BREAKING THROUGH A SPECIAL INFORMATION FEATURE AS PUBLISHED IN THE MARCH 2012 ISSUE OF

MORE WOMENBETTER PERFORMANCE

ATTRACT,RETAIN, ADVANCE

THE PUSH GOESON FOR WOMEN IN CAPITAL MARKETS

SPONSORSHIPIS THE NEW

MENTORSHIP

Why some companies

outperform competitors

Advancement of Women is a priority at Scotiabank and part of

our belief in promoting a culture that encourages all employees

to reach their full potential.

We are proud to be a Gold Corporate Champion of Women in

Capital Markets (WCM) and share their goals of attracting,

developing and advancing women in the workplace.

Because when Scotiabank women succeed, we succeed

with them.

TM Trademark of The Bank of Nova Scotia. Used under license, where applicable.

www.scotiabank.com

Bright minds.Bold ambition.

Marian LawsonManaging Director and Head of Global Capital Markets - Banking

Anne Marie O’DonovanExecutive VP and Chief Administration OfficerGlobal Banking and Markets

Carrie DentonManaging Director FX Sales and E-commerce

Mary RobertsonManaging DirectorInvestment Banking

C

M

Y

CM

MY

CY

CMY

K

M017-12_WCM Ad_PRESS.pdf 1 25/01/2012 11:43:49 AM

DM120144_Pg60_ROB_MAR_2012.indd 60 12-02-02 2:46 PM

Advancement of Women is a priority at Scotiabank and part of

our belief in promoting a culture that encourages all employees

to reach their full potential.

We are proud to be a Gold Corporate Champion of Women in

Capital Markets (WCM) and share their goals of attracting,

developing and advancing women in the workplace.

Because when Scotiabank women succeed, we succeed

with them.

TM Trademark of The Bank of Nova Scotia. Used under license, where applicable.

www.scotiabank.com

Bright minds.Bold ambition.

Marian LawsonManaging Director and Head of Global Capital Markets - Banking

Anne Marie O’DonovanExecutive VP and Chief Administration OfficerGlobal Banking and Markets

Carrie DentonManaging Director FX Sales and E-commerce

Mary RobertsonManaging DirectorInvestment Banking

C

M

Y

CM

MY

CY

CMY

K

M017-12_WCM Ad_PRESS.pdf 1 25/01/2012 11:43:49 AM

DM120144_Pg60_ROB_MAR_2012.indd 60 12-02-02 2:46 PM

Women in Capital markets

Breaking Through

Special Information Feature

Sometimes a male business executive lets his skepti-cism show. “I’m having a hard time understanding why you think the number of women on the board makes such a difference,” a corporate leader said to AnneMarie Ryan, chair of the board of Women in Capital Markets, a non-profit organization that advocates for the entry, advance-ment and development of women in the capital markets industry.

But the numbers are on Ms. Ryan’s side: More women in leadership translates to better business performance. “Whether you measure it in net profits or in return on investment or equity, all of the studies point to the same fact – that having more women in senior management and on corporate boards makes a difference to the bot-tom line,” she says.

Companies with the most women on their boards of directors outperform those with the least on return on sales by 16 per cent, and by 26 per cent on return on in-vested capital, according to a study of Fortune 500 com-

panies in the United States by Catalyst Inc., a research and advisory group focused on women in business.

Those gains are magnified when the board presence of women is sustained – with three or more members in at least four of five years, Catalyst found. Those companies outperformed firms with no women on their board by 84 percent on return on sales, by 60 per cent on return on invested capital and by 46 per cent on return on equity.

And companies with the most women in upper manage-ment among Fortune 500 com-panies in the U.S. produced a 35.1 per cent higher return on equity than those with the few-est women, and a total share-holder return that was 34 per cent higher, Catalyst found. (Many of the companies have operations in Canada, the orga-

What women leaders signify:•Better financial

performance•A broader and deeper

talent pool•Encouragement to

women in the talent pipeline

•An employer of choice•An inclusive workplace

SourcE: Advancing Women Lead-ers: The Connection Between Women Board Directors and Women Corpo-rate Officers, Catalyst Inc., 2008

More women, better performance

The business case for gender diversity in leadership is undeniable

AnneMarie Ryan

Members of the Women in Capital Markets board of directors, from left to right, Shelley Tom, Annie Ropar and Sarah Wallis-South

DM120144_Pg61_ROB_MAR_2012.indd 61 12-02-03 9:59 AM

Women in Capital markets

Breaking Through

Special Information Feature

ROEReturn on Equity

Average11.5%

16.7%

ROSReturn on Sales

Average11.5%

16.8%

ROICReturn on Invested Capital

Average6.2%

10%

Financial Argument for Women on Boards

Is Three a Charm?

Fortune 500 companies with three or more Women Board Directors (WBD) in four of five years outperformed companies with zero WBD by 84%

Stronger-than-average results prevail at Fortune 500 companies with three or more Women Board Directors (WBD)

nization says. It does not collect specific data on financial returns for Canadian companies.)

In Europe, McKinsey & Co., a global consulting firm, has found that large public companies with the highest gender diversity in upper management also had the high-est return on equity, the best operating results and high-est stock price. Profit before interest and taxes was 48 per cent higher than that of their competitors with fewer women in senior roles.

Even so, as Ms. Ryan’s encounter with the business ex-ecutive shows, not everyone gets it. “WCM is seeking to raise awareness of the business case among senior execu-tives. Some are not even aware of the business case and some are not sure they believe it. There are others who do understand it, many of whom are our corporate spon-sors and they want to work with WCM to effect change,” she says.

The issue should be a priority for business leaders, says Deborah Gillis, Catalyst’s senior vice-president, Membership and Global Operations. “We need some urgent attention paid to this issue, because the business case is so compelling.”

Women fill just just nine per cent of positions at the managing director and above levels in the capital mar-kets, suggesting a long road ahead for the industry, ac-cording to WCM’s 2008 Benchmarking study, done with Catalyst. Women make up just 17.7 per cent of senior officer positions in Canada’s 468 largest companies, ac-cording to data from Catalyst, which has offices in Can-ada, the U.S. and Europe. And 30 per cent of the compa-nies have no women in senior management.

The Globe and Mail’s 2011 report on corporate gov-ernance found that 45 per cent of the public companies surveyed had no women board members, a number vir-tually unchanged from 2003. Just 2.4 per cent of the boards were one-third women, also unchanged from 2003.

BlackRock Canada, the third largest asset manager in the country, has a different story to tell. “Women make up one-third of the company’s managing directors, and over 50 per cent of their overall employees in Canada,” says chief executive officer Bill Chinery. “If people aren’t seeking the best women out there, you have an advan-tage over the competition. In this business, everything is about finding the best sources of talent.”

