Business, it’s now your turn for diversity, minister says

OTTAWA — The Liberal government has done its part with measures to bolster diversity on corporate boards at publicly traded companies, and now is the time for business leaders to pick up the torch, says Economic Development Minister Navdeep Bains.

“This is really a call to action for corporate Canada to step up,” Bains said in an interview Tuesday after the government’s changes to the Canadian Business Corporations Act received royal assent from Governor General Julie Payette.

That means publicly traded companies are now required, among other things, to disclose the number of women and others from equity-seeking groups, such as visible minorities, on their boards and in senior management.

They will also now have to share their policies on diversity at the top of a company can also translate into a healthier bottom line. There is still a long way to go, he added. “I’ve been in too many boardrooms where I’m the only minority. I’ve been in too many boardrooms where it’s all men, and that has to change.”

Bains said the Liberals will be stepping up efforts to raise awareness of the changes — and to change stubborn minds.

“I was asked recently if there is a strong enough pipeline of people of diverse backgrounds, particularly women, to sit in board positions,” he said. “And I was very clear about what I felt about that comment, because I felt that the talent is there.

“The excuses of talent no longer apply. We have the people with the right set of experiences, people that can make a meaningful contribution, people that can play a leadership role. We have to change the culture and make sure they are provided and afforded the opportunity to do so.”