Quotes
Notable Contributions & Reactions to the Rosenzweig Report from This & Past Years
For 20 years, the Rosenzweig Report has shined a light on women’s progress in leadership roles and the systemic barriers that hold women back. Achieving true gender equality is about more than just numbers — it’s about creating a future where every woman has the opportunity to lead, thrive, and contribute. Each of us has a role to play in making this vision a reality.
| – | Sheryl Sandberg, Founder, Lean In |
We must understand that everything is interconnected—people, animals, and the natural world. When we empower women and girls, we empower entire communities to create change, to protect the environment, and to build a future where all living beings can thrive. They are essential to solving the challenges we face, from poverty to climate change, because they hold the capacity and courage to nurture and transform.
| – | Jane Goodall, PhD, DBE, Founder of the Jane Goodall Institute & UN Messenger of Peace |
The rise of women in leadership is not just about equality—it’s about balance. The divine feminine embodies wisdom, compassion, and interconnectedness. For two decades, Jay Rosenzweig has shined a light on this truth, reminding us that empowering these qualities fosters a more just, peaceful, and thriving world.
| – | Deepak Chopra, MD, FACP, FRCP, Founder of The Chopra Foundation, a Non-Profit Entity for Research on Well-Being & Humanitarianism. A Wellness Icon & a NYT Best-Selling Author Having Written more than 90 Books |
The work of women’s equality is far from finished. In order to continue to make progress, we need to understand and acknowledge the scope of our problem. The Rosenzweig report empowers women with the facts, the tools, and context to understand how far we’ve come and how much farther we have to go. For women to truly obtain respect and dignity at work, in their family lives and in our politics, we must never forget the power of knowledge in pursuit of accountability.
| – | Abby D. Phillip, Anchor of CNN NewsNight with Abby Philip |
At J.P. Morgan, we empower women through initiatives like our “ReEntry” program, which supports women returning to the workforce and fosters diverse talent. While we’ve made progress toward gender equity in leadership, challenges remain, and we must continue to advocate for greater representation and inclusivity. To aspiring leaders, I encourage you to embrace your unique perspectives and stay curious and resilient. The Rosenzweig Report is a vital tool in amplifying our advocacy for women in leadership, and I thank Jay for championing the importance of diversity statistics as a driver of awareness. Together, we can build a future where every voice is heard and valued and where diversity is not just celebrated but is integral to our achievements.
| – | Mary Callahan Erdoes, CEO of J.P. Morgan Asset & Wealth Management |
Gender equality is essential for a thriving world. At TIME, we recognize the impact of women’s leadership through initiatives like Women of the Year, which honors extraordinary women working toward a better future for all. Advancing women in leadership strengthens organizations, drives innovation, and accelerates societal progress and it is incumbent upon all of us to challenge the status quo and actively support women’s equality. Jay Rosenzweig’s 20th Anniversary Edition of the Rosenzweig Report is a powerful reminder that progress is possible when we commit to meaningful action. Together, we can close the gender gap and create a future where everyone has the opportunity to lead and succeed.
| – | Jessica Sibley, TIME CEO |
Equality isn’t a dream—it’s a decision. A decision that defines success in the modern marketplace. Companies that embrace equality as a business imperative will drive innovation, growth, and customer loyalty. Those that don’t? They risk irrelevance, just like Kodak and Blockbuster. Today’s consumers are diverse, and brands that reflect, resonate with, and represent them will lead the future. Leadership is evolving, and the old rules no longer apply. I’m honored to partner with Jay Rosenzweig on this milestone 20th Anniversary Edition of his groundbreaking report. Together, we can close the gender gap in five years—not 134—and build a future where businesses thrive by serving the world as it truly is.
| – | Shelley Zalis, CEO & Founder of The Female Quotient |
No society can live well without empowering the feminine. Our activities today have become excessively masculine, and cause more damage to the planet and to all life. Without the feminine, nothing of beauty, tenderness, or truly aesthetic value will survive. Only when the feminine is allowed to flourish can humans blossom to know the peak of life.
| – | Sadhguru |
Change takes commitment, persistence and perseverance in keeping attention to what is most important. THE ANNUAL ROSENZWEIG REPORT does just that. As a women’s rights activist, I am grateful for the decades of the Rosenzweig’s reporting on gender equality and women’s leadership backed by facts and figures. We need this report. It is important. It is powerful! It is impactful!
| – | Zainab Salbi, co-founder of Daughters for Earth and Women for Women International, Best Selling Author and Media Host. |
In my early years in Canada, I often felt unseen and undervalued as an Afghan newcomer. It was because there was no space for my unique/out-of-ordinary story. So, I created one. Being included in the telling of my own experiences gave me agency and an opportunity to be heard—it empowered me. I then shared that space with other Afghan girls, building a safe haven for Afghan women to share their narratives. Telling stories is important, no doubt. But what’s even more vital is including diverse perspectives. That’s why I respect the Rosenzweig Report for highlighting this.
| – | Nila Ibrahimi, Girls’ Education Activist, Co-founder of HerStory, International Children’s Peace Prize Recipient ‘24, Global Ambassador for Women & Girls at 30 Birds Foundation |
Obtaining dignity, respect and advancement for women is not just a woman's issue, it’s a human rights issue. It requires including men and welcoming their help to change behaviour and perceptions. Jay Rosenzweig, through The Rosenzweig Report and his support for the #MeToo movement, shows that men can be important and effective allies and advocates for real change.
| – | Alyssa Milano, Actor, Producer, Designer, Mother, Activist |
The Rosenzweig report demonstrates the progress made while ensuring there is accountability for the work ahead. Lasting gender equality cannot happen until all women, including Indigenous, Black, and racialized women are at the table. With leaders and big corporations rolling back DEI initiatives - the time to re-double our efforts is now. We must keep making systemic changes so that every woman and girl can succeed and thrive while meaningfully contributing to the growth of our economy. This means addressing the gender wage gap, ending gender based violence, investing in women entrepreneurs, and supporting social supports like $10 a day childcare and pharmacare. Investing in women is not just the right thing to do, it’s the smart thing to do.
| – | The Honourable Marci Ien, Canadian Minister for Women & Gender Equality & Youth |
As a woman of Faith and a Pastor, I am wedded to the deep, complicated and sincerity that is needed in Pastoral care. Sanctuary must be found for those who are seeking. My convictions hold strong in seeing everyone as they are and empowering them toward their purpose in the construct of our society. Faith circles and pastoral care must be realized for the emancipation of women! For our very existence is a resistance. To imagine a world without the exquisite existence and contribution of women in leadership, is to experience a world that is off balance, jilted and robbed of its essence. Diversity, Equity and Inclusion for all, breathes life into every facet of our human continuance. Dignity is ours to hold and is no one’s to erase. At The Beautiful Foundation, we are committed to exposing the injustices toward women and children who have survived domestic violence and substance abuse. I truly believe that we can all contribute to the ideals of a ‘glorious and free’ Canadian landscape, once we realize the violence that has been unleashed toward them in our country and become the change that we want to see. The shadow pandemic, that arose from Covid-19 must be recognized and respected trans globally. Let us ensure that from ‘coast to coast’ the fabric of our nation, is woven with advocacy, efficiency and the diversity, found in our united voices. Jay Rosenzweig and his report serves as a crucial platform in highlighting the importance of Equality and Women’s Rights. Let us show ourselves in all respects to be models of good works and in our teaching show integrity and dignity.
| – | Pastor Judith James, Founder & CEO of The Beautiful Foundation |
Women are the heartbeat of our world, and their leadership brings harmony, strength, and balance to every corner of society. Producing the ‘195 Song’ showed me firsthand how powerful it is when women’s voices unite across borders. Jay’s commitment to championing women in leadership is a testament to that same power—reminding us that when we uplift women, we create a more just, vibrant, and connected world. I’m grateful to celebrate this milestone with him.
