Ottawa – François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement regarding the publication of the 2023 Corporations Canada diversity disclosure report, a requirement under the Canada Business Corporations Act.
“I welcome the publication of Corporations Canada’s fourth annual report on the diversity of boards of directors and senior management of federal distributing corporations. Since the implementation of this requirement, there has been an increase in discussions with shareholders regarding the advantages of representing the diversity of the communities in which they operate.
“The report’s findings show that Canada is taking the right steps and moving in the right direction to improve diversity on boards of directors and in senior management. In 2023, more Canadian corporations adopted written policies related to the identification and nomination of the designated groups on their boards, and they reported having more women, Indigenous peoples, members of visible minorities and persons with disabilities on their boards of directors and in their senior management ranks compared to the previous year.
“While the report shows that there was a slight increase in the diversity of boards of directors and senior management in Canadian federal distributing corporations, there is still much more work to be done to ensure greater diversity in positions of corporate leadership.
“A diverse and representative workforce contributes to Canadian businesses reaching their full potential, which in turn strengthens our economy. It is not only the right thing to do but also a wise business decision. And our government will continue to support corporations, including through the 50 – 30 Challenge; the Women Entrepreneurship Strategy; a charter on equity, diversity and inclusion for post-secondary institutions; the Black Entrepreneurship Program—the first of its kind in Canada; and Canada’s first-ever 2SLGBTQI+ Entrepreneurship Program.
“I look forward to continuing to collaborate with companies, thought leaders, diversity organizations and government partners across Canada to achieve our common objectives.”