Close X
Wednesday, January 15, 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

    India must not complicate border situation: China

    India must not complicate border situation: China
    Asked about China's comments on reports that India was planning to build roads along the eastern section of the India-China border, Chinese foreign...

    India must not complicate border situation: China

    Obama predicts long-term campaign against IS

    Obama predicts long-term campaign against IS
    US President Barack Obama warned that there would be periodic setbacks in the fight against the Islamic State (IS) and said it is a long-term campaign....

    Obama predicts long-term campaign against IS

    Four Indians jailed for fraud in Singapore

    Four Indians jailed for fraud in Singapore
    Four Indian nationals in Singapore were Wednesday given jail terms ranging between three and four years for fraudulent Goods and Services Tax (GST) tourist...

    Four Indians jailed for fraud in Singapore

    MH17 victims' belongings to be transferred to Netherlands

    MH17 victims' belongings to be transferred to Netherlands
    Two trucks loaded with personal belongings of the victims aboard the ill-fated Malaysia Airlines Flight MH17 arrived Wednesday in Ukraine's government-controlled...

    MH17 victims' belongings to be transferred to Netherlands

    US Supreme Court blocks Texas abortion law

    US Supreme Court blocks Texas abortion law
    The US Supreme Court has blocked a Texas state law that reduced the number of abortion clinics in the nation's second most populous state, media reported Wednesday....

    US Supreme Court blocks Texas abortion law

    Hong Kong student democracy protests hover over Stephen Harper China visit

    Hong Kong student democracy protests hover over Stephen Harper China visit
    OTTAWA - Even if the Hong Kong protests fizzle, Stephen Harper must press his Chinese hosts next month on the concerns raised by student activists, says a former Canadian ambassador.

    Hong Kong student democracy protests hover over Stephen Harper China visit