A study conducted by global consultancy firm Alvarez and Marsal (A&M) showed that
companies with more women on their boards attract fewer activist
investors. In particular, the study, which surveyed 1,854 public
groups, revealed that companies not targeted by hedge fund
activists had on average 13.4 per cent more women on their
boards.
Despite being a European study, it appears that the push for
diverse governance only seems to be getting stronger across the
world, and Canada is no exception. With the passage of Bill
C-25, all CBCA companies with publicly traded securities must
now disclose how many women and visible minorities are on their
boards. In addition, global proxy advisors Institutional
Shareholders Services and Glass Lewis have committed to
withholding vote recommendations for the Chair of the Nominating
Committee (or Chair of the Board) if a company does not have women
directors on its board or if it has not adopted a formal written
gender diversity
