Close X
Saturday, December 14, 2024
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

    Nepal Asks Foreign Rescuers To Go, India Lists Assistance

    Nepal Asks Foreign Rescuers To Go, India Lists Assistance
    As the death toll from the April 25 disaster surged to 7,365 with more than 14,000 people injured, Nepal prepared to send home all foreign rescue and search teams.

    Nepal Asks Foreign Rescuers To Go, India Lists Assistance

    Fresh Tremors Hit Nepal On Sunday

    Fresh Tremors Hit Nepal On Sunday
    A week after a magnitude 7.9 earthquake jolted Nepal, three tremors were recorded on Sunday in different parts of the Himalayan nation.

    Fresh Tremors Hit Nepal On Sunday

    Family Says Alberta Couple Missing Since Nepal Earthquake Are Dead

    Family Says Alberta Couple Missing Since Nepal Earthquake Are Dead
    EDMONTON — Family of a Canadian husband and wife who have been missing since a massive earthquake in Nepal say the couple are dead.

    Family Says Alberta Couple Missing Since Nepal Earthquake Are Dead

    Two Billionaire NRIs Offer To Build 1,200 Houses In Nepal

    Two Billionaire NRIs Offer To Build 1,200 Houses In Nepal
    Two billionaire NRIs have offered to build 1,200 earthquake-resistant houses in quake-affected villages of Nepal immediately, Nepal's embassy in London has said.

    Two Billionaire NRIs Offer To Build 1,200 Houses In Nepal

    Yoga On Capitol Hill

    Yoga On Capitol Hill
    In a curtain-raiser event for the First International Day of Yoga on June 21, the newly founded Congressional Yogi Association organized the first-ever "Yoga on the Hill" at Capitol Hill, the seat of US parliament.

    Yoga On Capitol Hill

    A Week After, Nepal Quake Toll Hits 7,040

    A Week After, Nepal Quake Toll Hits 7,040
    As search and rescue operations continued for the seventh day, the toll due to the massive earthquake that hit Nepal on April 25 rose to 7,040 on Saturday, officials said.

    A Week After, Nepal Quake Toll Hits 7,040