| – | Maejor, Multi-Platinum Music Producer, Artist, & Founder of The Frequency School |
Women are the backbone of a progressive society, and yet it is so hard to be a woman, especially a woman of colour. While it is difficult, we see women stepping up everywhere. Women should not have to fight this fight alone. We all have our blind spots, and we need each other. Jay Rosenzweig deserves kudos for tracking the number of women in leadership and for his actions and advocacy for change. Only through measurement and education can we hold one another to account and spur greater action to affect the positive transformational change.
| – | Van Jones, Social Entrepreneur, CNN Political Correspondent & Founder of Dream Machine Innovation Lab |
In an increasingly complex and fast-changing world, the full inclusion of talent – particularly women’s leadership – is a strategic and ethical imperative. Research consistently shows that gender-diverse leadership enhances decision-making, mitigates risk, and strengthens organisational performance. The Rosenzweig Report which marks its 20th year, has charted the remarkable progress of women in corporate Canada. Yet, the pace of advancement in female leadership globally remains frustratingly slow. At a time when women’s rights are facing a troubling rollback, sustained and collective action is more critical than ever. Accelerating progress is not just about fairness – it is essential to building a more equitable and sustainable future for all.
| – | Dr Anino Emuwa, Managing Director, Avandis Consulting Founder, 100 Women @ Davos |
I was raised in a home of strong women, and I proudly stand tall in my 4-inch heels. But regardless of the shoes we wear, all leaders need an equal playing field. My hope is that one day, “women leaders” will simply be referred to as “leaders.” At X, our mission is to empower everyone to voice their opinions and express their viewpoints freely and safely. Freedom of speech is a fundamental human right, and when voices are silenced or people are excluded, we lose the opportunity to learn from diverse perspectives and improve as a society.
| – | Linda Yaccarino, CEO X |
The promotion and protection of gender equality is one of the most effective ways to reduce poverty, combat discrimination and build a more inclusive, peaceful, just and prosperous world. Without the full participation, protection, and empowerment of women and girls, peace, security, and economic stability will remain elusive. To realize the world we all strive for—one where everyone can thrive—we must ensure that women and girls have the agency and self-determination they are entitled to. This has been a core pillar of our work at the Raoul Wallenberg Centre for Human Rights. As we continue this fight, I am delighted to stand alongside leaders like Jay Rosenzweig, whose tireless work over the past two decades—including through the Rosenzweig Report on Women in Leadership—has been instrumental in advancing equality and driving real change.
| – | Irwin Cotler, Founder & International Chair, Raoul Wallenberg Center For Human Rights |
There’s nothing better than helping others who are less fortunate. Jay Rosenzweig grew up in Montreal with parents who taught him the importance of hard work and integrity. He dreams big, too, not just in business but also when it comes to social justice and fairness. Through his Rosenzweig Report, Jay has been fighting for inclusiveness, diversity and gender equality. This is the 20th consecutive year of the Rosenzweig Report and Jay’s tenacity shines through.
| – | Mark Cuban, Owner of the Dallas Mavericks Basketball Club, Philanthropist, Angel Investor in Countless High-Tech Start-ups, & Star on ABC’s Long-Time Hit Reality Television Show Shark Tank |
In these unprecedented times, moral clarity and courageous leadership are more vital than ever. The atrocities of October 7—marked by the deliberate targeting of women, children, and families in Israel, and the widespread use of sexual violence—have shaken the very foundations of humanity and justice. To capture the gravity of these crimes, I coined the term ‘Kinocide’—the systematic weaponization of families and a deliberate assault on human dignity—together with Irwin Cotler, founder of the Raoul Wallenberg Centre for Human Rights. Jay Rosenzweig, as CEO of Rosenzweig & Company, Board Chair of the Wallenberg Centre, and author of the 20th Annual Rosenzweig Report, has been a relentless advocate for women’s rights and leadership. His unwavering commitment to addressing gender-based violence and systemic inequality underscores that confronting these injustices is not just a moral imperative but a crucial step toward building a just, equitable, and inclusive future for all.
| – | Dr. Cochav Elkayam-Levy, Founder & Chair of the Civil Commission on October 7th Crimes by Hamas against Women and Children and the Dvora Institute for Gender & Sustainability Studies |
True leadership isn’t just about breaking barriers; it’s about building bridges. By creating spaces where women support and uplift each other, we empower not just individuals but entire communities to thrive. Social media has given us an incredible platform to connect, share stories, and inspire change on a global scale. Through these channels, I’ve seen firsthand how collective encouragement can transform confidence into action. Progress in corporate leadership starts when we use our voices—not just for ourselves but to amplify others—proving that when women come together, we can drive meaningful, systemic change.
| – | Valeria Lipovetsky, Content Creator & Founder, VALERIA INC. |
It’s embarrassing that we’re still such a long way away from a world of work where women have the same opportunities as men. The Rosenzweig Report shows us how far we still have to go to break glass ceilings and clear bottlenecks in the middle.
| – | Adam Grant, Psychologist, Professor at the Wharton School of the University of Pennsylvania, & New York Times Bestselling Author of Give & Take, Originals, & Option B with Sheryl Sandberg |
I grew up a tin shack in Jamaica and ultimately found great opportunities in Canada to thrive. It was never easy, but I was one of those fortunate enough to succeed through much hard work and perseverance. I feel a sense of responsibility to pay it forward and break down systemic barriers in the Black community, so that my success on Bay Street is not one of the exceptions. This requires deep systemic change. I live in one of Toronto’s exclusive neighbourhoods with my wife, who is white, and our five kids. After all my successes, neighbours still mistake me for the security guard or my wife’s personal trainer. My children also experience unacceptable prejudicial bias. Whoever says there are not systemic racist problems in Canada is ignorant to the truth. Jay Rosenzweig isn’t one of those people. For two decades, Jay has been on the frontlines fighting for justice and equality throughout society from top to bottom, including through his annual Rosenzweig Report, and he’s been a valuable addition to the board of the BlackNorth Initiative.
| – | Wes Hall, Chancellor of the University of Toronto, Dragon on Dragon’s Den, Executive Chairman & Founder of WeShall Investments, Chairman & Founder of The BlackNorth Initiative, Chairman, Founder, & CEO of Kingsdale Advisors |
As a Black Muslim woman, I have a deep understanding of the effects of anti-Black racism. Today, we are faced with the collision of two global pandemics that have ravaged marginalized communities. We must continue to keep this conversation in our consciousness but follow through with tangible action. This awakening must go from a moment to a movement. This must be sustainable to ensure the eradication of anti-Black systemic racism. Jay Rosenzweig is working diligently in the fight for equity, justice, and fairness. Jay, on our BlackNorth board, is the epitome of active allyship and continues to showcase the importance of unity.
| – | Dahabo Ahmed-Omer, CEO of The BlackNorth Initiative |
As a global journalist and advocate for women’s empowerment, I’ve witnessed how elevating women transforms communities and industries. Collaborating with recording artist Maejor on a project for the World Economic Forum in Davos, where women from over 200 countries united to say ‘equality’ in their own languages, reinforced the universal struggle for gender equality. Jay Rosenzweig’s Annual Report captures this vision of a world where women have equal opportunities to lead and thrive while highlighting the progress made and the barriers still in place. His unwavering commitment to championing women’s rights inspires us all to push forward toward a future where women’s full potential is both realized and celebrated.
| – | Martina Fuchs, Business Journalist, China & Middle East Expert, Co-Founder of the Frequency School |
Working in real estate my whole life, I have seen and experienced first-hand the hardships of being a woman in a male-dominated industry. Women need support, not just from other women but from society as a whole. When we can stand together as one, we will see a day where female CEOs are not seen as rare. Jay Rosenzweig said, “Everywhere, women are at the forefront of the fight for human rights and peace. This fills me with hope.” Jay is much more than an advocate; he has been on the leading edge of supporting women and educating the masses as to the discrepancies that exist. The Rosenzweig Report is vital to the success of women, and I believe that with his work, we get closer to equality every day.