“Having more women on a board predicts the rise of more women to senior leadership positions,” says Ms. Gillis. And gender diversity in senior management is linked to an increased availability of skilled employees, stronger employee engagement and higher productiv-ity, among women and men, the Conference Board of Canada says.

But Ms. Ryan has another answer, too, for the male business executive who questioned the importance of having women on boards of directors: The women do con-tribute a different perspective and different expertise. But the men on those boards are different, too. “The men who are open to including women are not just recruiting from their old-boys network. They are perhaps more innovative thinkers, they realize that they need to do things differ-ently, and that’s why their boards are more effective.”

SourCe: “The Bottom Line: Corporate Performance and Women’s Representation on Boards,” Catalyst Inc., October, 2007.

SourCe: “The Bottom Line: Corporate Performance and Women’s Representation on Boards (2004-2008),” Catalyst Inc., March, 2011.

return on Sales

7.6%

+84%

Zero WBD 3 or more WBD

14%

DM120144_Pg62_ROB_MAR_2012.indd 62 12-02-03 10:01 AM

This advertisement is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE, and SIPC); RBC Dominion Securities, Inc. (member IIROC and CIPF) and RBC Europe Limited (authorized and regulated by FSA). ® Registered trademark of Royal Bank of Canada. Used under license. © Copyright 2012. All rights reserved.

…because having a diverse team allows us to provide innovative solutions and superior results for clients.

RBC Capital Markets is proud of the contributions our employees make to Women in Capital Markets (WCM). To promote diversity and the advancement of women, many of our business leaders and professionals have committed their time and energy to develop the RWomen group at RBC and support the work of WCM. With over 6,000 employees in 15 countries, diversity is an integral part of our culture and plays an important role in the execution of our global business strategy.

We salute this year’s WCM award recipients, all the volunteers that support this organization and the many RBC professionals that have been recognized for their efforts to promote diversity.

Take Confidence in Our Approach.

Diversity in the workplace is smart business…

Corporate and Investment Banking | Sales and Trading | Research | rbccm.com

DM120144_Pg63_ROB_MAR_2012.indd 63 12-02-02 2:54 PM

Women in Capital markets

Breaking Through

Special Information Feature

ROEReturn on Equity

Average11.5%

16.7%

ROSReturn on Sales

Average11.5%

16.8%

ROICReturn on Invested Capital

Average6.2%

10%

Financial Argument for Women on Boards

Is Three a Charm?

Fortune 500 companies with three or more Women Board Directors (WBD) in four of five years outperformed companies with zero WBD by 84%

Stronger-than-average results prevail at Fortune 500 companies with three or more Women Board Directors (WBD)

nization says. It does not collect specific data on financial returns for Canadian companies.)

In Europe, McKinsey & Co., a global consulting firm, has found that large public companies with the highest gender diversity in upper management also had the high-est return on equity, the best operating results and high-est stock price. Profit before interest and taxes was 48 per cent higher than that of their competitors with fewer women in senior roles.

Even so, as Ms. Ryan’s encounter with the business ex-ecutive shows, not everyone gets it. “WCM is seeking to raise awareness of the business case among senior execu-tives. Some are not even aware of the business case and some are not sure they believe it. There are others who do understand it, many of whom are our corporate spon-sors and they want to work with WCM to effect change,” she says.

The issue should be a priority for business leaders, says Deborah Gillis, Catalyst’s senior vice-president, Membership and Global Operations. “We need some urgent attention paid to this issue, because the business case is so compelling.”

Women fill just just nine per cent of positions at the managing director and above levels in the capital mar-kets, suggesting a long road ahead for the industry, ac-cording to WCM’s 2008 Benchmarking study, done with Catalyst. Women make up just 17.7 per cent of senior officer positions in Canada’s 468 largest companies, ac-cording to data from Catalyst, which has offices in Can-ada, the U.S. and Europe. And 30 per cent of the compa-nies have no women in senior management.

The Globe and Mail’s 2011 report on corporate gov-ernance found that 45 per cent of the public companies surveyed had no women board members, a number vir-tually unchanged from 2003. Just 2.4 per cent of the boards were one-third women, also unchanged from 2003.

BlackRock Canada, the third largest asset manager in the country, has a different story to tell. “Women make up one-third of the company’s managing directors, and over 50 per cent of their overall employees in Canada,” says chief executive officer Bill Chinery. “If people aren’t seeking the best women out there, you have an advan-tage over the competition. In this business, everything is about finding the best sources of talent.”

“Having more women on a board predicts the rise of more women to senior leadership positions,” says Ms. Gillis. And gender diversity in senior management is linked to an increased availability of skilled employees, stronger employee engagement and higher productiv-ity, among women and men, the Conference Board of Canada says.

But Ms. Ryan has another answer, too, for the male business executive who questioned the importance of having women on boards of directors: The women do con-tribute a different perspective and different expertise. But the men on those boards are different, too. “The men who are open to including women are not just recruiting from their old-boys network. They are perhaps more innovative thinkers, they realize that they need to do things differ-ently, and that’s why their boards are more effective.”

SourCe: “The Bottom Line: Corporate Performance and Women’s Representation on Boards,” Catalyst Inc., October, 2007.

SourCe: “The Bottom Line: Corporate Performance and Women’s Representation on Boards (2004-2008),” Catalyst Inc., March, 2011.

return on Sales

7.6%

+84%

Zero WBD 3 or more WBD

14%

DM120144_Pg62_ROB_MAR_2012.indd 62 12-02-03 10:01 AM

This advertisement is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE, and SIPC); RBC Dominion Securities, Inc. (member IIROC and CIPF) and RBC Europe Limited (authorized and regulated by FSA). ® Registered trademark of Royal Bank of Canada. Used under license. © Copyright 2012. All rights reserved.

…because having a diverse team allows us to provide innovative solutions and superior results for clients.

RBC Capital Markets is proud of the contributions our employees make to Women in Capital Markets (WCM). To promote diversity and the advancement of women, many of our business leaders and professionals have committed their time and energy to develop the RWomen group at RBC and support the work of WCM. With over 6,000 employees in 15 countries, diversity is an integral part of our culture and plays an important role in the execution of our global business strategy.

We salute this year’s WCM award recipients, all the volunteers that support this organization and the many RBC professionals that have been recognized for their efforts to promote diversity.

Take Confidence in Our Approach.

