Our fourth annual benchmark of gender diversity in corporate Canada celebrates 90 companies with an average of 46% women in executive roles. That’s progress. But only 6.6% of Canada’s largest publicly traded companies have a woman at the top (up one measly percentage point from 2020), and at the rate we’re going, we won’t reach top-level parity for another four decades. To put it bluntly, we’re not moving nearly fast enough. Here’s how to fix it.
2023 Honourees
COMPANY
INDUSTRY
FEMALE LED
Total % of women executives
Years included on the list
Year-over-year % women change
Algonquin Power & Utilities Corp.
Utilities
No
44
3
Increased
Allied Properties REIT
Real estate
No
39
2
Increased
Amerigo Resources Ltd.
Mining
Yes
67
3
Flat
Arc Resources Ltd.
Energy
No
33
1
Increased
Aris Mining Corp.
Mining
No
40
1
Increased
Aritzia Inc.
Retail
Yes
73
4
Increased
Artis REIT
Real estate
No
60
2
Increased
Atco Ltd.
Energy
Yes
36
2
Increased
Atlas Engineered Products
Industrial products
No
67
1
N/A
Badger Infrastructure Solutions Ltd.
Industrial
No
40
1
Increased
Bank of Montreal
Financial services
No
42
3
Flat
Bank of Nova Scotia
Financial services
No
42
3
Decreased
BCE Inc.
Communications
No
33
1
Increased
BMTC Group Inc.
Retail
Yes
67
4
Flat
Boardwalk REIT
Real estate
No
40
4
Flat
Boat Rocker Media Inc.
Media
No
60
1
N/A
Canada Goose Holdings
Retail
No
43
1
N/A
CIBC
Financial services
No
40
2
Increased
Canopy Growth Corp.
Cannabis
No
50
1
Increased
Capital Power Corp.
Utilities
No
43
4
Flat
CGI Group Inc.
Technology
No
35
1
Increased
Chartwell Retirement Residences
Real estate
No
67
3
Increased
CI Financial Corp.
Financial services
No
38
1
Increased
Cogeco Communications Inc.
Communications
No
43
3
Flat
Colliers International Group Inc.
Real estate
No
60
3
Increased
Corus Entertainment Inc.
Media
No
47
4
Flat
Dream
Real estate
Yes
46
4
Increased
Enerplus Corp.
Energy
No
30
1
Increased
Extendicare Inc.
Long-term care
No
50
2
Increased
First Quantum Minerals Ltd.
Mining
No
40
2
Increased
Fortis Inc.
Utilities
No
42
4
Flat
George Weston Ltd.
Retail
No
56
2
Increased
GFL Environmental Inc.
Waste management
No
40
1
Flat
Green Thumb Industries Inc.
Cannabis
No
38
2
Increased
H&R REIT
Real estate
No
43
4
Decreased
Hexo Corp.
Cannabis
No
57
1
Increased
Hut 8 Mining Corp.
Cryptocurrencies
Yes
43
1
N/A
Indigo Books & Music Inc.
Retail
No
53
4
Increased
Information Services Corp.
Business services
No
60
4
Increased
Intact Financial Corp.
Financial services
No
40
3
Increased
K-Bro Linen Inc.
Business services
Yes
67
4
Flat
Keyera Corp.
Energy
No
43
1
Increased
Killam Apartment REIT
Real estate
No
50
4
Flat
Kits Eyecare Ltd.
Retail
No
53
2
Decreased
Knight Therapeutics Inc.
Health care
Yes
63
2
Decreased
Laurentian Bank
Financial services
Yes
30
3
Increased
Lightspeed Commerce
Technology
No
38
1
Increased
Lucara Diamond Corp.
Mining
Yes
75
4
Flat
Lundin Mining Corp.
Mining
Yes
31
4
Decreased
Mainstreet Equity
Real estate
No
67
4
Flat
MCAN Mortgage Corp.
