CPPIB adopts new global voting policy to push for more women on corporate boards [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
Jeffrey Jones Mergers and Acquisitions Reporter Published December 21, 2018 Updated December 20, 2018 For Subscribers Comments Canada’s largest public pension fund will use its substantial voting power as a large shareholder in numerous global companies to push for more women to serve on boards of directors. Canada Pension Plan Investment Board said it established a policy to vote against any chairman of a company’s director-nominating committee if the board has no women members. Called the Global Gender Diversity Voting Practice, CPPIB is putting it into force internationally following encouraging results in pushing companies toward more diverse boards in Canada, it said. Mark Machin, CPPIB’s chief executive officer, said companies that have women directors are likely to achieve superior long-term financial results. “For that reason, engaging with companies to drive better cor
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