Ontario Teachers’ Pension says firms on TSX should have at least three women on board or face de-listing

The Ontario Teachers’ Pension Plan says companies listed on the Toronto Stock Exchange should be forced to have at least three women on their board of directors by 2020 or face a severe and controversial sanction: delisting from the exchange.

In a letter to the Ontario Securities Commission, which at the request of the provincial government is already looking into creating a regime to encourage more gender diversity on boards, Teachers’ senior vice-president of public equities Wayne Kozun says the regulator’s proposal of a more flexible “comply or explain” model doesn’t go far enough.

The response to the OSC’s call for comments on the issue of gender diversity has been mixed, but many supporters are in favour of the proposed “comply or explain” model that would give companies flexibility in increasing the number of women on their boards.  (more...)

Ontario Teachers’ Pension says firms on TSX should have at least three women on board or face de-listing