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Letter Summary:
The AMF is seeking comments on the effectiveness of disclosures as a means to increase the representation of women on boards and senior management positions. The council is considering making diversity a core advocacy issue and work is underway to inform our opinion based on the position of CFAI.
Overview of the Council’s Comments:
The council recognizes that the disclosure requirements pursuant to Règlement 58-101 sur l’information concernant les pratiques de gouvernance have led to some improvements in the representation of women on boards. However, the council believes there is still a lot of room for improvement since the percentage of board seats occupied by women is only at 14%. In order to improve this number, the regulators should look at other measures, such as encouraging companies to make best efforts to connect with industry associations that are focused on women seeking board positons. Also, the CAC believes that the benefits of board diversity will crystallize through more investor education of the requirements, as well as initiatives aimed at encouraging board diversity to be included a a factor in the investment decision-making process for retail and institutional investors.