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Where corporate boards have improved the most, and where they're failing

Fewer companies than ever are going without a woman’s voice at the table. The percentage of 100 top companies without any women directors dropped to 17 per cent last year from 29 per cent in 2000.

2011 marks the 10th year of Board Games, The Globe's annual report on corporate governance. See the rankings: 2011 corporate governance rankings and see the full 2011 Board Games website here.

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(Based on companies comprising benchmark S&P/TSX composite index)

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Average Board Games score:

  • in 2011: 64
  • in 2002: 61

Number of questions in survey:

  • in 2011: 49
  • in 2002: 25

Percentage scoring below 50:

  • in 2011: 24%
  • in 2002: 24%

Percentage scoring 80 or more:

  • in 2011: 21%
  • in 2002: 11%

Percentage with a majority of related* directors on board:

  • in 2011: 6%
  • in 2002: 20%

Percentage of audit committees with a related* director:

  • in 2011: 10%
  • in 2002: 43%

Percentage of compensation committees with a related* director:

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  • in 2011: 23%
  • in 2002: 58%

Percentage of nominating committees with a related* director:

  • in 2011: 31%
  • in 2002: 63%

Percentage that did not split roles of CEO and chairman:

  • in 2011: 18%
  • in 2002: 35%

Percentage with split CEO/chairman but chairman is a related* director:

  • in 2011: 32%
  • in 2002: 31%

Percentage with independent chairman:

  • in 2011: 50%
  • in 2002: 34%

Percentage with a director share ownership requirement:

  • in 2011: 78%
  • in 2002: 24%

Percentage with stock option dilution over 8% of outstanding shares:

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  • in 2011: 41%
  • over 10% in 2002: 32%

Percentage with dual-class shares or unequal voting rights:

  • in 2011: 15%
  • in 2002: 22%

Percentage of companies with no women on the board:

  • in 2011: 45%
  • in 2003**: 44%

Percentage of companies with one-third women on the board:

  • in 2011: 2.4%
  • in 2003**: 2.4%

* Related as assessed by Board Games criteria, which includes management, relatives of management, former members of management with the past five years, controlling shareholders, and directors whose firms do business with the company, such as lawyers, consultants or investment bankers.

** Number of women on boards was first marked in 2003.

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About the Author
Real Estate Reporter

Janet McFarland is the real estate reporter for The Globe and Mail’s Report on Business, with a focus on residential real estate trends. She joined Report on Business in 1995, and has specialized in reporting on corporate governance, executive compensation, pension policy, business law, securities regulation and enforcement of white-collar crime. More

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