Close X
Friday, January 10, 2025
ADVT 
International

CIBC to set target numbers for women on board, in senior executive roles: CEO

Darpan News Desk The Canadian Press, 29 Sep, 2015 12:42 PM
    TORONTO — CIBC plans to set formal targets this year for the number of women on its board of directors and in executive officer positions, the bank's CEO said Tuesday.
     
    "In business, people respond to targets," Victor Dodig said during a roundtable hosted by the Ontario Securities Commission on the issue of gender diversity on corporate boards.
     
    In a joint initiative with other securities regulators, the OSC released a review Monday of a new "comply and explain" policy that requires publicly traded companies to disclose certain statistics around the representation of women on their boards and in executive officer positions.
     
    Regulators in every province and territory except for Prince Edward Island, Alberta and British Columbia implemented rule amendments at the end of last year requiring issuers to provide targets for how many women should sit on their boards or in executive officer roles.
     
    The rule changes also require companies to disclose their policies relating to how women are identified and nominated for such posts.
     
    If an issuer chooses not to implement targets for female composition and other related policies, it must explain why it has chosen not to comply.
     
    More than half — 51 per cent — of the 722 companies included in the review disclosed that they do not have even one woman on their boards, while 40 per cent reported no women in executive officer positions.
     
    Only seven per cent — or 49 issuers — said they have a target in place for the number of women that should sit on their board. And only 11 companies reported setting a target for the number of executive officers, representing about two per cent.
     
    The most commonly cited reason for not setting targets was that candidates are chosen based on merit, not gender.
     
    Dodig said roughly 30 per cent of CIBC's (TSX:CM) directors are women, while the rate of female representation in executive officer roles is in the "high 20s."
     
    "Our goal is to continue to move that upwards because we think it's good for the company, it's good for our culture, it's good for business," Dodig said. "It's very straightforward for us."

    MORE International ARTICLES

    12 Suspects Allegedly Linked To Paris Attacks Arrested

    12 Suspects Allegedly Linked To Paris Attacks Arrested
    At least 12 people were arrested Friday in various areas in the French capital city of Paris during a police operation in connection with the last week's terrorist attacks.

    12 Suspects Allegedly Linked To Paris Attacks Arrested

    Issue stamp to commemorate Diwali: US lawmaker

    Issue stamp to commemorate Diwali: US lawmaker
    A US lawmaker has introduced a resolution in the Congress, urging the country's postal service to issue a stamp honouring Diwali -- "an important spiritual...

    Issue stamp to commemorate Diwali: US lawmaker

    Over two dozen Indians stranded in Saudi Arabia

    Over two dozen Indians stranded in Saudi Arabia
    Twenty five Indian workers are stranded here due to bureaucratic formalities as their sponsor has not paid the Saudi Arabian ministry of labour SR 90,000 (about $24,000) as...

    Over two dozen Indians stranded in Saudi Arabia

    Mukesh Aghi named US-India trade body president

    Mukesh Aghi named US-India trade body president
    The US-India Business Council (USIBC) has named Mukesh Aghi, currently the chief executive and member of the Board of Directors at L&T InfoTech, as its new president....

    Mukesh Aghi named US-India trade body president

    US court dismisses case against Modi

    US court dismisses case against Modi
    A US court has dismissed a lawsuit accusing Prime Minister Narendra Modi of failure to control the 2002 Gujarat riots, saying as a sitting head of government...

    US court dismisses case against Modi

    Al-Qaeda video on Paris attacks authentic: US

    Al-Qaeda video on Paris attacks authentic: US
    An Al-Qaeda video claiming responsibility for the last week's bloodshed at the French satirical newspaper was "authentic", but US officials were...

    Al-Qaeda video on Paris attacks authentic: US