| – | Reetu Gupta, Ambassadress of The Gupta Group |
Women are making major strides and as we are in the midst of the largest transference of generational wealth right now, the majority of which will go to women; this is an exciting time for women and also more important than ever that they put their capital to work! Invest in women and women should invest!
| – | Jesse Draper, Founder & GP, Halogen Ventures, a Leading VC Fund Investing in Consumer Technology Companies led by Women |
I have been advocating for women around the globe for decades, but never have I felt the need to speak out more keenly than with the horrific sexual violence visited on innocent women and girls as an instrument of war, be it in Ukraine, Sudan, or any other conflict zone, most recently by Hamas in Israel and against those in captivity in Gaza. We cannot let this barbaric practice of weaponizing rape become normalized. It is incumbent on each and every one of us to speak up, condemn the perpetrators, and do all we can to bring them to justice. In that regard, I want to commend Jay Rosenzweig for his unequivocal support. While others have been reluctant to address recent events, Jay has demonstrated real leadership in his writings, advocacy, and appearances. Much as he has played a key role in identifying the need to pay special attention to the advancement of women in the workplace, Jay is also at the forefront of those calling for an immediate end to sexual violence as a tactic of war.
| – | Prof. Ruth Halperin-Kaddari, Academic Director of the Rackman Center for the Advancement of Women at Bar-Ilan University, Former Vice-President of the UN Committee on the Elimination of all forms of Discrimination Against Women (CEDAW) |
What happened to women in Israel on Oct. 7 — and the world’s reluctance to talk about it — must be brought to the forefront. Along with some other Muslim women, I have condemned the Oct. 7 Hamas attacks, including the brutal and systematic rape and sexual violence against dozens of women and girls. We, who have spoken out for those souls who can no longer speak, have all faced criticism and threats for doing so, even as we now all live in democratic societies in North America. Our faith demands that we speak out and ensure that there is no justification for these atrocious acts. We must pierce through the silence on this subject. If we do not, the global women’s rights movement will continue to be compromised, at risk of losing its legitimacy to politics, bias and antisemitism. Thank you to Jay Rosenzweig for his work in bringing leaders together from all walks of life and backgrounds in a common cause for the protection of women’s rights globally.
| – | Raheel Raza, President of The Council for Muslims Facing Tomorrow; Founding Member of The Council for Muslims Against Antisemitism (CMMA); Member of the Advisory Council of Harvard Alumni for Global Women’s Empowerment; & a Senior Fellow with the Macdonald-Laurier Institute |
Our main focus should be funding and investing in women, especially women of color, and their business ventures. There is no better investment we can make than in our women entrepreneurs. Looking forward to working with Jay and the incredible community he has built to continue to create an even bigger impact together for the future.
| – | David Meltzer, Legendary Sports Executive, Speaker, Author, & Investor |
In the music business, success most often comes when hard work and perseverance meet up with opportunity. For women in the corporate world, it is much the same. If given the opportunity, women can make a real difference as corporate leaders. The Rosenzweig Report is valuable because it meticulously charts the lagging presence of women, including women of color, in top corporate jobs. It is a clarion call to do better.
| – | Erica Campbell, Five-Time Grammy Award-Winning Recording Artist; Popular Morning Radio Host; Reality TV Show Star; Author; Pastor |
I wish to commend Jay Rosenzweig for his diligence in advocating for the advancement of women’s rights. As a musician and as one who travels the world practicing my art form, I have observed that collaboration and inclusion makes for better music and for better societies. The Rosenzweig Report plays an important role in that regard, because it tells us how far we have come, while also reminding us of how much further we have to go.
| – | A.R. Rahman, Academy Award & Grammy Award Winning Artist & Humanitarian |
We need more than women in positions of power. We need women there who are clear about the purpose of power: not just to bolster structures that already exist, but to disrupt and repair them in order to serve humanity most deeply. It’s not just about women – it’s also about children, about men, about animals, about the planet. If women are evolving, it’s for a much greater purpose than mere pay equity. It’s so we can rise up and recreate the world.
| – | Marianne Williamson, Author, Spiritual Leader, Activist |
The beatings and torture. The unsanitary prison conditions. The loneliness, especially at night when sleep would evade me. The worries about my fate and that of my son and husband. I remember it all from prison. What kept me going was the trust and belief that others outside cared and were working for justice and my freedom. These feelings cannot be overstated. Knowing I was not truly alone is why I never gave up. Of the hundreds and thousands of political prisoners in Iranian jails now, they are, no doubt, experiencing these same sorts of feelings. They all need our support. I just know that they know they are not alone and that they are grateful for the work of the Raoul Wallenberg Centre for Human Rights and people like Irwin Cotler, Jay Rosenzweig and so many others who seek justice and freedom. This is the first women led revolution in history and we believe the "woman, life, freedom” movement not only will change the fate of Iranian people against Iran’s misogynistic regime but the fate of all women who are experiencing sexual discrimination around the world.
| – | Shaparak Shajarizadeh, an Iranian Women’s Rights Activist & Former Political Prisoner for the Crime of Removing her Head Scarf & Waving it in Public in 2018. She & her Family Escaped Iran & She Lives in Canada & is a Valuable Senior Fellow at The Raoul Wallenberg Centre for Human Rights |
I am passionate about positive change, especially when it comes to the environment, women’s rights and humanity in general. I like to surround myself with change-makers who identify problems and set out to make things better. That’s why I invited Jay Rosenzweig to join the Advisory Board of our investment company FullCycle, which invests in climate restoration technologies aimed at reversing the effects of climate change. For 20 years, Jay has been fighting to make the corporate world more diverse, more equitable, more inclusive. Numerous studies, from business schools to management consultant firms, show that more diversity and gender equality in boardrooms and executive offices improve company performance. Jay identified this fact long ago, but even more importantly understands the moral imperative of equality. When it comes to climate change, I often say: ‘Every single person on this planet is a stakeholder for what happens next.’ The same can be said in business about gender equality and inclusion and diversity. I’m honored to call him a friend and it says something hopeful that that I, a Palestinian American, and Jay, a Jewish Canadian can, work in harmony together and with such great mutual respect.
| – | Ibrahim AlHusseini, American Investor, Entrepreneur & Environmentalist |
My mantra has always been that we’re not here to just exist, but to impact people in their lives. As a songwriter and singer, in songs like ‘Rise Up’, I have tried to inspire people to reach deep within themselves, no matter the adversity; to move mountains. For women, one of those mountains exists in the business world. I believe the Rosenzweig Report inspires women to reach for the top as leaders who can impact others for good.
| – | Andra Day, Award Winning Singer/Songwriter & Actress, 2021 Golden Globe Award Winner for Best Actress in a Motion Picture Drama |
The world needs women’s compassion to create, communicate and care in ways that address issues through their bodies, mind, and spirits. When women see a problem, they see solutions, and they go about them by addressing the fundamental issues that can lead to the birthing of new systems in work, politics, and cultural structures. The Rosenzweig Report is a great resource that helps all who care about equality, justice, and progress for women and society at large, to keep track of this progress and to ensure diligence in prioritizing the importance of women’s position in all sectors of society.
| – | Donna Karan, Fashion Designer & Creator of the Donna Karan New York & DKNY Clothing Labels |
My belief in the power of women reaches back to my earliest memories. My mom would kiss me every night and say these words: ‘I am your mother Mary and God is a woman, sleep well my child’. As I grew older, I realized it made me a better man. Judging by his tireless work for gender equality, Jay Rosenzweig grew up under the same warm, maternalistic blanket of his mother. I commend Jay for encouraging the advancement of women in leadership.