Diversity in the workplace is smart business…

Corporate and Investment Banking | Sales and Trading | Research | rbccm.com

DM120144_Pg63_ROB_MAR_2012.indd 63 12-02-02 2:54 PM

Women in Capital markets

Breaking Through

Special Information Feature

With senior executive backing, new and innovative approaches are be-ginning to address the barriers to women’s advancement, and to change the face of financial institutions.

“Changing a corporate culture to be more supportive of the advance-ment of women relies on direction and endorsement from the very top of the organization,” Martha Fell, CEO of Women in Capital Markets, says. “Strong communication about the firm’s intentions and goals are also key to driving the change.”

Beth Shaw, head of equity capital markets, Desjardins Group, says that building a critical mass of women at the most senior levels of com-panies “can only occur once companies truly believe in the concept and understand the benefits of working with women in full partnership, and then entrench that principle as part of their corporate culture.”

Innovative approaches from Canadian banks include:

TD Securities: Top-level supportThe Women in Leadership committee sets a three-year strategic plan for advancing women in leadership roles, oversees initiatives and reviews measures of progress. The committee reports to Bob Dorrance, chair-man, CEO and president of TD Securities. Senior executives such as Martine Irman, vice-chair of TD Securities, support the execution of the plan. The committee is actually a chapter of a bank-wide Women in Lead-

ership committee led by TD Bank Group CFO Colleen Johnston. “The tone at the top is key,” says Ms. Irman. “Senior leaders, including

men, participate actively in achieving the objectives.”

RBC Capital Markets: Building networksAn internal networking group known as RWomen helps female employ-ees develop their career aspirations. Quarterly sessions of the two-year-old group feature speakers and networking events, and are attended by women from all levels of the organization, often to hear senior leaders from RBC Capital Markets talk about their roles and challenges.

About 450 RBC Capital Markets employees now belong to RWomen across Canada. A New York chapter, launched last year, has 280 mem-bers and a strategic partnership with the Financial Women’s Associa-tion. “We have a lot of women at various stages of their careers and RWomen is a valuable network for all of them,” says Patti Shugart, managing director and head of corporate banking, and a founder of RWomen.

BMO Capital Markets: Return to Bay StreetWomen leave the capital markets industry for many reasons, including the demands of young families. Those who opt out are a lost source of talent for the industry.

BMO Capital Markets is trying to tap into that talent pool. It has

“Oluptatis nobit unte ex experi simi, quo modio.

The tone at the top

Putting the weight of leadership behind

innovation in corporate practices and programs

is the key to women’s advancement into the upper

ranks, says Martha Fell, chief executive officer of

Women in Capital Markets.

DM120144_Pg64_ROB_MAR_2012.indd 64 12-02-03 10:02 AM

TD Securities is a trademark of The Toronto - Dominion Bank representing TD Securities Inc., TD Securities (USA) LLC, TD Securities Limited and certain corporate and investment banking activities of The Toronto - Dominion Bank. ®/ The TD logo and other trade - marks are the property of The Toronto - Dominion Bank or a wholly- owned subsidiary, in Canada and /or other countries.

Diversity – a business case

now and for the future

Martine Irman is a champion. As Vice Chair of TD Securities, she’s a lead executive responsible for ensuring the firm’s global businesses work together seamlessly to achieve clients’ financial and strategic goals. To deliver the best results, she knows how important it is to assemble the most talented team possible.

As someone who’s made it to the top echelon of the corporate world, Martine has a passion for helping talented women move into leadership positions in the financial services industry. An inaugural supporter and long standing member of Women in Capital Markets, she’s also a key player in championing TD Bank Group’s commitment to foster an inclusive and diverse employee culture.

“One of TD Securities’ priorities is to hire and develop more women into leadership positions to make a lasting change.” said Irman. “It’s not only the right thing to do – it makes good business sense. Women make up a huge talent pool in Canada. If women are underrepresented in an organization, that’s a missed opportunity to build a team with the best available talent. What’s more, research has shown that companies with higher percentages of women leaders typically outperform those with lower percentages.”

In alignment with TD’s bank-wide commitment to hire, develop and retain more women leaders, TD Securities has empowered an executive-led Women in Leadership (WIL) Steering Committee with a strong mandate for change. Reporting to Bob Dorrance, Chairman, CEO and President of TD Securities, WIL is responsible for overseeing the advancement of women in leadership roles. Among the

initiatives WIL has effectively sponsored is a comprehensive mentoring program, including both Group Mentoring and Speed Mentoring events for the leadership and pipeline levels.

“Our aim is to have top-talented women consider TD Securities to be the place to work,” said Irman. “Our commitment to gender diversity extends beyond our organization. We support community groups with the goal of increasing leadership opportunities for women, as well as community groups that do work supportive of women’s issues, such as women’s health and women’s poverty.”

TD’s efforts to embrace gender diversity have not gone unnoticed. In July 2010, Catalyst Canada selected Ed Clark, TD’s President and CEO, as its first ever award recipient at the CEO level for his outstanding commitment to advancing women in Canadian business. In its announcement, Catalyst credited him with generating a “cultural shift within the bank to make it a more inclusive employer of choice.”

On November 25, 2011, Ed Clark spoke at an event in Calgary where he outlined what TD is striving to accomplish, adding: “This is really about creating leaders and unlocking human potential,” he said. “Diversity is just a word that gets you there.”

With the efforts of diversity champions like Ed Clark, Bob Dorrance, Martine Irman and countless others, TD Securities is determined to achieve its goal of greater gender diversity, which will ultimately lead to enhanced performance and a better work environment for all.

Leveraging diverse strengths makes sound business sense.

DM120144_Pg65_ROB_MAR_2012.indd 65 12-02-02 3:03 PM

Women in Capital markets

Breaking Through

Special Information Feature

With senior executive backing, new and innovative approaches are be-ginning to address the barriers to women’s advancement, and to change the face of financial institutions.

“Changing a corporate culture to be more supportive of the advance-ment of women relies on direction and endorsement from the very top of the organization,” Martha Fell, CEO of Women in Capital Markets, says. “Strong communication about the firm’s intentions and goals are also key to driving the change.”

Beth Shaw, head of equity capital markets, Desjardins Group, says that building a critical mass of women at the most senior levels of com-panies “can only occur once companies truly believe in the concept and understand the benefits of working with women in full partnership, and then entrench that principle as part of their corporate culture.”

Innovative approaches from Canadian banks include:

TD Securities: Top-level supportThe Women in Leadership committee sets a three-year strategic plan for advancing women in leadership roles, oversees initiatives and reviews measures of progress. The committee reports to Bob Dorrance, chair-man, CEO and president of TD Securities. Senior executives such as Martine Irman, vice-chair of TD Securities, support the execution of the plan. The committee is actually a chapter of a bank-wide Women in Lead-

ership committee led by TD Bank Group CFO Colleen Johnston. “The tone at the top is key,” says Ms. Irman. “Senior leaders, including

men, participate actively in achieving the objectives.”

