2017 Best Corporate Citizens in Canada ranking reveals progress in gender diversity and linking pay to corporate sustainability

TORONTO, June 6, 2017 /CNW/ - Corporate Knights today released the 16th annual ranking of the Best 50 Corporate Citizens in Canada, naming Vancouver City Savings Credit Union the top corporate citizen for the second year in a row. Disclosure practices continued to improve and the country's top corporate citizens raised the bar, though incrementally, towards greater board and executive diversity and a greater number of companies that mandate mechanisms to link CEO compensation with sustainability performance.

Vancity, the largest community credit union in Canada, is no stranger to sustainability leadership or the ranking, having achieved the top position for the past two years as well as in 2013. Amid growing membership and assets under management, Vancity continued to improve its industry-leading standards on waste productivity, CEO-to-average worker pay ratio, executive diversity and employee turnover. "Vancity is honoured to be named Canada's top corporate citizen for the second year in a row," says Vancity President and CEO Tamara Vrooman. "We're very proud of our values-based business model and our commitment to building healthy communities. This award is a great recognition of the work our 2,600 employees do each day to bring this model to life for our members."

"The Best 50 Corporate Citizens define the Canadian standard for which companies are doing the most to advance a more fair and sustainable world," says Corporate Knights CEO Toby Heaps.

The complete ranking appears in the June 6 edition of Corporate Knights magazine (Summer 2017) and online at corporateknights.com. In the same issue, Corporate Knights delves deeper into the key performance indicator for diversity to identify which corporations lead on women's representation on boards and in executive positions across the country. The company with the highest percentage of women in executive positions, and tied for representation on its board, is HSBC Bank Canada, a leading international bank in Canada, and also the third-highest ranking company on the Best 50 overall this year.

To determine the top corporate citizens, Corporate Knights took a rules-based, transparent approach, evaluating 14 key performance indicators (KPIs) to a starting universe of Canadian companies with revenues of at least $2 billion and 2,000 employees in 2016, the 10 largest co-ops, constituents of the TSX 60 and all members of the 2016 Best 50 ranking. This year, Corporate Knights added two additional KPIs, related to supply chain and clean air productivity, to capture increased disclosure practices in these areas from corporate Canada.

The 2017 Best 50 Corporate Citizens in Canada ranking was sponsored by CIPEC – the Canadian Industry Program for Energy Conservation – which helps organizations increase profits by improving energy efficiency and reducing greenhouse gas emissions.

Appendix A
2017 Corporate Knights Best 50 Corporate Citizens in Canada ranking

2017 Rank

Name

GICS Sector

Overall Score

1

Vancouver City Savings Credit Union

Financials

73.78%

2

Desjardins Group

Financials

69.39%

3

HSBC Bank Canada

Financials

62.80%

4

Hydro-Québec

Utilities

62.34%

5

Cameco Corp

Energy

61.35%

6

Enbridge Inc

Energy

60.56%

7

Royal Bank of Canada

Financials

60.09%

8

IGM Financial

Financials

58.49%

9

The Co-operators

Financials

58.31%

10

Sun Life Financial

Financials

57.70%

11

Hydro One Ltd

Utilities

57.60%

12

Bank of Montreal

Financials

56.85%

13

Manitoba Hydro-Electric Board

Utilities

56.01%

14

Enmax Corp

Utilities

55.93%

15

Mountain Equipment Co-op

Consumer discretionary

55.61%

16

Transat AT Inc

Industrials

54.16%

17

Toronto-Dominion Bank

Financials

53.81%

18

Teck Resources

Materials

53.51%

19

Kinross Gold

Materials

52.39%

20

Suncor Energy

Energy

50.61%

21

Cenovus Energy

Energy

50.33%

22

TC Transcontinental

Consumer discretionary

49.68%

23

Agrium Inc

Materials

49.42%

24

Celestica Inc

Information technology

49.36%

25

Telus Corp

Telecommunication services

48.96%

26

Rogers Communications

Telecommunication services

47.76%

27

Intact Financial

Financials

47.25%

28

CIBC

Financials

46.70%

29

Transcanada Corp

Energy

46.48%

30

Domtar Corp

Materials

45.49%

31

BCE Inc

Telecommunication services

45.40%

32

Agnico Eagle Mines

Materials

44.83%

33

Ontario Power Generation

Utilities

44.65%

34

Bank of Nova Scotia

Financials

44.35%

35

Husky Energy Inc

Energy

44.12%

36

Cascades Inc

Materials

43.99%

37

Aimia Inc

Consumer discretionary

43.64%

38

Canadian Tire Corp Ltd

Consumer discretionary

43.38%

39

Catalyst Paper Corp

Materials

43.05%

40

Capital Power Corp

Utilities

41.88%

41

Bombardier Inc

Industrials

41.69%

42

Pacific Exploration and Production

Energy

41.45%

43

Potash Corp

Materials

40.84%

44

National Bank of Canada

Financials

40.83%

45

WSP Global Inc

Industrials

40.13%

46

Yamana Gold Inc

Materials

40.10%

47

Maple Leaf Foods

Consumer staples

39.89%

48

Canadian National Railway Co

Industrials

39.51%

49

Loblaw Cos Ltd

Consumer staples

39.16%

50

Federated Co-operatives Ltd

Energy

38.88%

 

Appendix B
Canadian corporate sustainability performance over time*

Key findings

2013

2014

2015

Possible reasons

Board diversity

17.5%

20.6%

22.5%

OSC requirement to disclose, diversity campaigns

Cash tax/EBITDA

10.6%

12.9%

12.5%

Lax CRA

CEO-average worker pay

110

105

128

Short-termism, executive pay consultants benchmarking against questionable peers

GHG productivity ($ revenue per tonne)

50,536

50,703

46,026

Energy sector biggest culprit - drop in GHG productivity by 23% over 2014-2015

Water productivity ($ revenue per cubic metre)

11,168

10,117

8,669

Energy, materials, utilities decreased productivity

Sustainability

pay link (out of 60)

28

28

33

Stakeholder pressure

*Using the S&P/TSX 60 cohort

 

SOURCE Corporate Knights Inc.

For further information: Toby Heaps, CEO, Corporate Knights, (416) 203-4674, toby@corporateknights.com

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