| – | Isiah Thomas, International Businessman, NBA Champion & Hall of Famer, Humanitarian |
For 26 years, I’ve seen women leaders – across cultures, countries and industries – use their power to empower others. When we make tangible, long-term investments in women’s leadership, we see collective progress. With allies like Jay Rosenzweig and tools like The Rosenzweig Report, we’re getting closer to the gender equal world we envision.
| – | Alyse Nelson, President & CEO, Vital Voices Global Partnership |
Each year the Rosenzweig Report serves as an invaluable reminder that the advancement of women is proceeding incrementally at best in many C-suites and boardrooms across the nation. By aggregating and quantifying results, the Report highlights the fact that only modest gains are being made, hopefully providing a fact-based impetus for corporate Canada to move beyond more talk and get straight to more action.
| – | Kathleen Taylor, Chair of the Board, Royal Bank of Canada; Former President & Chief Executive Officer, Four Seasons Hotels & Resorts |
The inclusion of women in the workforce provides access to a tremendous talent pool of resourceful and industrious leaders. Women are leaders who will bring different perspectives and insights for better decision making in business and policy development.
| – | Nancy Southern, Chair, President & Chief Executive Officer of ATCO Ltd., & Chair & Chief Executive Officer of Canadian Utilities Limited |
I am honored and humbled to have the chance to wake up each and every day knowing that my job is so much more than a title – it is all about passing the torch on to other young women and students to design the careers they love. My true belief lies in knowing that a woman can be everything she wants to be and together with a growth mindset, there is nothing we can’t do. I commend Jay Rosenzweig’s report for spotlighting women’s achievements and opportunities for growth that are paramount to economies advancing initiatives that help women realize their full potential.
| – | Lisa Mayer, Co-Founder & CEO, Boss Beauties |
There is some encouragement to be had with more women now serving on Canadian Boards of Directors and occupying senior executive positions than previously. But the numbers remain low. It has been well-demonstrated that those companies drawing on the talents, diverse mindsets, and leadership skills of women, attain better business outcomes. The Rosenzweig Report plays a critical role in showing a realistic profile of where we stand today, and, in exposing Canadian businesses to the clear benefits of bringing women into the C-suite and onto corporate boards. To make broad, meaningful progress requires us to understand the current gaps that exist with a lack of diversity at the top of many Canadian corporations, along with the great competitive value to be had in championing progress in this area.
| – | Heather Munroe-Blum, Chair, Canada Pension Plan Investment Board; Director, RBC Financial Group; Former Principal & Vice-Chancellor, McGill University |
I rely on the Rosenzweig Report for key metrics and an annual reminder for how much productivity we can unlock by empowering women in business.
| – | Tina Lee, CEO T&T Supermarkets Inc. |
The global drivers that are reshaping economies, societies and politics are remarkable and without precedent. Through this, diversity is emerging as a key plank of global competitiveness. We aim to lead by example when it comes to advancing talented women to leadership roles — and have been unwavering in our commitment to doing so. We will continue to push for change beyond BMO and celebrate the individuals and corporations that have demonstrated exceptional and visible leadership in the advancement of women, with the goal of inspiring and mobilizing more champions.
| – | Darryl White, CEO, BMO Financial Group |
The Rosenzweig Report provides a good reminder about how much still needs to be done to achieve true gender equality in the workplace. Diversity at all levels of the organization is critical to enable and drive business success. That’s why we are committed to accelerating the advancement of women at Manulife, and to embedding diversity and inclusiveness in our culture.
| – | Roy Gori, President & Chief Executive Officer, Manulife |
Creating greater gender balance in leadership positions is not only important for our economy, but it leads to more innovative decision making and improved performance. To effect real change, we need men and women working together, leaning in and taking accountability to champion gender parity. It’s not a women’s issue, it’s a business imperative, and we all have a role to play.
| – | Victor G. Dodig, President & CEO of CIBC |
In business, financial managers control access to every senior management position. In music, only 2% of producers – the people who control which artists make the charts – are women. This means in both cases, talented women are inherently disadvantaged and as a society we may be losing half of our potential creativity, problem solving abilities and breakthrough technologies. More women controlling P&Ls, just like more women music producers will enrich our society – in business and art – in ways we have not begun to fathom.
| – | Chloe Flower, Composer, Writer, Producer Classical Pianist, & Anti Human Trafficking Advocate |
It’s time to really double down on our efforts to support the advancement of women entrepreneurs, women in leadership roles and women decision makers. I’m excited by the prospects of working with female CEOs both here in Canada and the United States on what we can collectively do to make a difference and move the bar. Jay’s report will keep us honest. It will take significant effort, changes and commitment from both male and female leaders and CEOs to create a world where both our daughters and sons will have an equal chance at significant leadership positions. I’m up for that challenge.
| – | Dawn Farrell, President & Chief Executive Officer of Trans Mountain; Former President & Chief Executive Officer of TransAlta Corp. |
I am passionate about making the lives of each and every individual on this planet physically, mentally, spiritually healthy through proper nutrition and care. Jay Rosenzweig is also passionate about making our world a healthier place. And he believes diversity, inclusion, gender equality, and human rights around the globe are keys to a healthier human race collectively. For almost two decades, Jay has held a mirror to corporate leaders, many of whom are still lagging when it comes to promoting equality. And beyond the corporate world, Jay has been supporting women’s rights globally, including in his capacity as Board Chair of the Raoul Wallenberg Centre for Human Rights. Change can come frustratingly slow, as Jay has found. But incremental change can also ignite monumental change one day. Look, for example, at Iran. I was born in America after my parents did not return to Iran after the 1979 Islamic Revolution. Today, after decades of oppression, hundreds of thousands of courageous women and men are standing up for basic human rights in Iran; too many have already died for the cause. I applaud Jay for joining the fight for the rights of Iranian women, including his recent work petitioning the UN to remove Iran from the Commission on the Status of Women. Each and every one of us has a role to play in fighting for equality and human rights. We can all be agents for change, like Jay. Keep up the great work!
| – | Mona Vand, Wellness Educator & Pharmacist-Turned- Entrepreneur with an International Online Community Numbering in the Millions |
If you are passionate about something, pursue it. My father was fond of telling me that ‘if you’re passionate, hard work always pays off.’ It might not pay off immediately, but it garners a return on energy investment. For almost 20 years, Jay Rosenzweig has been passionate about enhancing diversity and gender equality in society. His annual Rosenzweig Report has helped spur change in corporate boardrooms and executive offices, albeit more slowly than many of us would like. My measuring stick for life is based on what I am doing to bring value to others – personally and professionally. Jay is checking the box when it comes to adding value for others, and his hard work will pay off.
| – | Maha Abouelenein, Minnesota & Dubai based International Communications Expert & Founder of Organizational Consultants, a Communications Consulting Firm, Digital & Savvy, which aims to Educate & Coach People & Brands on all things Related to Communications. She is also an Expert on Blockchain Technology & its Impact on Brands, Business, & Life |
I want to inspire young girls to pursue their dreams. Young girls don’t want pity. They don’t want handouts. What they do want is for people to believe in them and give them a fair chance, whether in the arts, business or whatever endeavor they wish to follow. The Rosenzweig report plays an important role in highlighting that there is a lot of work to be done to close the gender gap, so that we can achieve equality and shatter glass ceilings that continue to hold women back. I commend Jay Rosenzweig for championing this report year after year. I always look forward to reading about the steps taken closer towards gender equality, as well as to his suggestions on what we can do together to make the necessary changes needed to make the goal achievable.