RBC Capital Markets: Building networksAn internal networking group known as RWomen helps female employ-ees develop their career aspirations. Quarterly sessions of the two-year-old group feature speakers and networking events, and are attended by women from all levels of the organization, often to hear senior leaders from RBC Capital Markets talk about their roles and challenges.

About 450 RBC Capital Markets employees now belong to RWomen across Canada. A New York chapter, launched last year, has 280 mem-bers and a strategic partnership with the Financial Women’s Associa-tion. “We have a lot of women at various stages of their careers and RWomen is a valuable network for all of them,” says Patti Shugart, managing director and head of corporate banking, and a founder of RWomen.

BMO Capital Markets: Return to Bay StreetWomen leave the capital markets industry for many reasons, including the demands of young families. Those who opt out are a lost source of talent for the industry.

BMO Capital Markets is trying to tap into that talent pool. It has

“Oluptatis nobit unte ex experi simi, quo modio.

The tone at the top

Putting the weight of leadership behind

innovation in corporate practices and programs

is the key to women’s advancement into the upper

ranks, says Martha Fell, chief executive officer of

Women in Capital Markets.

DM120144_Pg64_ROB_MAR_2012.indd 64 12-02-03 10:02 AM

TD Securities is a trademark of The Toronto - Dominion Bank representing TD Securities Inc., TD Securities (USA) LLC, TD Securities Limited and certain corporate and investment banking activities of The Toronto - Dominion Bank. ®/ The TD logo and other trade - marks are the property of The Toronto - Dominion Bank or a wholly- owned subsidiary, in Canada and /or other countries.

Diversity – a business case

now and for the future

Martine Irman is a champion. As Vice Chair of TD Securities, she’s a lead executive responsible for ensuring the firm’s global businesses work together seamlessly to achieve clients’ financial and strategic goals. To deliver the best results, she knows how important it is to assemble the most talented team possible.

As someone who’s made it to the top echelon of the corporate world, Martine has a passion for helping talented women move into leadership positions in the financial services industry. An inaugural supporter and long standing member of Women in Capital Markets, she’s also a key player in championing TD Bank Group’s commitment to foster an inclusive and diverse employee culture.

“One of TD Securities’ priorities is to hire and develop more women into leadership positions to make a lasting change.” said Irman. “It’s not only the right thing to do – it makes good business sense. Women make up a huge talent pool in Canada. If women are underrepresented in an organization, that’s a missed opportunity to build a team with the best available talent. What’s more, research has shown that companies with higher percentages of women leaders typically outperform those with lower percentages.”

In alignment with TD’s bank-wide commitment to hire, develop and retain more women leaders, TD Securities has empowered an executive-led Women in Leadership (WIL) Steering Committee with a strong mandate for change. Reporting to Bob Dorrance, Chairman, CEO and President of TD Securities, WIL is responsible for overseeing the advancement of women in leadership roles. Among the

initiatives WIL has effectively sponsored is a comprehensive mentoring program, including both Group Mentoring and Speed Mentoring events for the leadership and pipeline levels.

“Our aim is to have top-talented women consider TD Securities to be the place to work,” said Irman. “Our commitment to gender diversity extends beyond our organization. We support community groups with the goal of increasing leadership opportunities for women, as well as community groups that do work supportive of women’s issues, such as women’s health and women’s poverty.”

TD’s efforts to embrace gender diversity have not gone unnoticed. In July 2010, Catalyst Canada selected Ed Clark, TD’s President and CEO, as its first ever award recipient at the CEO level for his outstanding commitment to advancing women in Canadian business. In its announcement, Catalyst credited him with generating a “cultural shift within the bank to make it a more inclusive employer of choice.”

On November 25, 2011, Ed Clark spoke at an event in Calgary where he outlined what TD is striving to accomplish, adding: “This is really about creating leaders and unlocking human potential,” he said. “Diversity is just a word that gets you there.”

With the efforts of diversity champions like Ed Clark, Bob Dorrance, Martine Irman and countless others, TD Securities is determined to achieve its goal of greater gender diversity, which will ultimately lead to enhanced performance and a better work environment for all.

Leveraging diverse strengths makes sound business sense.

DM120144_Pg65_ROB_MAR_2012.indd 65 12-02-02 3:03 PM

Women in Capital markets

Breaking Through

Special Information Feature

partnered with WCM to offer women who have left the industry for two or more years a $5,000 scholarship toward a qualified educational pro-gram and a three-month internship which could lead to full-time employment.

Candidates need three years of professional experience at the vice-president level or higher before they left the industry. They must be com-pleting – or have completed within the past year – a qualified university, college, certification or professional skills-related program. “Return to Bay Street allows these women to get in front of decision-makers,” says John O’Brien, managing director and head of human resources at BMO Capital Markets.

CIBC: Honing presentation skills Skilled women may work efficiently at their tasks and wait to be recognized while their male colleagues are more comfortable in the limelight and, consequently, gain recognition more easily, Ms. Fell says. Taking the Stage® was created by the Canadian communication training firm The Humphrey Group Inc., to build leadership capa-bilities in women.

Since CIBC introduced the program in mid-2011, about 100 women from the trading floor and the investment bank, from analyst level to managing director, have participated in Toronto and New York. The two-hour sessions run once a month for four months.

“It helps enhance communication, presence and presentation skills while teaching strong, confident leadership,” says Laura Dottori- Attanasio, managing director and global head of corporate credit products for CIBC.

Scotiabank: Career developmentNetworking offers access to key people in an or-ganization who may become potential mentors or connections into new career opportunities. But many women find they get insufficient ex-

posure to an influential network. Since 2004, the Scotia Women’s Connec-

tion program has offered quarterly meetings with networking and career development com-ponents. “They are sometimes free-form and sometimes structured with guest speakers and a Q&A, interview or panel discussion,” says Janan Youshia, Scotiabank’s vice-president of leader-ship. Topics can range from senior executives’ reflections on how they advanced their own career – or moves they wish they had made – to advice on developing a personal brand or build-ing influencing skills.

The program is aimed at management-level women across all of Scotiabank’s business lines, including Scotia Capital. The company’s Intranet site contains a portal with information available to everyone in the organization, including a “net-work-in-a-box” toolkit for starting a networking group in any of the bank’s global locations.

