Prime Minister Justin Trudeau appointed a gender-balanced cabinet for the first time in Canadian history, making this an exciting time for gender diversity in Canada. The business case for equality rests on the measurable link between an organization’s leadership diversity and its profits, employee satisfaction, and governance. Outside of government, Canada has made strides, but these gains have been frustratingly slow—particularly in the financial industry and at the corporate board level.

30% Club

The 30% Club wants to change this. Its goal is to raise the voice of women on boards from the minority to a critical mass by attaining 30 percent representation. The Club opened its Canadian chapter less than a year ago and wants to achieve its representation target by 2019. However, there’s a significant gap to be filled.

With disclosure rules now in place in Canada, the statistics revealed are disappointing. Of the 654 TSX-listed companies that disclosed gender diversity stats in 2015, only 53 percent had any female representation on their boards, and only 10 percent of all board positions were held by women. However, the 30% Club has been launched, and, under the leadership of CIBC’s president and CEO, Victor Dodig, and along with significant support from the business community, expectations for change are high.

Alpha Project

Another exciting initiative is the Alpha Project at CFA Society Toronto. In 2014, Marg Franklin was the recipient of the Alfred C. Morley Distinguished Service Award, which recognizes outstanding contribution to the financial industry. She turned her award into an opportunity for the advancement of women by launching the Alpha Project Award.

The Alpha Project provides eight female volunteers at the Society with the opportunity for facilitated learning, mentorship, and leadership skills-building through an 18-month program. Pamela Steer, CFO of the Workplace Safety and Insurance Board, Treasurer of CFA Society Toronto, and a senior leader within Toronto’s financial community, is one of the outstanding recipients. In discussing the award, she said she was “delighted to be named to the Alpha Project” and that “meeting other winners has been a great experience.” The Alpha Project Award will help enhance the leadership skills of the recipients and prepare them for success.

With the Canadian government leading the way, there has never been a better time for delivering gender equality in Canada. The efforts of organizations such as the 30% Club, Women in Capital Markets, Catalyst Canada, and CFA Society Toronto are part of this exciting future.