| – | Sherrie Silver, Creative Director, Choreographer & UN IFAD Advocate for Rural Youth |
Women have so much more to achieve, due to lack of opportunities! And progress is slow. But in this fight, we need allies. Years ago, a note from an anonymous friend told me I was being discriminated against in the workplace and being paid less money simply because I am a woman. That led to my fight for justice that ultimately made a difference for all women. A movie about my struggle is coming out within the next year and, hopefully, it will bring even more attention to the issue of gender equality. I appreciate that the Rosenzweig Report shines a spotlight on the issues.
| – | Lilly Ledbetter was an American Activist & Plaintiff in the United States Supreme Court Case Ledbetter v. Goodyear Tire & Rubber Regarding Employment Discrimination. Barack Obama’s First Piece of Legislation was the Lilly Ledbetter Fair Pay Act of 2009 |
We’re seeing gender rights trampled on the world over; from Putin’s Russia to Iran to the overturning Roe v. Wade in the United States. At age 21, I was a founding member of the Russian anti-establishment punk collective Pussy Riot. A year later, I was imprisoned for singing an anti-Putin song. Along with other Pussy Riot members, I spent almost two years in Russian labor camps, where we were subjected to horrific treatment. When we emerged, we were stronger with a larger platform and many more supporters. My life is dedicated to human rights and gender equality. Why? Because I want to make sure that girls like my 14-year-old daughter don’t feel limited by the ‘boys club’ mentality that is still prevalent in society; from Disney movies teaching girls to be passive and just wait for somebody to come and save them; to big business where so few women leaders hold top positions. Through his women’s rights work on many fronts including his advocacy work on behalf of the women of Iran; his support for Ukraine and it’s First Lady and her foundation; his platform as Board Chair of Irwin Cotler’s Raoul Wallenberg Centre For Human Rights; and his annual Rosenzweig Report on the lack of women leaders in business, Jay is an ally in our fight on several levels.
| – | Nadya Tolokonnikova, Artist, Creator of Pussy Riot, Former Prisoner of Conscience |
There has never been a more important time to take meaningful steps – actively move the dial in 2025 – to create C-suite and boardroom tables that reflect and empower the voices of our entire global population. We have an opportunity to lead an even more intentional effort to advance gender equity in Canada – as a Country, we value standing up for inclusion as a moral, legal, and critical business imperative – and must continue to recognize and rectify inequalities and entrenched biases, modeling what best in class looks like for other countries. It is imperative that we continue to dismantle barriers for women through a deeply intersectional lens, one that extends beyond gender alone and considers the multifaceted identities that shape individuals’ workplace experiences.
| – | Jodi Kovitz, CEO HRPA, Founder #movethedial |
When women lead the conversation, the path to meaningful and lasting change becomes clear. In a world increasingly gripped by uncertainty, female leaders possess a distinct and powerful ability to restore balance, drive progress, and redefine the future. Nowhere is this more evident than in the workplace, where diversity and inclusive leadership set the foundation for innovation and stability. The Rosenzweig Report underscores this imperative, revealing the critical need to ensure women are not merely participants but key decision-makers at every level and across every sector. True transformation begins when women are fully empowered to shape the workforce and, in turn, the world. The Rosenzweig Report, reveals a historic milestone: women now occupy a record percentage of top corporate positions, a significant increase from the report’s inception in 2006. Beyond its statistical insights, the Rosenzweig Report amplifies global human rights issues, highlighting the intrinsic link between gender equality and broader societal well-being. The report is crucial for its unwavering commitment to championing women’s rights and catalyzing meaningful change.
| – | Dana Levenson, Media Personality, Podcast Host |
Rosenzweig:
DEI, Economic Empowerment & Human Rights
“We’re not backing down… Bring them on… It’s good for business… It’s morally right…”
| – | Jamie Dimon, CEO of JPMorgan Chase, in the Face of Critics of his Bank’s Diversity, Equity, & Inclusion Efforts |
As we commemorate the 20th anniversary of the Rosenzweig Report on Women in Leadership, the conversation around diversity, equity, and inclusion (DEI) has become increasingly polarized.
Corporate leaders once generally embraced DEI as a fundamental principle for building high-performing organizations. Today, however, these initiatives are under attack. Critics seize on missteps in execution as a justification to dismantle these programs rather than refining them to achieve their intended goals.
Legitimate concerns exist about the implementation of DEI, including:
Merit vs. Representation – Poorly designed DEI programs risk becoming superficial box-checking exercises rather than expanding the search for excellence.
Equity vs. Equality – Some fear that prioritizing equal outcomes over equal opportunity could unintentionally undermine fairness.
Unintended Exclusion – Efforts to increase representation must not inadvertently disadvantage qualified candidates.
Bureaucratic Inefficiencies – If DEI becomes more about process than impact, its credibility is at risk.
Workplace Polarization – When poorly executed, DEI efforts can foster division rather than inclusion.
These challenges should not be ignored—but the solution is not to abandon DEI. Instead, it must be approached thoughtfully. A well-designed DEI strategy is not about rigid quotas or ideological commitment; it is about expanding the talent pool and ensuring the most inclusive search for excellence. The goal is to foster a culture in which high performance, equal opportunity and fairness all go hand in hand.
Consider just a few policies that fall under the DEI umbrella:
Wheelchair Accessibility – Ensuring physical spaces are fully accessible to all employees.
Anti-Harassment and Anti-Discrimination Policies – Implementing clear guidelines, training, and enforcement to foster an inclusive, respectful workplace culture.
Pay Equity Audits – Ensuring equal pay for equal work across all employee demographics.
Diverse Recruiting Practices – Expanding hiring pools to find the best talent rather than relying on narrow networks.
Mentorship Programs – Providing career guidance and sponsorship to employees from diverse backgrounds.
Parental Leave Policies – Ensuring all new parents, regardless of gender, can bond with their children without jeopardizing their careers.
These are not radical ideas; they are practical, business-friendly policies that strengthen companies. Yet, in today’s political climate, even these fundamental principles are under attack.
Fortunately, many leaders are not backing down. As Jamie Dimon, a self described “full-throated, red-blooded, patriotic, unwoke, capitalist CEO” aptly put it: “Bring it on.” Other major corporations—including Costco, Goldman Sachs, Apple, and Microsoft—have reaffirmed their commitment to DEI. So far, most Canadian businesses, particularly in the financial sector, have also held firm.
At its best, DEI transcends politics. It is about making workplaces more functional, fair, and competitive. Research—including McKinsey’s Diversity Wins report—has consistently shown that companies with diverse leadership teams outperform those that lack diversity.
At Rosenzweig & Company, we have embraced this approach from the very beginning. Since our founding in 2004, we have focused on identifying the best candidates for leadership roles—not by simply recycling names from traditional networks but also by exploring new talent pools. This approach, which evaluates candidates regardless of gender, race, religion, ethnicity, or background, has yielded exceptional results, proving that diversity and excellence are complementary.
The State of Women in Leadership
When we launched the Rosenzweig Report, our goal was clear: to expose the underrepresentation of women in Canada’s corporate leadership. While progress has been made, it remains slow.
This year’s report reveals that women now hold 12.52% of the Named Executive Officer (NEO) positions in Canada’s top 100 publicly traded companies—up from 11.90% last year. While this marks an all-time high, it remains inadequate.
NEOs—CEOs, CFOs, and other high-ranking executives—are among the most influential decision-makers in business. Their representation matters not only for the companies they lead but for shaping the broader culture.
A Difficult Year for Women Worldwide
At the Raoul Wallenberg Center for Human Rights, advancing women’s rights is one of the pillars of our work. Our dedicated team is on the front lines of this struggle worldwide, including domestically, working tirelessly to drive meaningful change.
This past year has been devastating for many women and girls across the globe. From widespread sexual violence, forced displacement, and deep-rooted gender inequality in the Democratic Republic of the Congo and Sudan; to the widespread oppression in Afghanistan and Myanmar; to Syria and Yemen, where civil wars have led to high levels of gender based violence, forced marriages, and trafficking; to China, where Uyghur women have been subjected to horrific abuses, including systematic rape and forced sterilization and so-called “re-education”; to the horrors of Putin’s war of aggression in Ukraine—women’s rights are being trampled on.