National Bank: Mentors for the best talentMany female students either leave areas of aca-demic specialty that may lead to careers in capi-tal markets or find it difficult to meet friendly insiders to advise them. The National Bank Financial Markets Scholarship addresses both problems.

The two-year-old program selects three wom-en in graduate studies applicable to capital mar-kets, which could include business programs, finance, mathematics or economics. Winners re-ceive $5,000 or $10,000, depending on the pro-gram; a summer internship at National Bank’s Financial Markets division; and an internal mentor until their studies are complete.

“The mentorship is important because it in-cludes the support and guidance that women often do not get at early stages of their careers,” says Heather Stewart, National Bank’s executive vice-president and managing director, strategy and business management – financial markets.

It helps to have a champion. Having a mentor who gives advice is good – but having an influential person or “sponsor” take up your cause may be even better.

“Mentors talk with you, sponsors talk about you,” says Deborah Gillis, the Toronto-based senior vice-president, Membership and Global Operations, of Catalyst, a research and advisory group. “Someone sitting around a decision-making table who has influence and is really prepared to put their credibility on the line for you – to say, ‘here is someone who’s ready for this opportunity.’ Part of the solution to women’s under-representation in leadership is ensuring that women have access to those sponsors.”

After studying the representation of women in leader-ship roles in the corporate world – and finding the num-bers stubbornly refusing to move upwards – Catalyst is joining with Women in Capital Markets to develop a guide to best practices, with ideas on how to push those

numbers higher. That guide will be made public in June.“We’re focusing on problem-solving – on what’s

proven effective and the range of practices that leaders in the industry can look to, to help make change happen,” Ms. Gillis says. That search for strategies is global, and involves the capital markets and other industries, from health care to manufacturing.

Sponsorship is one promising approach, though it may be less straightforward to establish than a mentor-ing program.

“Recent Catalyst research suggests that women may be promoted based on proven performance, while men get ahead based on the potential they bring to the table,” she says.“When you have a senior leader with influence who intervenes in those conversations and is prepared to say, ‘I know her, she’s worked hard, she’s earned this, she has the skills, I’m prepared to put my confidence in her,’ those interventions can prove critical.”

Sponsorship is the new mentorshipWomen in Capital Markets and Catalyst join together to create a guide to best practices

9BeSt

praCtICeS to INCreaSe tHe proportIoN

of feMale SeNIor

MaNagerS:1. Use accountable search techniques— ensure female candidates on all short lists.

2. Identify talent and provide succes-sion planning initiatives.

3. Set up mentoring and coaching programs.

4. offer job rotation opportunities.

5. ensure ongoing measurement.

6. Create an inclusive work environment through awareness training.

7. avoid the glass cliff and token females.

8. Highlight role models and communi-cate success.

9. ensure senior management support.

SoUrCe: Women in Senior Management: Where are They? Conference Board of Canada, August, 2011

DM120144_Pg66_ROB_MAR_2012.indd 66 12-02-03 10:04 AM

desjardinscapitalmarkets.com

The leading cooperative financial group in Canada

At Desjardins Capital Markets, we believe that gender equality and equal opportunity can help build a better world.

Capital Markets

Cooperating in building the future

DM120144_Pg67_ROB_MAR_2012.indd 67 12-02-03 9:16 AM

Women in Capital markets

Breaking Through

Special Information Feature

partnered with WCM to offer women who have left the industry for two or more years a $5,000 scholarship toward a qualified educational pro-gram and a three-month internship which could lead to full-time employment.

Candidates need three years of professional experience at the vice-president level or higher before they left the industry. They must be com-pleting – or have completed within the past year – a qualified university, college, certification or professional skills-related program. “Return to Bay Street allows these women to get in front of decision-makers,” says John O’Brien, managing director and head of human resources at BMO Capital Markets.

CIBC: Honing presentation skills Skilled women may work efficiently at their tasks and wait to be recognized while their male colleagues are more comfortable in the limelight and, consequently, gain recognition more easily, Ms. Fell says. Taking the Stage® was created by the Canadian communication training firm The Humphrey Group Inc., to build leadership capa-bilities in women.

Since CIBC introduced the program in mid-2011, about 100 women from the trading floor and the investment bank, from analyst level to managing director, have participated in Toronto and New York. The two-hour sessions run once a month for four months.

“It helps enhance communication, presence and presentation skills while teaching strong, confident leadership,” says Laura Dottori- Attanasio, managing director and global head of corporate credit products for CIBC.

Scotiabank: Career developmentNetworking offers access to key people in an or-ganization who may become potential mentors or connections into new career opportunities. But many women find they get insufficient ex-

posure to an influential network. Since 2004, the Scotia Women’s Connec-

tion program has offered quarterly meetings with networking and career development com-ponents. “They are sometimes free-form and sometimes structured with guest speakers and a Q&A, interview or panel discussion,” says Janan Youshia, Scotiabank’s vice-president of leader-ship. Topics can range from senior executives’ reflections on how they advanced their own career – or moves they wish they had made – to advice on developing a personal brand or build-ing influencing skills.

The program is aimed at management-level women across all of Scotiabank’s business lines, including Scotia Capital. The company’s Intranet site contains a portal with information available to everyone in the organization, including a “net-work-in-a-box” toolkit for starting a networking group in any of the bank’s global locations.

National Bank: Mentors for the best talentMany female students either leave areas of aca-demic specialty that may lead to careers in capi-tal markets or find it difficult to meet friendly insiders to advise them. The National Bank Financial Markets Scholarship addresses both problems.

The two-year-old program selects three wom-en in graduate studies applicable to capital mar-kets, which could include business programs, finance, mathematics or economics. Winners re-ceive $5,000 or $10,000, depending on the pro-gram; a summer internship at National Bank’s Financial Markets division; and an internal mentor until their studies are complete.

“The mentorship is important because it in-cludes the support and guidance that women often do not get at early stages of their careers,” says Heather Stewart, National Bank’s executive vice-president and managing director, strategy and business management – financial markets.

It helps to have a champion. Having a mentor who gives advice is good – but having an influential person or “sponsor” take up your cause may be even better.

“Mentors talk with you, sponsors talk about you,” says Deborah Gillis, the Toronto-based senior vice-president, Membership and Global Operations, of Catalyst, a research and advisory group. “Someone sitting around a decision-making table who has influence and is really prepared to put their credibility on the line for you – to say, ‘here is someone who’s ready for this opportunity.’ Part of the solution to women’s under-representation in leadership is ensuring that women have access to those sponsors.”

