Alberta-based companies show consistent representation of women on boards in 10th annual review

CALGARY, AB, Oct. 30, 2024 /CNW/ - The Alberta Securities Commission (ASC), in conjunction with the Canadian Securities Administrators (CSA), today shared findings of its annual review of disclosures relating to women on boards and in executive officer positions. Since 2015, the ASC has been capturing key trends of non-venture reporting issuers in Alberta as required by National Instrument 58-101 Disclosure of Corporate Governance Practices.

The tenth review, published as Multilateral Staff Notice 58-317 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 10 Report), revealed consistent numbers of women on boards and in executive officer positions for non-venture Alberta-based issuers compared to Year 9 and overall increases in representation since the first review. Year 10 marks the final year of this review.

"It is positive that we have seen remarkable growth in the number of women on boards and in executive officer positions in Alberta's issuer community since our reviews began 10 years ago," said Stan Magidson, Chair and Chief Executive Officer of the ASC. "Investors value transparency with respect to board and executive-level diversity and with this in mind, we continue to work toward a harmonized national diversity disclosure framework that goes beyond the representation of women."

The disclosures from 115 TSX-listed Alberta-based companies with year ends between December 31, 2023 and March 31, 2024 were examined and the review found that:

• Women hold 27 per cent of board positions in Alberta, an increase from 25 per cent in 2023 and eight per cent in 2015.¹
• Consistent with 2023, 84 per cent of companies have one or more women on their board in 2024, compared with 46 per cent in 2015; 68 per cent report having one or more women in executive officer positions, a slight drop from 69 per cent in 2023.
• Forty-three per cent of board vacancies were filled by women in 2024, an increase from 42 per cent in 2023 and 25 per cent in 2017.²
• Alberta's largest companies continue to have the highest percentage of gender diversity among board members. Of the Alberta-based companies that form part of the TSX 60 Index:
  • Thirty-four per cent of board positions are held by women.
  • One hundred per cent have two or more women on their board, and 89 per cent report one or more women in their executive ranks.

An April 2023 CSA Notice and Request for Comment sought public feedback on amendments to Form 58-101F1 Corporate Governance Disclosure of NI 58-101 and proposed changes to National Policy 58-201 Corporate Governance Guidelines. We continue to work towards a broader diversity and corporate governance policy that considers comments received during our consultation period.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

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¹ The first year reported on disclosures of TSX-listed issuers with year ends between December 31, 2014 and March 31, 2015.

² The CSA began tracking this metric in 2017. Prior year results are not available.

SOURCE Alberta Securities Commission

For further information please contact: For media inquiries: Tanja McMorris, Senior Advisor, Communications, [email protected]; For investor inquiries: ASC Public Inquiries, Toll Free: 1-877-355-4488