The October 7th atrocities in Israel, in which Hamas committed brutal sexual violence against women (and men), have not sparked the global outrage they warrant. Reports from Pramila Patten, UN Special Representative on Sexual Violence in Conflict, provide credible evidence of rape, gang rape, and sexualized torture on October 7th and against hostages in Gaza. Shockingly, many human rights organizations and feminist groups have remained silent.
The current humanitarian crisis in Gaza, triggered by Hamas’s attacks and the resulting ongoing conflict, has left countless vulnerable women and children tragically caught in the devastation.
The situation in Iran has also worsened. Since Mahsa Amini’s tragic death in 2022, Iranian women have continued their fight for basic freedoms despite violent repression. Women like Narges Mohammadi, Shaparak Shajarizadeh, and Nasrin Sotoudeh were repeatedly imprisoned for speaking out against a regime that systematically deprives women of their rights.
Women’s Rights in North America
In North America, we are not immune to women’s rights challenges. The crises of domestic violence affecting marginalized communities, including Indigenous populations and those living in poverty, remain dire. For many women—especially those from vulnerable communities—violence, poverty, and systemic discrimination are ongoing barriers to justice and opportunity
The rollback of reproductive rights in the U.S. is another significant threat to women’s freedom and economic security, particularly for marginalized groups.
The Fight for Justice Continues – Keeping Hope Alive
A ray of light is the successful advocacy for Vladimir Kara-Murza, the Russian democracy activist whose case and cause we highlighted last year in our report. Kara-Murza, a senior fellow of our Raoul Wallenberg Centre for Human Rights, was serving a 25-year sentence for his opposition to Putin’s regime and its illegal invasion of Ukraine. Thanks in no small part to the tireless efforts of his wife, Evgenia Kara-Murza, he has been freed. We often emphasize how crucial the advocacy of spouses of political prisoners is in bringing attention to their cases and causes, and Evgenia’s unwavering commitment exemplifies this truth.
This serves as a reminder of the profound impact that determined individuals— especially women—can have in the fight for justice. It is a beacon of hope amidst the challenges we face, showing how women continue to lead the charge for human rights and peace.
From activists fighting for justice in conflict zones to those driving systemic change in law and policy, remarkable women continue to shape a better world. Countless leaders—across every sector and region—are driving these movements forward. I’m grateful that many have shared their voices and insights in this report, enriching the conversation on progress and equality.
As we reflect on the progress documented in this year’s Rosenzweig Report, we are called to redouble our efforts to build a more just and equitable society. The legacies of those who stand up against oppression—and those who bridge divides and reach across boundaries—serve as a powerful reminder that our shared humanity must be at the heart of our advocacy.
Last year, I dedicated the Rosenzweig Report to the memory of Israeli-Canadian peace activist Vivian Silver, who was brutally murdered by Hamas terrorists on October 7th, 2023, at the Be’eri kibbutz. Vivian worked closely with her dear friend, feminist and Palestinian activist Amal al-Houi. Together, they dedicated their lives to building bridges between communities, winning a humanitarian award for their efforts. A painting of them, created by my daughter, Aly, who was deeply inspired by their commitment to peace, graced the cover of last year’s report.
There are a growing number of inspiring efforts to bridge divides, reach across boundaries, and bring people together in the spirit of peace, justice, and equality. One such effort is the work being done by Van Jones, who has been fostering Black-Jewish solidarity through his initiative, Exodus. By strengthening alliances and promoting understanding between communities, he is carrying forward the spirit of collaboration and shared purpose. I’m proud to support Van’s work and to partner with him in this important mission.
This year’s cover art is by my dear friend Aida Murad, a Jordanian-American impact artist known for creating healing art using her fingers and forearms instead of traditional paintbrushes. This piece, a beautiful gift from Aida, graces my home. Diagnosed with rheumatoid arthritis at 20, Aida turned to art as a therapeutic outlet during a period of semi-paralysis. Her work has been featured globally, including at TED and the United Nations, and she has collaborated with Grammy-winning artists for social causes. In February 2025, she launched her book Life Is a Miracle, sharing her journey of healing and inspiration.
The Value of Diverse Perspectives & Respectful Dialogue
I want to note that the views expressed in this report are my own and may not necessarily reflect those of the contributors. The essence of this collaboration lies in the respectful exchange of ideas, and it is through dialogue—often across differing perspectives—that we can develop solutions and bridge divides. Healthy disagreement is not only expected but encouraged. In an era where conversations on sensitive topics can easily become divisive, we must prioritize mutual understanding and respect, recognizing that disagreement need not lead to dehumanization.
Reflecting on the last two decades of the Rosenzweig Report, we reaffirm our commitment to tracking progress, holding leaders to account, and advocating for greater gender equality. History teaches us that empowering women is one of the most effective ways to build stable, prosperous, and peaceful societies. This is why we must continue to push for more women to have a seat at every table wherever decisions are made.
The road ahead will undoubtedly to be challenging. But as Martin Luther King Jr. famously said: the arc of the moral universe is long, but it bends toward justice. And so we must persevere. Together, we are stronger, and together, we can create a world where justice and equality are no longer aspirations but realities for all.
Let us move forward with renewed commitment to this mission.
Economic Empowerment & Gender Equity
Here are the Highlights of the 20th annual Rosenzweig Report:
Of the 527 business leaders (Named Executive Officers or NEOs) at Canada’s largest publicly-traded companies, 66 are women, up four from 62 last year. This translates to 12.52 percent of all the top jobs, compared to 11.90 percent the previous year.
When we began doing this research in 2006, there were only 23 women in these leadership positions or 4.6 percent of the total. Of those 23 initial women, only one remains on the list – Nancy Southern (Atco’s CEO).
There are 19 women on this year’s list for the first time, which indicates that upward movement for women executives is gaining momentum.
Another important subset to note is the number of BIPOC (Black, Indigenous and People of Color) women. Of the 66 women executives, approximately ten NEOs are BIPOC, and only three of them appear in the top 50 corporations.
The reality, of course, is that 461 of the 527 corporate executives are men – 87.5 percent. This would support the argument that much more needs to be done. At Rosenzweig & Company, we have long stated that our wish is to put ourselves out of the job of publishing this annual report once the number of women NEOs reaches a minimum of 30 percent. That goal continues to be elusive.
To exceed 30 percent, we would need at least 150 women NEOs – an increase of approximately 95 from today. Unfortunately, it has taken 20 years to move from 23 women to 66. Unless the rate accelerates, we are still looking at decades, not just years, to achieve that 30 percent goal.
Thus, while we recognize the positive move upwards in this year’s report, we’re also measured and restrained by the fact that the percentage is still too low.
Pressure to abandon Diversity, Equity, and Inclusiveness (DEI) programs threaten to slow or even reverse progress in the advancement of women in corporate positions of responsibility. This would be a tragic overreaction to DEI’s perceived shortcomings.
In a wider context, women across the world still face significant obstacles not only in the workplace, but in terms of human rights and personal dignity. The community of nations must do better to achieve true gender equality, economic empowerment, women’s rights, and human rights in general. We will continue our advocacy on all fronts and invite all people of conscience to join us.
Jay Rosenzweig
CEO, Rosenzweig & Company
Board Chair, Raoul Wallenberg Centre for Human Rights
The 2025 Rosenzweig Report
The Numbers
The Rosenzweig Report looks at the top 100 largest publicly-traded corporations in Canada, based on revenue, and examines how many of the top leadership roles are held by women as per public, corporate filings in 2024.
