Crown Boards Achieve Gender Balance Parity and Diversity Gains

Released on November 28, 2016

Saskatchewan CIC Crown sector board membership has achieved 53 per cent aggregate representation of women in director positions, up from 44 per cent earlier this year.  All CIC Crown corporation boards now have 50 per cent women, or more.

In addition to meeting and surpassing gender parity, seven women hold either a Chair or Vice-Chair position across eight CIC Crown corporation boards.  Representation of Visible Minority and Aboriginal ancestry directors also increased with the board renewal.

Ten per cent of board directors are of Aboriginal ancestry, including appointment of the first Aboriginal Board Chair; nine per cent of board directors are of Visible Minority heritage.  Both categories are up from five per cent previously.

“Saskatchewan has been very fortunate with the quality and dedication of CIC Crown board directors in the past, and the current candidates are no exception,” Crown Investments Minister Joe Hargrave said.  “With this recent board renewal, we have not only achieved parity for women on boards, but have also made gains with Visible Minority and Aboriginal ancestry membership.  These members bring expertise and insight that will only benefit their respective corporations and the sector as a whole.”

“Increasing the representation of intelligent and capable women on public sector boards demonstrates government’s commitment to deepening the boardroom talent pool,” Minister Responsible for the Status of Women Tina Beaudry-Mellor said.  “Women change the tone and dialogue at the boardroom table and enrich discussions that strengthen performance and innovation, expand perspectives and build stronger relationships.  Government strongly supports diversity on boards and will continue to champion inclusion now and in the future.”

In October 2016, the Canadian Securities Administrators reported nationally, of the 215 largest Canadian publicly-traded companies, 18 per cent of board seats are occupied by women, up from 16 per cent the year before.  Of 677 Canadian publicly-traded companies listed on the TSX, only 12 per cent of board seats are occupied by women.

The impact of greater gender diversity on boards is highlighted in a 2015 study by MSCI ESG Research.  Corporate benefits include a higher return on equity and fewer governance-related controversies than average.  Further studies also suggest that gender diversity in leadership is linked to heightened innovation and enhanced client insight.

“We know we have more work to do to achieve representation in these areas,” Hargrave said.  “We value every board member for their diversity in gender, ethnicity, and thought, and their respective contributions and look forward to further gains in the future.”

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For more information, contact:

Joanne Johnson
Crown Investments Corporation
Regina
Phone: 306-787-5889
Email: jjohnson@cicorp.sk.ca
Cell: 306-533-5519