Abstract:

In 2015, the Ontario Securities Commission, or OSC, implemented a “comply or explain” rule that companies listed on the Toronto Stock Exchange (TSX) would have to either disclose information related to gender diversity, including the number of women on their boards and their policy on diversity, or explain why they were not doing so. Issuers, especially those in the mining sector, aren’t as far along as they should be. So much so that in recognising the problem, leading proxy advisory firms, ISS (Institutional Shareholder Services) and Glass Lewis, have put in place stronger board gender diversity guidelines for Canadian public companies. Companies have just under a year to comply or face a "withhold" vote against the chair of their nominating committee:

As of Feb. 1, 2022, ISS will expect S&P/TSX Composite issuers to have at least 30% women board members, or a written gender diversity policy with a commitment to achieve that percentage over a “reasonable” time frame.
- ISS will also withhold a vote for the nominating committee chair for “widely held” companies that aren’t on the index if the company doesn’t have any women on the board and has no formal written gender diversity policy.
As of January 1, 2022, Glass Lewis will require all TSX-listed issuers to have at least two female directors. Boards with six or fewer members must have a minimum of one female director.

This panel discussion will take stock of how gender diversity has evolved in mining company board rooms since 2015, current status, hurdles facing companies looking for qualified candidates, hurdles facing qualified candidates seeking board roles, and how the industry can come together to bridge the gap.

Biography of the presenter: Currently the VP Corporate Development and Investor Relations of Canada Nickel Company Inc., and previously in corporate development at Hudbay Minerals. I have over 15 years of experience in the mining industry, spanning capital projects engineering, capital markets, private equity and corporate strategy and finance. I was previously at Resource Capital Funds (RCF), one of the largest mining-focused private equity funds, where I conduct market and industry research to identify potential mining investment opportunities for the RCF funds, performs due diligence exercises to evaluate and provide recommendation on opportunities, and assists in portfolio company governance to maximize value for investors. Prior to that, I worked in the mining corporate credit group at CIBC, providing bank financing solutions to facilitate mining clients' corporate, operations and development requirements. Prior to CIBC, my experience at Hatch spanned all levels of design of power distribution to mining and mineral processing operations around the world, the development of mining technology R&D projects, and the on-site scheduling of a greenfield underground mine development. Prior to Hatch, I undertook the design of paste backfill plants with Golder Associates, to facilitate ground stability, improved recovery and sustainable tailings disposal. I am a Professional Engineer who holds an Electrical Engineering degree from Queen's University, and a Schulich MBA 2013 graduate, focusing on Mining, Finance and Strategy.

Menu

Maria-Gabriella Khoury