After studying the representation of women in leader-ship roles in the corporate world – and finding the num-bers stubbornly refusing to move upwards – Catalyst is joining with Women in Capital Markets to develop a guide to best practices, with ideas on how to push those

numbers higher. That guide will be made public in June.“We’re focusing on problem-solving – on what’s

proven effective and the range of practices that leaders in the industry can look to, to help make change happen,” Ms. Gillis says. That search for strategies is global, and involves the capital markets and other industries, from health care to manufacturing.

Sponsorship is one promising approach, though it may be less straightforward to establish than a mentor-ing program.

“Recent Catalyst research suggests that women may be promoted based on proven performance, while men get ahead based on the potential they bring to the table,” she says.“When you have a senior leader with influence who intervenes in those conversations and is prepared to say, ‘I know her, she’s worked hard, she’s earned this, she has the skills, I’m prepared to put my confidence in her,’ those interventions can prove critical.”

Sponsorship is the new mentorshipWomen in Capital Markets and Catalyst join together to create a guide to best practices

9BeSt

praCtICeS to INCreaSe tHe proportIoN

of feMale SeNIor

MaNagerS:1. Use accountable search techniques— ensure female candidates on all short lists.

2. Identify talent and provide succes-sion planning initiatives.

3. Set up mentoring and coaching programs.

4. offer job rotation opportunities.

5. ensure ongoing measurement.

6. Create an inclusive work environment through awareness training.

7. avoid the glass cliff and token females.

8. Highlight role models and communi-cate success.

9. ensure senior management support.

SoUrCe: Women in Senior Management: Where are They? Conference Board of Canada, August, 2011

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desjardinscapitalmarkets.com

The leading cooperative financial group in Canada

At Desjardins Capital Markets, we believe that gender equality and equal opportunity can help build a better world.

Capital Markets

Cooperating in building the future

DM120144_Pg67_ROB_MAR_2012.indd 67 12-02-03 9:16 AM

Breaking Through

Special Information Feature

Women in Capital MarketsMaking a case for the best talentWhen Heather-Anne Irwin was asked by her then-employer, securities firm Burns Fry, to form a committee to study the challenges facing women in the capital markets industry in the early 1990s, she was one of just two women among the company’s 70 investment banking profes-sionals.

The committee suggested an industry-wide organization for women in finance. Burns Fry, which would become a part of BMO Capital Markets, was one of 11 founding firms behind Women in Capital Markets, an organization dedicated to attracting, retaining and advancing women in the industry.

Launched in June, 1995, with Ms. Irwin – now an adjunct professor of finance at Rotman School of Business – as its founding president, WCM set its sights on networking, mentoring and information-sharing. WCM, with the research firm Catalyst, conducted the first benchmarking survey to assess women’s representation in the capital markets in 1999. The survey, based on data from the big six banks, was repeated every three years up until the most recent report in 2008.

“WCM has become an industry leader by making the case for hiring and promoting the best people,” says Connie Sugiyama, a founding director and member of the WCM advisory council. WCM’s membership is more than 1,000 women and men.

“Support at senior levels is another real hallmark of our success,” says Ms. Sugiyama. “The abil-ity of young women in the industry to get mentorship and networking from male and female executives alike at a very high level is unprecedented.”

Heather-Anne Irwin, founding president, Women in Capital Markets.

CLO SET HEG AP

© 2012 ITG Canada Corp., Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. 12412-23055

Let’s work together to remove the barriers to advancement wherever we find them.

ITG supports Women in Capital Markets .

www.itg.com

DM120144_Pg68_ROB_MAR_2012.indd 68 12-02-03 10:13 AM

Breaking Through

Special Information Feature

Why is Women in Capital Markets, a member-ship-based organization that advocates for the advancement of women in the capital markets industry, still needed in 2012? Hasn’t equity been achieved?

Well, no. A 2008 survey by WCM and the re-search group Catalyst found that women filled just 17 per cent of line positions in the capital markets industry, making no gains since 1999. Line experience is important for advancement into the highest levels.

WCM has the involvement of senior mem-bers of the financial community on its board and advisory council and, through its advocacy and programs, continues to push the capital markets to knock down barriers to gender di-versity, says Martha Fell, its chief executive officer.

“You can’t solve the problem with the pipe-line alone. Some supports such as access to role models, mentors and informal networks need to be made more readily available to women

as well as men. Without that, we will continue to have a hard time retaining and advancing women into senior positions.”

WCM helps make the case that having wom-en in leadership is linked to better business performance, says Mark Hughes, chief operat-ing officer at RBC Capital Markets and a WCM advisory council member.

“Embedding diversity in our business strat-egy allows us to access a broader talent pool and employ people who reflect a substantial portion of our client base. This creates a strong cultural and competitive advantage.”

Some areas, such as the number of women on the trading floor, show improvement, says Richard Nesbitt, senior executive vice-presi-dent, wholesale, international and technology and operations at CIBC. But more needs to be done, he says, to make the work environment more welcoming for women. “Conditions have to change to earn commitment to the industry and commitment to the employer.”

Attracting young women to careers in capi-tal markets can be difficult because of a percep-tion that those careers have long hours, and are tough to balance with family obligations. “When a woman is considering all sides of life and feels she has to make wholesale tradeoffs she doesn’t want to make, she starts looking elsewhere,” says Eric Tripp, president of BMO Capital Markets.

More work can be done in recruiting to make women aware of the opportunities, says Anne-Marie O’Donovan, executive vice-president and chief administrative officer at Scotia Capital. “There are many roles within capital markets where you can have balance in your life.”

The next step is to obtain senior manage-ment commitment to make sure that new university hires are 50 per cent men and 50 per cent women, and that new jobs are posted openly so that women apply, she says, adding that Scotia has taken these steps.

Attract, retain, advanceThe push goes on for Women in Capital Markets

Rose Baker, Managing Partner, Canada, Heidrick & StrugglesMarianne Harris, President, Corporate and Investment Banking, Canada, Merrill Lynch Canada Inc.Heather-Anne Irwin, Adjunct Professor of Finance, Rotman School of Management, University of TorontoLoretta Marcoccia, Chief Operating O�cer, Merrill Lynch Canada Inc.Susan Monteith, Head of Equity Capital Markets and Managing Director, Corporate and Investment Banking, National Bank Financial Inc.Sandra Rosch, President, Stonecrest Capital Inc.Heather Stewart, Executive Vice President and Managing Director, Strategy and Business Management, National Bank Financial Inc.Connie Sugiyama, Deputy Chair and Partner, Fraser Milner Casgrain LLPRuth Woods, Chief Operating O�cer, Osler Hoskin & Harcourt LLP

Congratulations on 17 years of promoting the entry and advancement of women in the Canadian capital markets industry from the following

Founding Board Members:

DM120144_Pg69_ROB_MAR_2012.indd 69 12-02-03 10:16 AM

Breaking Through

Special Information Feature

Women in Capital MarketsMaking a case for the best talentWhen Heather-Anne Irwin was asked by her then-employer, securities firm Burns Fry, to form a committee to study the challenges facing women in the capital markets industry in the early 1990s, she was one of just two women among the company’s 70 investment banking profes-sionals.