This year’s research revealed 66 female Named Executive Officers (NEOs) at Canada’s 100 largest publicly-traded corporations. NEOs are the Chief Executive Officers (CEOs), Chief Financial Officers (CFOs), and other top paid C-level executives named in a corporation’s management circulars. They are typically the most influential executives running a corporation – in short, the leaders.
Figure 1 (included below) displays the number of year-over-year observations by a percentage of female NEO inclusion. Of the 527 executives, 66 are women, and 461 are men. This year’s statistics indicate that female participation is at 12.52%, an all-time high and up from 11.90% last year.
Figure 1. Year-over-year observations by percentage of female NEO inclusion in Canada’s top 100 publicly-traded corporations by revenue.
Other highlights of this year’s report:
Lululemon Athletica, The Co-operators Group, and Capital Power Corporation led all companies with three female NEOs. National Bank of Canada, Teck Resources, GFL Environmental, Keyera Corporation, Stantec, ATCO, CAE, and TransAlta Corporation all have two women NEOs.
Approximately 10 of the 66 (or 15.15%) female NEOs are BIPOC (exact numbers are difficult to ascertain as not everyone self-identifies).
Canada’s Big Five banks have only two women amongst their total of 26 NEO positions.
Once again, the largest corporation with a female NEO this year is Royal Bank of Canada, with Nadine Ahn as the Chief Financial Officer.
3 out of the 66 female NEOs (or 4.55%) are Chief Executive Officers: Tracy Robinson (Canadian National Railway Co.), Linda Hasenfratz (Linamar Corp.), and Nancy C. Southern (ATCO Ltd.).
Figure 2. Breakdown of female NEOs in Canada’s top 100 publicly-traded corporations by revenue.
The third quartile of corporations has the highest number of female-held NEO positions, with 21 women. In comparison, the second and fourth quartiles each have 17 female NEOs, while the first quartile has the fewest, with only 11 female NEOs.
At 19, the finance function, including Chief Financial Officer, Executive Vice President, Finance, and Senior Vice President, Finance, is the most commonly held C-suite function by female NEOs.
Women's Report 2025
| New to the List |
| COMPANY | NAME | TITLE |
| Bank of Montreal | Ernie Johannson | Group Head, North American Personal & Business Banking |
| Imperial Oil Ltd | Sherri Evers | Senior Vice-President, Sustainability, Commercial Development & Product Solutions |
| Suncor Energy Inc. | Shelley Powell | Senior Vice President, Operational Improvement & Support Services |
| Mouvement des caisses Desjardins (Desjardins Group) | Nathalie Larue | Executive Vice President, Personal Services |
| Rogers Communications Inc. | Colette Watson | President, Rogers Sports & Media |
| Canadian Tire Corp., Ltd. | Susan O'Brien | Executive Vice President & Chief Brand & Customer Officer |
| TC Energy Corp. | Annesley Wallace | Executive Vice President, Strategy & Corporate Development & President, Power & Energy Solutions |
| Teck Resources Ltd. | Charlene Ripley | Senior Vice President - Legal |
| Agnico Eagle Mines Ltd. | Natasha Vaz | Executive Vice President, Chief Operating Officer — Ontario, Australia & Mexico |
| Keyera Corp. | Christy Elliott | Senior Vice President, Sustainability, External Affairs & General Counsel |
| The Co-operators Group Ltd. | Emmie Fukuchi | Executive Vice President, & Chief Digital & Marketing Officer |
| Methanex Corp. | Karine Delbarre | Senior Vice President, Global Marketing & Logistics |
| Strathcona Resources Ltd. | Connie De Ciancio | Vice President, Corporate |
| CAE Inc. | Abha Dogra | Chief Technology & Product Officer |
| Capital Power Corp. | Sandra Haskins | Senior Vice President, Finance & Chief Financial Officer |
| Capital Power Corp. | Jacquie Pylypluk | Senior Vice President, Technology & Chief People & Culture Officer |
| Capital Power Corp. | Kathryn Chisholm | Senior Vice President, Chief Strategy & Sustainability Officer |
| TransAlta Corp. | Kerry O'Reilly Wilks | Executive Vice President, Growth & Energy Marketing |
| TransAlta Corp. | Jane Fedoretz | Executive Vice President, People, Culture & Chief Administrative Officer |
| NO LONGER ON THE LIST |
| COMPANY | NAME | TITLE |
| Canadian Imperial Bank of Commerce | Laura Dottori-Attanasio | Group Head, Personal & Business Banking, Canada |
| Suncor Energy Inc | Arlene Strom | Chief Sustainability Officer |
| Manulife Financial Corp. | Marianne Harrison | President & Chief Executive Officer, John Hancock |
| Air Canada | Lucie Guillemette | Executive Vice President & Chief Commercial Officer |
| Rogers Communications Inc. | Paulina Molnar | Senior Vice President, Controller & Corporate Finance |
| Saputo Inc. | Leanne Cutts | President & Chief Operating Officer (International & Europe) |
| Barrick Gold Corp. | Christine E. Keener | Chief Operating Officer, North America |
| CGI Inc. | Julie Godin | Co-Chair of the Board, Executive Vice President, Strategic Planning & Corporate Development |
| Bausch Health Companies Inc. | Christina M. Ackermann | Executive Vice President & General Counsel & Head of Commercial Operations |
| Shopify Inc. | Amy Shapero | Chief Financial Officer |
| Keyera Corp. | Nancy Brennan | Senior Vice President, Sustainability, External Affairs & General Counsel |
| Quebecor Inc. | Lyne Robitaille | Senior Vice President, Newspapers, Books & Magazines & President & Publisher of Le Journal de Montreal |
| Methanex Corp. | Vanessa James | Senior Vice President, Corporate Development & Sustainability |
| ATCO Ltd. | Becky A. Penrice | Executive Vice President, Corporate Services |
| Lundin Mining Corp | Jinhee Magie | Chief Financial Officer |
Appendix One:
Female Named Executive Officers (NEOs) from the Top 100 Publicly-Traded
Canadian Corporations (Ranked by Revenue)
| FEMALE NEOS IN THE TOP 100 PUBLIC COMPANIES |
| RANK | COMPANY | FEMALE3 |
| 2 | Royal Bank of Canada | Nadine Ahn – Chief Financial Officer |
| 6 | Bank of Montreal | Ernie Johannson - Group Head, North American Personal & Business Banking |
| 10 | Fairfax Financial Holdings Ltd. | Jennifer Allen - Vice President & Chief Financial Officer |
| 12 | Imperial Oil Ltd. | Sherri Evers - Senior vice-president, sustainability, commercial development & product solutions |
| 13 | Suncor Energy Inc. | Shelley Powell - Senior Vice President, Operational Improvement & Support Services |
| 16 | Enbridge Inc. | Cynthia L. Hansen - Executive Vice President & President, Gas Transmission & Midstream |
| 18 | Nutrien Ltd. | Noralee Bradley - Executive Vice President, External Affairs & Chief Sustainability & Legal Officer |
| 20 | Parkland Corp. | Donna Sanker - President, Parkland Canada |
| 22 | Mouvement des caisses Desjardins (Desjardins Group) | Nathalie Larue - Executive Vice President, Personal Services |
| 25 | National Bank of Canada | Marie Chantal Gingras - Chief Financial Officer & Executive Vice President - Finance |
| 25 | National Bank of Canada | Lucie Blanchet - Executive Vice President, Personal Banking & Client Experience |
| 26 | Air Canada | Arielle Meloul-Wechsler - Executive Vice President, Chief Human Resources & Public Affairs |
| 28 | TELUS Corp. | Zainul Mawji - Executive Vice President & President, Consumer Solutions |
| 29 | Rogers Communications Inc. | Colette Watson - President, Rogers Sports & Media |
| 30 | Saputo Inc. | Gaetane Wagner - Chief Human Resources Officer |
| 31 | Canadian National Railway Co. | Tracy Robinson - President & Chief Executive Officer |
