Fewer Women Holding Top Executive Positions in Canada

    Number of women in top corporate jobs drops to 31 out of 535;

    Down 16 per cent year-over-year, annual ranking finds

    TORONTO, Jan. 15 /CNW/ - The glass ceiling in the corner offices
thickened at Canada's largest publicly-traded companies, reports leading
executive search firm Rosenzweig & Company.
    The third annual Rosenzweig Report on Women at the Top Levels of
Corporate Canada found that 31 women now hold top officer jobs in Canada's 100
largest publicly-traded companies; down from 37 last year.
    "This drop is disheartening and makes you wonder if anything is really
going to change over the next 10 years, or even longer," says Jay Rosenzweig,
Managing Partner of Rosenzweig & Company. "Is the glass ceiling impenetrable
in Canada?"
    Rosenzweig & Company analyzed the 100 biggest publicly-traded companies
in Canada, based on revenue. Annual revenue ranges between $1.7 billion and
$36 billion at these companies.
    All these large corporations must name and publicly disclose the
compensation of their Chief Executive Officer (CEO), Chief Financial Officer
(CFO), and at least the next three highest compensated executive officers.
Some companies list more than five officers.
    Of the 535 top officers reported at these 100 corporations, 5.8 per cent
are women and 94.2 per cent are men. Last year, out of the same number of
executive positions disclosed, 37 (or 6.9 per cent) were women, and 93.1 per
cent were men.
    "The reasons for the drop are many and varied, but no matter how you
slice this data, women are simply not being promoted to the top jobs in
Corporate Canada at the pace they should be," adds Mr. Rosenzweig.
    "And the irony of this is that study after study shows that when
corporations tap into the huge talent pool of women for top positions,
financial performance improves and shareholders benefit," he says. "That means
this is not only a social and moral issue, but it is also good for Corporate
Canada and the shareholders of these companies."

    Other details in the report:

        -  Major Canadian banks have taken positive steps in promoting women
           to their top positions. CIBC, Bank of Montreal, Toronto-Dominion
           Bank and Royal Bank of Canada have at least one woman in top-
           earning leadership roles and RBC has two.

        -  There are only three women Chief Executives at these 100 Canadian

        -  Four companies have more than one woman in these key positions,
           but 74 companies are exclusively male at the top.

    A copy of the full report is available upon request.

    About Rosenzweig & Company

    Rosenzweig & Company is a leading provider of executive recruitment
solutions. As a result of a sophisticated research capability and specialized
senior level focus, the firm is consistently able to find exceptional talent
for its clients. Rosenzweig & Company works closely with a number of the
world's top companies to generate timely and accurate results for them when
addressing their specialized senior level search requirements.

For further information:

For further information: Alan Zelnicker, Rosenzweig & Company, (416)
572-2715, azelnicker@rosenzweigco.com; Bob Brehl, abc2 communications inc.,
(416) 994-1470, bob@abc2.ca

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