Financial services
Yes
50
4
Decreased
MDF Commerce Inc.
Technology
No
45
3
Flat
Morguard Corp.
Real estate
No
50
1
Increased
Northland Power Inc.
Utilities
No
50
2
N/A
Miravo Healthcare
Health care
No
40
3
Flat
Open Text Corp.
Technology
No
33
1
Increased
Organigram Holdings Inc.
Cannabis
Yes
50
3
Decreased
Ovintiv Inc.
Energy
No
50
2
Flat
Pason Systems Inc.
Energy
No
30
2
Flat
Pembina Pipeline Corp.
Energy
No
33
1
Increased
Perpetual Energy Inc.
Energy
Yes
33
3
N/A
Pet Valu Holdings Ltd.
Retail
No
54
2
Decreased
Prairie Provident Resources Inc.
Energy
No
40
4
Decreased
Prairiesky Royalty Ltd.
Energy
No
50
4
Flat
Primaris REIT
Real estate
No
40
1
Flat
Q4 Inc.
Technology
No
60
1
N/A
Quisitive Technology Solutions Inc.
Technology
No
43
2
Increased
Reitmans [Canada] Ltd.
Retail
No
54
4
Decreased
Ritchie Bros. Auctioneers
Industrial services
Yes
33
2
N/A
Rogers Communications Inc.
Communications
No
45
2
Increased
Roots Corp.
Retail
Yes
43
4
Decreased
Sienna Senior Living Inc.
Real estate
No
50
3
Decreased
Slate Grocery REIT*
Real estate
No
40
1
Increased
Slate Office REIT*
Real estate
No
40
2
Increased
Softchoice Corp.
Technology
No
33
1
Increased
Stantec Inc.
Engineering and consulting
No
38
2
Increased
Storagevault Canada Inc.
Storage facilities
No
50
3
Increased
Sun Life Financial
Financial services
No
42
4
Flat
Tamarack Valley Energy Ltd.
Energy
No
38
1
Increased
Tecsys Inc.
Technology
No
36
1
Increased
The Real Brokerage Inc.
Technology
No
40
1
N/A
Thunderbird Entertainment Group Inc.
Media
Yes
60
2
Flat
Timbercreek Financial Corp.
Financial services
No
38
3
Decreased
Titanium Transportation Group Inc.
Transportation
No
50
2
Flat
Torex Gold Resources Inc.
Mining
Yes
43
4
Decreased
Total Energy Services Inc.
Energy
No
33
3
Flat
Transcontinental Inc.
Business services
No
40
2
Increased
True North Commercial REIT
Real estate
No
50
1
Flat
Urbana Corp.
Financial services
No
67
2
N/A
Yellow Pages Ltd.
Communications services
No
40
4
Flat
*Slate Grocer REIT and Slate Office REIT are publicly traded but part of Slate Asset Management, which is not included in the benchmark because it is a private company. In cases where a REIT is owned by a public parent company, the parent company was evaluated.
METHODOLOGY To create the 2023 Women Lead Here list, Report on Business magazine assessed approximately 500 publicly traded companies in Canada with annual revenues greater than $50 million. Companies were evaluated from November to December 2022 on their executive teams. Our researchers evaluated each company’s top three tiers of executive leadership, while measuring the ratio of female-identifying to male-identifying individuals at each tier. Tier 1 is CEO or equivalent; Tier 2 is C-suite, president or equivalent; and Tier 3 is generally EVP, SVP or equivalent. In the assessment process, we contacted each company by email to confirm the data’s accuracy. We then applied a weighted methodology, considering the company’s profitability, revenue growth and three-year return. The diversity of an executive team was also considered, as was the year-over-year comparison of female representation in the executive ranks. We then assigned each company a score and applied a final screen to the top quintile: Companies with fewer than 30% of overall executive roles held by women were excluded, as were companies with only one woman-identifying executive. Research by Fiona Collie, Liza Agrba and Allan Tong