Number of women in top corporate jobs jumps 24 per cent year-over-year
and 15 new women make exclusive list, annual ranking finds
TORONTO, Jan. 29 /CNW/ - The number of women in top executive jobs at
Canada's largest publicly-traded companies is at its highest level, but
remains too low at only 7.2 per cent, reports leading executive search firm
Rosenzweig & Company.
"The good news is there are more women rising to top jobs and 15 are
newly on the list this year which may indicate turnover and change is in the
air," says Jay Rosenzweig, Managing Partner of Rosenzweig & Company. "The bad
news is that the number remains inexcusably low and Corporate Canada's 'old
boys' network' continues to disregard such a diverse talent pool in the
workforce for leadership roles.
"Unfortunately, the tough economic times could well serve to slow the
pace of change. We'd like to see a big jump year-over-year so that women hold
more than 10 per cent of all the top jobs soon, but we may be waiting longer
now," Mr. Rosenzweig adds.
The fourth annual Rosenzweig Report on Women at the Top Levels of
Corporate Canada found that 36 women now hold top officer jobs in Canada's 100
largest publicly-traded companies; up from 31 last year. On a percentage basis
of top jobs, women now hold 7.2 per cent of the positions and men 92.8; last
year it was 5.8 per cent and 94.2 respectively.
Rosenzweig & Company analyzed the 100 biggest publicly-traded companies
in Canada, based on revenue. Annual revenues at these large corporations range
from $41.3 billion down to $1.9 billion. Combined, there are 544 top officer
positions at these companies.
All these 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.
"We are hopeful the election of Barack Obama to the top job in the free
world will boost diversity in North American boardrooms," says Mr. Rosenzweig.
"Clearly, these abysmally low numbers for women - half the population and
almost half the workforce - indicate change is needed; and the sooner the
Study after study indicates that more diversity at leadership levels
spreads through the organization and improves financial performance. "This is
not simply a social and moral issue, but an issue about maximizing shareholder
value," Mr. Rosenzweig adds.
Other details in the report:
- More than two-thirds (69 per cent) of Canada's biggest public
companies do not have women executives at the top paid ranks.
- Canadian banks continue their leading roles in promoting women to
top positions. Of the five largest Canadian banks, four are
included on our list: RBC, TD, CIBC and BMO. In addition, TD's
Colleen Johnston ranked number 1 in the 2008 "Top 25 Women to
Watch" published by the American Banker. The list includes
individuals from top North American financial institutions. BMO's
Ellen Costello is ranked number 12 in the "Top 25 Women to Watch".
- Again this year, six companies had more than one woman listed:
ATCO, Canadian Utilities, Linamar Corp., BMO, Canadian Pacific
Railway, and Russel Metals. CP - a company in an industry
traditionally dominated by men - should be lauded in this regard.
About Rosenzweig & Company
Rosenzweig & Company is a leading provider of executive recruitment
solutions, with offices in Toronto, Calgary and New York. 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. www.rosenzweigco.com
For further information:
For further information: Caley Borden, Rosenzweig & Company, (416)
646-3923, email@example.com; Bob Brehl, abc2 communications inc., (416)