Diversity on Boards

30 Pages Posted: 22 Jul 2014 Last revised: 21 Jan 2015

See all articles by Anita Anand

Anita Anand

University of Toronto - Faculty of Law

Vijay M. Jog

Carleton University - Eric Sprott School of Business

Date Written: July 21, 2014


Examinations of public company board composition have focused on the absence of women but rarely on the absence of visible minorities. Given an increasingly diverse domestic population and increased participation of second-generation immigrants in the professional cadre, we think that board diversity, and in particular visible minority directors (VMDs), warrants academic attention. Accordingly, in this study, we examine both women and VMDs on boards of firms listed on the Toronto Stock Exchange as well as in graduating classes of director education programs in Canada. Our preliminary analysis indicates that visible minorities represent less than 5 percent of the population in both cohorts while the percentage of women is much higher. By contrast, white women comprise 25 percent of DEP graduates and 14 percent of public company boards. We note the much lower representation of visible minorities relative to both white women and white men on corporate boards. We also examine the types of firms that are more likely to place visible minorities and women on their boards, noting that firms in certain industries such as mining and oil and gas have been historically less likely to have diverse boards.

Keywords: Boards of Directors, Corporate Governance, Diversity, Women, Visible Minorities

JEL Classification: K00; K22

Suggested Citation

Anand, Anita and Jog, Vijay M., Diversity on Boards (July 21, 2014). Available at SSRN: https://ssrn.com/abstract=2469410 or http://dx.doi.org/10.2139/ssrn.2469410

Anita Anand (Contact Author)

University of Toronto - Faculty of Law ( email )

78 Queen's Park
Toronto, Ontario M5S 2C5
4169464002 (Phone)

Vijay M. Jog

Carleton University - Eric Sprott School of Business ( email )

1125 Colonel By Drive
Ottawa, Ontario K1S SB6
613-520-2600 (Phone)
613-520-4427 (Fax)

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