Trudeau to expand diversity push on Canada's corporate boards
Justin Trudeau’s government is set to launch a diversity challenge as part of an effort to increase the share of women and minority groups in corporate leadership positions.
The goal of the program -- called the 50/30 challenge -- is to encourage companies to reach gender parity on their boards and in senior management positions, and 30 per cent representation of minority groups, according to a document obtained by Bloomberg. Innovation Minister Navdeep Bains is spearheading the program, which is set to be unveiled Monday.
Bains will host a roundtable discussion with organizations and businesses that have agreed to help develop the challenge. The details, including what incentives will be offered to businesses, are still being worked out, according to two people familiar with the matter. The support programs are likely to differ depending on the size of the company, the people said.
It’s the latest push from Trudeau’s Liberals, who since coming to power in 2015 have made diversity a priority. Even so, women and minorities are underrepresented in the upper-echelons of Canada’s largest companies. In the financial sector, for example, only 10% of top executive roles and 8% of non-executive board positions at the country’s big six banks and two large life insurers are held by visible minorities, data compiled by Bloomberg show.