The Alberta Securities Commission (ASC) today participated in the publication of Canadian Securities Administrators (CSA) Multilateral Staff Notice 58-316 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 9 Report).
As set out in National Instrument 58-101 Disclosure of Corporate Governance Practices, non-venture reporting issuers in Alberta are required to provide annual disclosure in their proxy circular or annual information form about representation of women on their boards and in executive officer positions, and other related disclosure requirements.
“It is commendable that we continue to see year-over-year progression in the number of women on boards and in executive officer positions in Alberta’s issuer community,” said Stan Magidson, Chair and Chief Executive Officer of the ASC. “The disclosure of this information has set the foundation for additional work being done by the ASC and the CSA to contemplate broader diversity and corporate governance policy.”
The ninth year review includes the disclosures from 120 TSX-listed Alberta-based companies with year ends between December 31, 2022 and March 31, 2023. Alberta trends include:
- Women hold 25 per cent of board positions in Alberta, an increase from 23 per cent in 2022 and eight per cent in 2015.1
- Eighty-four per cent of companies have one or more women on their board, compared with 82 per cent in 2022 and 46 per cent in 2015; 69 per cent report having one or more women in executive officer positions compared with 66 per cent in 2022.
- Forty-two per cent of board vacancies were filled by women in 2023, a decrease from 45 per cent in 2022 yet still an overall increase from 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-five 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.
The CSA recently sought public comment on proposed amendments to corporate governance disclosure rules and policy that go beyond the representation of women. Two approaches are being considered and the feedback received will assist the CSA to implement amendments that will enhance investors’ ability to make informed investment and voting decisions. The comment period closed on September 29, 2023.
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.
1The first year reported on disclosures of TSX-listed issuers with year ends between December 31, 2014 and March 31, 2015.
2The CSA began tracking this metric in 2017. Prior year results are not available.
