Canadian Women In Top Companies Are Struggling To Earn Half As Much As Men
Just when you thought this country was progressive.
Did you know that in America fewer women are heading big companies than men named John?
In other words, if you're name is John you already have a better chance at running a large company than if you're born female.
It's clear that a glass ceiling is firmly set in its place in corporate America, but what about in Canada?
Unfortunately, it looks like Canada does not fare any better when it comes to female representation in the C-suite of the top companies in this country.
Brand new insights from a Canadian Press analysis helps us lift the curtain and take a peek at what's going on inside the Canadian corporate world.
During the last year, none of Canada's TSX 60 - a stock market index of 60 large companies - were headed by a woman.
There are some women in higher positions of power, though, but they are few and far between.
For example, just three companies have a woman as CFO, and less than 8% of the top paid management roles were held by women.
So - women CAN rise up, but when they do, they face a considerable wage gap.
For example, the highest paid male NEO, Donald Walker, Magna International Inc.'s president and chief executive officer received a total compensation package worth $25.54 million.
Whereas, highest paid female NEO, Marianne Harrison, Manulife Financial's president and chief executive of the insurer's U.S. division, earned only $5.96 million.
For every $1 the average male NEO (named executive officer) earns a woman in the upper ranks is paid only 64-cents.
With that said, this article isn't about the "why" of it all. For that, you can check out the countless books, formal research, and even entire university courses which are dedicated to picking apart and solving this contentious question.
My goal here is to merely present the cold facts, which on their own, should give both Canadian men and women a lot to think about.