The committee suggested an industry-wide organization for women in finance. Burns Fry, which would become a part of BMO Capital Markets, was one of 11 founding firms behind Women in Capital Markets, an organization dedicated to attracting, retaining and advancing women in the industry.

Launched in June, 1995, with Ms. Irwin – now an adjunct professor of finance at Rotman School of Business – as its founding president, WCM set its sights on networking, mentoring and information-sharing. WCM, with the research firm Catalyst, conducted the first benchmarking survey to assess women’s representation in the capital markets in 1999. The survey, based on data from the big six banks, was repeated every three years up until the most recent report in 2008.

“WCM has become an industry leader by making the case for hiring and promoting the best people,” says Connie Sugiyama, a founding director and member of the WCM advisory council. WCM’s membership is more than 1,000 women and men.

“Support at senior levels is another real hallmark of our success,” says Ms. Sugiyama. “The abil-ity of young women in the industry to get mentorship and networking from male and female executives alike at a very high level is unprecedented.”

Heather-Anne Irwin, founding president, Women in Capital Markets.

CLO SET HEG AP

© 2012 ITG Canada Corp., Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. 12412-23055

Let’s work together to remove the barriers to advancement wherever we find them.

ITG supports Women in Capital Markets .

www.itg.com

DM120144_Pg68_ROB_MAR_2012.indd 68 12-02-03 10:13 AM

Breaking Through

Special Information Feature

Why is Women in Capital Markets, a member-ship-based organization that advocates for the advancement of women in the capital markets industry, still needed in 2012? Hasn’t equity been achieved?

Well, no. A 2008 survey by WCM and the re-search group Catalyst found that women filled just 17 per cent of line positions in the capital markets industry, making no gains since 1999. Line experience is important for advancement into the highest levels.

WCM has the involvement of senior mem-bers of the financial community on its board and advisory council and, through its advocacy and programs, continues to push the capital markets to knock down barriers to gender di-versity, says Martha Fell, its chief executive officer.

“You can’t solve the problem with the pipe-line alone. Some supports such as access to role models, mentors and informal networks need to be made more readily available to women

as well as men. Without that, we will continue to have a hard time retaining and advancing women into senior positions.”

WCM helps make the case that having wom-en in leadership is linked to better business performance, says Mark Hughes, chief operat-ing officer at RBC Capital Markets and a WCM advisory council member.

“Embedding diversity in our business strat-egy allows us to access a broader talent pool and employ people who reflect a substantial portion of our client base. This creates a strong cultural and competitive advantage.”

Some areas, such as the number of women on the trading floor, show improvement, says Richard Nesbitt, senior executive vice-presi-dent, wholesale, international and technology and operations at CIBC. But more needs to be done, he says, to make the work environment more welcoming for women. “Conditions have to change to earn commitment to the industry and commitment to the employer.”

Attracting young women to careers in capi-tal markets can be difficult because of a percep-tion that those careers have long hours, and are tough to balance with family obligations. “When a woman is considering all sides of life and feels she has to make wholesale tradeoffs she doesn’t want to make, she starts looking elsewhere,” says Eric Tripp, president of BMO Capital Markets.

More work can be done in recruiting to make women aware of the opportunities, says Anne-Marie O’Donovan, executive vice-president and chief administrative officer at Scotia Capital. “There are many roles within capital markets where you can have balance in your life.”

The next step is to obtain senior manage-ment commitment to make sure that new university hires are 50 per cent men and 50 per cent women, and that new jobs are posted openly so that women apply, she says, adding that Scotia has taken these steps.

Attract, retain, advanceThe push goes on for Women in Capital Markets

Rose Baker, Managing Partner, Canada, Heidrick & StrugglesMarianne Harris, President, Corporate and Investment Banking, Canada, Merrill Lynch Canada Inc.Heather-Anne Irwin, Adjunct Professor of Finance, Rotman School of Management, University of TorontoLoretta Marcoccia, Chief Operating O�cer, Merrill Lynch Canada Inc.Susan Monteith, Head of Equity Capital Markets and Managing Director, Corporate and Investment Banking, National Bank Financial Inc.Sandra Rosch, President, Stonecrest Capital Inc.Heather Stewart, Executive Vice President and Managing Director, Strategy and Business Management, National Bank Financial Inc.Connie Sugiyama, Deputy Chair and Partner, Fraser Milner Casgrain LLPRuth Woods, Chief Operating O�cer, Osler Hoskin & Harcourt LLP

Congratulations on 17 years of promoting the entry and advancement of women in the Canadian capital markets industry from the following

Founding Board Members:

DM120144_Pg69_ROB_MAR_2012.indd 69 12-02-03 10:16 AM

Women in Capital markets

Breaking Through

Special Information Feature

Young women can have successful careers in the capital markets, Kathryn Smith, the vice-chair of the board of Women in Capital Markets, tells high school classes when she makes presentations to them.

“Banks are looking for smart young women,” Ms. Smith, Associate Vice-Presi-dent, Corporate Segment Finance, TD Bank Group, tells them. “They want to be diverse. You have to be smart and willing to work hard. It’s totally within your own hands to make a success of it.”

Few high-school students know anything about capital markets before her visit, she says. She tells them that the jobs involve travel and meeting interesting people, and that the skills are portable and can be used in any country. “You are working in areas that make the news every day,” says Ms. Smith, also the past chair of WCM’s High

School Liaison Committee. “Not in People or on Entertainment Tonight, but it’s in the public eye. And you can really make a differ-ence.”

Female high-school students have begun to show more interest in careers in the capi-tal markets, she says. “Every high school I go to, the teacher will bring me some young woman and say she should go into capital markets. She’s blushing: ‘Oh, I’m kind of in-terested.’ There’s usually one in every class now, whereas before it might have been one in every four or five classes.”

To have a career in capital markets, an in-dividual needs to know math – “to be able to look at numbers and have them make sense” – but she also needs to be passionate about the field, she says. “It’s a very competitive field and companies pick the people who re-ally are interested.”

“It’s totally within your hands”Spreading the word to young women of opportunities in the capital markets

University Connections How to chase a dreamYoung women need to have the confidence not simply to seek out a job in the capital markets but to chart out a unique career path, Joanne O’Hea, a vice-president of Institutional Equity Trading at RBC Capital Markets five years into her career, tells university students.

