female representation in the executive ranks. 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. Research by Fiona Collie, Liza Agrba and Allan Tong

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