THE ANNUAL ROSENZWEIG REPORT -- PROMOTING GENDER DIVERSITY AT THE HIGHEST LEVELS OF LEADERSHIP
“Beyond political will, it takes moral and conscious will to make gender equality a tangible change in every company. Thanks to the important work of the Rosenzweig Report, all those who care about gender equality will keep at it until real change is felt.”
– Zainab Salbi Founder of Women for Women International, Author of Freedom is an Inside Job, Host of Yahoo News Through Her Eyes
In 2019, based on our latest survey of top corporate jobs in Canada, we must report that women continue to be held back. Yes, there has been some overall progress, but it has been incremental at best. And when it comes to the all-important CEO position, there has been an increase of only two women as compared to 2006, when we began this annual report on the status of women in executive positions at Canada’s 100 largest public traded companies.
This past year in many respects represented a tipping point for women – and the men who support them. The abrupt fall of high-profile individuals in the realms of business, entertainment, politics and media, coupled with the rise of broad-based movements like #MeToo and #TimesUp, likely signals a profound shift in societal attitudes towards gender, power and authority. Unfortunately, we cannot report that this shift has been fully reflected in Canada’s corporate executive suites. There are, however, several encouraging signs that provide hope that change is on the way. It is in that context that we report on our 13th annual survey
“To close the gender gap, we need to understand it. The Rosenzweig Report shines a light on the problem of too few women leaders in corporate Canada. Business leaders should use this data to push for change. Hiring and promoting talented women isn’t just the right thing to do. It’s a core business imperative.”
– Sheryl Sandberg COO of Facebook & Founder of Leanin.org & Option B
Forging gender equity has been far more elusive than many think, despite male leaders – in business and politics – who are working diligently on the side of gender equity. This is not simply a women’s issue; it’s everybody’s issue. Everyone has a stake.
For 11 years, we’ve been tracking the number of women in leadership roles at Canada’s 100 largest publicly-traded corporations and equality remains a pipedream. Where Trudeau’s cabinet is 50-50 men and women, the top executives of Canada’s 100 largest publicly-traded companies are 92 percent male and a paltry 8 percent female, a slight drop this year over last year’s results.
"Each year the Rosenzweig Report serves as an invaluable reminder that the advancement of women is proceeding incrementally at best in many C-suites and boardrooms across the nation. By aggregating and quantifying results, the Report highlights the fact that only modest gains are being made, hopefully providing a fact-based impetus for corporate Canada to move beyond more talk and get straight to more action."
- Kathleen Taylor Chair of the Board, Royal Bank of Canada; Former President and CEO, Four Seasons Hotels & Resorts
At no time during the past decade have we been more hopeful, more excited, more energized about the fact that real and lasting change is coming when it comes to gender equality in business.
This is the 9th Annual Rosenzweig Report on Women at the Top Levels of Corporate Canada. Since we started, the percentage of female NEOs (Named Executive Officers) who lead the 100 biggest public companies in Canada has moved from 4.6 percent to approximately 8 percent. The flip side is that we started from an appallingly low number so the increase, in real terms, leaves us far short of our ultimate goal. Indeed, the needle did not move forward this year over last year.
“Only when women are on equal parity with men in all spheres of activity we will be ready for a more peaceful just sustainable and healthy world.”
– Deepak Chopra, M.D., F.A.C.P. Founder of the Chopra Center for Wellbeing and one of the master teachers of Eastern philosophy in the Western world
The Annual Rosenzweig Report looks at the 100 largest publicly-traded companies in Canada, based on revenue, and examines how many of the top-paid leadership roles are held by women. Under law, public companies in Canada are required to disclose the compensation of their CEO, CFO and the next three highest-paid employees. These employees are referred to as Named Executive Officers (“NEOs”) in the reports filed with the Ontario Securities Commission. This is the eighth year Rosenzweig & Co. has compiled this report, demonstrating our ongoing commitment to diversity and to tracking Canada’s progress on this important topic.
This year, in the Seventh Annual Rosenzweig Report, our findings clearly indicate that progress has stalled, with the same number of women in senior executive-level positions as last year.
“Women are the backbone of a progressive society, and yet it is so hard to be a woman, especially a woman of color. While it is difficult, we see women stepping up everywhere. The 116th Congress, for example, recently made history with the number of women and African-American and Hispanic members sworn into office. Women should not have to fight this fight alone. We all have our blind spots, and we need each other. Jay Rosenzweig deserves kudos for tracking the number of women in leadership roles for the past 14 years, and for his actions and advocacy for change. Only through measurement and education can we hold one another to account, and spur greater action to affect the positive transformational change..”
– Van Jones Social Entrepreneur, CNN Political Contributor, Host of The Van Jones Show on CNN, CEO of the REFORM Alliance
In the past six years the numbers have risen modestly, however remain well below a reasonable initial target of 20%. This target represents one woman at the most senior level in every Top 100 company and is more consistent with the make-up of the talent pool of corporate officers one level below.
Since we began tracking the advancement of women in the corner offices of Canada’s largest publicly traded companies, we have found both progress and disappointment along the way. This year – the Fifth Annual Rosenzweig Report – our findings lack both sentiments: progress is stalled, but we are not overly disappointed because we believe the economic turmoil, or global recession, has played a significant role.
"As someone who appreciates the value of keeping score and understands the power of numbers, I applaud Jay Rosenzweig for tracking the advancement of women in the corporate world. Progress in gender equality requires careful measurement and accountability. By presenting the facts on an annual basis, The Rosenzweig Report performs an invaluable service. As one who is passionate about defending human rights and fostering human dignity, I commend this outstanding effort."
- Diekembe Mutombo NBA Hall of Famer and Humanitarian
The number of women executives at the highest levels of corporate Canada increased from one year ago with a year-over-year increase of 24 percent. This year we determined that 7.2% of the top paid executive positions were held by women compared to 5.8% in our 2008 report.
The number of women executives at the highest levels of corporate Canada dropped from one year ago with a year-over-year decrease of 16 per cent. There are only 31 women in the top offices in Canada’s largest public companies, compared to 37 a year earlier.
Women executives in Canada at the highest levels made notable strides last year with a year-over-year increase of 50% in the number of female executive officers at the largest public companies in the country. That’s the good news. On the flip side, a lot more must be done for women to achieve equality at the highest levels of corporate Canada.
The first-annual Rosenzweig report profiles the number of women in executive positions in Canada. The goal is to promote gender diversity at the highest levels of business. Statistics were extrapolated from a detailed survey of the top 100 publicly traded Canadian companies, ranked by revenue, and listed in various Canadian media sources. There were a number of steps that led to the final analysis.