| 32 | Canadian Tire Corp., Ltd. | Susan O'Brien - Executive Vice President & Chief Brand & Customer Officer |
| 33 | TC Energy Corp. | Annesley Wallace - Executive Vice President, Strategy & Corporate Development & President, Power & Energy Solutions |
| 35 | Teck Resources Ltd. | Crystal Prystai - Chief Financial Officer |
| 35 | Teck Resources Ltd. | Charlene Ripley - Senior Vice President - Legal |
| 36 | WSP Global Inc. | Marie-Claude Dumas - President & Chief Executive Officer, Canada |
| 38 | AltaGas Ltd. | Corine Bushfield - Executive Vice President & Chief Administrative Officer |
| 39 | Lululemon Athletica Inc. | Meghan Frank - Chief Financial Officer |
| 39 | Lululemon Athletica Inc. | Celeste Burgoyne - President, Americas & Global Guest Innovation |
| 39 | Lululemon Athletica Inc. | Michelle Choe - Chief Product Officer |
| 41 | Bausch Health Companies Inc. | Seana Carson - Executive Vice President & General Counsel |
| 42 | Fortis Inc. | Jocelyn H. Perry - Executive Vice President, Chief Financial Officer |
| 47 | Waste Connections, Inc. | Mary Anne Whitney - Executive Vice President & Chief Financial Officer |
| 52 | Linamar Corp. | Linda Hasenfratz - Chief Executive Officer |
| 53 | Shopify Inc. | Jessica Hertz - General Counsel |
| 55 | Pembina Pipeline Corp. | Janet Loduca - Senior Vice President, External Affairs & Chief Legal & Sustainability Officer |
| 56 | Agnico Eagle Mines Ltd. | Natasha Vaz - Executive Vice President, Chief Operating Officer — Ontario, Australia & Mexico |
| 57 | West Fraser Timber Co. Ltd. | Robin Lampard - Senior Vice President, Finance |
| 61 | Hydro One Ltd. | Megan Telford - Executive Vice President, Strategy, Energy Transition & Human Resources |
| 62 | Emera Incorporated | Karen Hutt - Executive Vice President, Business Development & Strategy |
| 63 | GFL Environmental Inc. | Mindy Gilbert - Executive Vice President & Chief Legal Officer |
| 63 | GFL Environmental Inc. | Elizabeth Joy Grahek - Executive Vice President, Strategic Initiatives |
| 64 | Keyera Corp. | Eileen Marikar - Senior Vice President & Chief Financial Officer |
| 64 | Keyera Corp. | Christy Elliott - Senior Vice President, Sustainability, External Affairs & General Counsel |
| 65 | The Co-operators Group Ltd. | Karen Higgins - Executive Vice President, Finance & Chief Financial Officer |
| 65 | The Co-operators Group Ltd. | Lisa Guglietti - Executive Vice President & Chief Operating Officer, P&C Manufacturing |
| 65 | The Co-operators Group Ltd. | Emmie Fukuchi - Executive Vice President, & Chief Digital & Marketing Officer |
| 66 | CCL Industries Inc. | Lalitha Vaidyanathan - Senior Vice President, Finance-IT-Human Resources |
| 67 | Stantec Inc. | Theresa Jang - Executive Vice President & Chief Financial Officer |
| 67 | Stantec Inc. | Cath Schefer - Executive Vice President & Chief Operating Officer (Global) |
| 70 | Open Text Corp. | Madhu Ranganathan - President, Chief Financial Officer & Corporate Development |
| 71 | ARC Resources Ltd. | Larissa Conrad - Senior Vice President & Chief Development Officer |
| 72 | Dollarama Inc. | Johanne Choiniere - Chief Operating Officer |
| 75 | Kinross Gold Corp. | Andrea S. Freeborough - Executive Vice President & Chief Financial Officer |
| 76 | MEG Energy Corp. | Darlene M. Gates - Chief Operating Officer |
| 77 | Tourmaline Oil Corp. | Sherra Aspin - Vice President, Marketing |
| 80 | Methanex Corp. | Karine Delbarre - Senior Vice President, Global Marketing & Logistics |
| 82 | ATCO Ltd. | Nancy C. Southern - Chair & Chief Executive Officer |
| 82 | ATCO Ltd. | Katie J. Patrick - Executive Vice President, Chief Financial & Investment Officer |
| 90 | Strathcona Resources Ltd. | Connie De Ciancio - Vice President, Corporate |
| 91 | CAE Inc. | Sonya Branco - Executive Vice President, Finance & Chief Financial Officer |
| 91 | CAE Inc. | Abha Dogra - Chief Technology & Product Officer |
| 92 | Capital Power Corp. | Sandra Haskins - Senior Vice President, Finance & Chief Financial Officer |
| 92 | Capital Power Corp. | Jacquie Pylypluk - Senior Vice President, Technology & Chief People & Culture Officer |
| 92 | Capital Power Corp. | Kathryn Chisholm - Senior Vice President, Chief Strategy & Sustainability Officer |
| 93 | Boyd Group Services Inc. | Kim Morin - Chief Human Resources Officer |
| 94 | Algonquin Power & Utilities Corp. | Jennifer Tindale - Chief Legal Officer |
| 97 | TransAlta Corp. | Kerry O'Reilly Wilks - Executive Vice President, Growth & Energy Marketing |
| 97 | TransAlta Corp. | Jane Fedoretz - Executive Vice President, People, Culture & Chief Administrative Officer |
| 98 | Superior Plus Corp. | Beth Summers - Executive Vice President & Chief Financial Officer |
| 100 | Stella-Jones Inc. | Silvana Travaglini - Senior Vice President & Chief Financial Officer |
Appendix Two:
Methodology
The Rosenzweig Report identifies female and male Named Executive Officers (NEOs) that work in the top 100 Canadian Public Corporations. The bulk of the top 100 Canadian Public Corporation’s data is retrieved from the Financial Post’s 2024 list of Canada’s 500 Largest Corporations by Revenue (FP500), as well as the corporation’s most recent public documents posted to SEDAR at the time of our research.
SEDAR, the System for Electronic Document and Retrieval, contains documentation of names and compensation levels of the top five executives or Named Executive Officers from every TSX-listed company. By law, each TSX-listed corporation must supply this information as public records.
Within the sampling frame of all 100 Top Corporations, one listed data for the top two NEOs, another one listed data for the top four NEOs, 72 listed data for the top five NEOs, 23 listed data for the top six NEOs, one listed data for the top seven NEOs, and two listed data for top eight NEOs. None of the corporations listed over eight NEOs on public records.
The study involved several steps, including:
Reviewing the list mentioned above to compile a list of Canada’s largest 100 publicly traded companies according to revenue.
Researching the highest-paid executive officers, based on annual salary and bonus, from each of the companies on the list. The data was taken from the most recent Management Information Circulars, filed with the Canadian Securities Administrators (CSA) directly by each company and available on the SEDAR website (www.sedar.com).
All compensation tables from Management Information Circulars were reviewed with the intention of identifying all female executives. Additional research included the use of public and proprietary databases.
Note – Ontario Securities Commission rules require the Chief Executive Officer, Chief Financial Officer, and three other most highly compensated executive officers of public companies to disclose their compensation on an individual basis. For these filings, compensations are based strictly on the annual base and bonus components allocated to these executives. Although additional compensation, such as equity through stock options and/or pension benefits, was provided by some companies, this data is not included for the above purposes.
Note – the study does not include highly-paid executives working on a contractual basis or individuals not designated as officers of a company (taken from the SEDAR website).
Note – The Co-operators General Insurance Co. is a co-operative and therefore does not list its shares on an exchange but were included in the list due to their large size and the fact that they file with SEDAR.
