The CEO of Toronto-based Canadian Imperial Bank of says the bank plans to set formal targets this year for the number of women on its board of directors and in executive officer positions.
Victor Dodig made his comments during a roundtable hosted by the Ontario Securities Commission on the issue of gender diversity on corporate boards.
Securities regulators in a number of Canadian jurisdictions released a review Monday of the 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.
Only 7% — or 49 issuers — of the 722 companies included in the review disclosed that they have a target in place for the number of women that should sit on their board.
And only 2%, or 11 issuers, set a target for the number of executive officers.
The most commonly cited reason for not setting targets was that candidates are chosen based on their merit, not their gender.