“You have to go after what you want,” she says. “Your job isn’t all you can be. You were hired to make that job even better.”

Women in Capital Markets, through its University Connections program, organizes several events during the year to bring industry veterans and academics together with students for mock interview sessions, “speed mentoring” and networking opportunities.

Sarah Wallis-South, Director of Campus Recruitment, Canada, at RBC Capital Markets, chairs the WCM University Connections program. She said the biggest misconception students have is that capital markets are all about investment banking.

“There’s a breadth to this business. It’s sales and trading, research, risk, IT, wealth manage-ment and operations. The opportunities are vast.” The key to success, she says, is commit-ment and continuing self-development. “It’s expanding your connections. It’s always taking the initiative. It’s all of those soft skills, coupled with your core knowledge. To be successful, you really have to be driven.”

WCM Executive Coaching AwardIn the spring of 2008, Women in Capital Markets launched the WCM Executive Coach-ing Award – a key element in its professional development efforts. The award, sponsored by BMO Nesbitt Burns, is designed to help experienced women improve their promotion opportunities. Each Executive Coaching Award provides six months of individual career coaching (each award has a value of approximately $15,000). This one-on-one support from a trained and experienced ex-ecutive coach, provided by Felix Global Corp., helps women plan their careers and equip themselves to compete in today’s corporate environment.

Some members of the Women in Capital Markets board of directors: From left, Martha Fell (also the WCM chief executive officer) Aleksandra Doerffer, Sarah Wallis-South, Kathryn Smith, Annie Ropar, AnneMarie Ryan, Michele Goddard, Patti Shugart (chair of the WCM advisory council), Shelley Tom and Irene Markus.

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Women in Capital markets

Breaking Through

Special Information Feature

Young women can have successful careers in the capital markets, Kathryn Smith, the vice-chair of the board of Women in Capital Markets, tells high school classes when she makes presentations to them.

“Banks are looking for smart young women,” Ms. Smith, Associate Vice-Presi-dent, Corporate Segment Finance, TD Bank Group, tells them. “They want to be diverse. You have to be smart and willing to work hard. It’s totally within your own hands to make a success of it.”

Few high-school students know anything about capital markets before her visit, she says. She tells them that the jobs involve travel and meeting interesting people, and that the skills are portable and can be used in any country. “You are working in areas that make the news every day,” says Ms. Smith, also the past chair of WCM’s High

School Liaison Committee. “Not in People or on Entertainment Tonight, but it’s in the public eye. And you can really make a differ-ence.”

Female high-school students have begun to show more interest in careers in the capi-tal markets, she says. “Every high school I go to, the teacher will bring me some young woman and say she should go into capital markets. She’s blushing: ‘Oh, I’m kind of in-terested.’ There’s usually one in every class now, whereas before it might have been one in every four or five classes.”

To have a career in capital markets, an in-dividual needs to know math – “to be able to look at numbers and have them make sense” – but she also needs to be passionate about the field, she says. “It’s a very competitive field and companies pick the people who re-ally are interested.”

“It’s totally within your hands”Spreading the word to young women of opportunities in the capital markets

University Connections How to chase a dreamYoung women need to have the confidence not simply to seek out a job in the capital markets but to chart out a unique career path, Joanne O’Hea, a vice-president of Institutional Equity Trading at RBC Capital Markets five years into her career, tells university students.

“You have to go after what you want,” she says. “Your job isn’t all you can be. You were hired to make that job even better.”

Women in Capital Markets, through its University Connections program, organizes several events during the year to bring industry veterans and academics together with students for mock interview sessions, “speed mentoring” and networking opportunities.

Sarah Wallis-South, Director of Campus Recruitment, Canada, at RBC Capital Markets, chairs the WCM University Connections program. She said the biggest misconception students have is that capital markets are all about investment banking.

“There’s a breadth to this business. It’s sales and trading, research, risk, IT, wealth manage-ment and operations. The opportunities are vast.” The key to success, she says, is commit-ment and continuing self-development. “It’s expanding your connections. It’s always taking the initiative. It’s all of those soft skills, coupled with your core knowledge. To be successful, you really have to be driven.”

WCM Executive Coaching AwardIn the spring of 2008, Women in Capital Markets launched the WCM Executive Coach-ing Award – a key element in its professional development efforts. The award, sponsored by BMO Nesbitt Burns, is designed to help experienced women improve their promotion opportunities. Each Executive Coaching Award provides six months of individual career coaching (each award has a value of approximately $15,000). This one-on-one support from a trained and experienced ex-ecutive coach, provided by Felix Global Corp., helps women plan their careers and equip themselves to compete in today’s corporate environment.

Some members of the Women in Capital Markets board of directors: From left, Martha Fell (also the WCM chief executive officer) Aleksandra Doerffer, Sarah Wallis-South, Kathryn Smith, Annie Ropar, AnneMarie Ryan, Michele Goddard, Patti Shugart (chair of the WCM advisory council), Shelley Tom and Irene Markus.

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Women in Capital markets

Breaking Through

Special Information Feature

The Heather L. Main Memorial Schol-arships honour a pioneer in capital mar-kets – one of the few women in corpo-rate finance on Bay Street in the 1980s. The scholarships, worth $7,500, are of-fered each year to four full-time female students in their final year of MBA stud-ies at the Michael G. DeGroote School of Business at McMaster University, the Joseph L. Rotman School of Man-agement at the University of Toronto, the Desautels Faculty of Management at McGill University, and the Schulich School of Business at York University.

The scholarships, established in 1998, also include a summer internship at a sponsoring financial institution. Scholarship winners have gone on to make noteworthy contributions in capi-tal markets and other areas of financial services and business. “They’re a sought-after group,” says Lisa Porlier, chair of the scholarship fund and a managing director at the Toronto office of execu-tive search firm Russell Reynolds Asso-

ciates. Over 90 per cent of HLM Schol-arship winners are still enjoying careers in the industry.

Mariana Urbiola: Taking flight Mariana Urbiola, a former economic analyst for the World Bank in her native Mexico, came to Toronto for a job that vanished. She found entry-level work in the back office of a financial institu-tion, and enrolled in the Rotman MBA program. Earning an HLM Scholarship was a turning point. It came with an in-ternship in BMO’s investment banking group.

“It was a fantastic opportunity, es-pecially for someone from abroad with little Canadian experience,” Ms. Ur-biola says.

After graduating, she landed a job with TD Securities in corporate credit, and is now senior manager, loan syn-dications, in TD Commercial Banking. She also volunteers on the HLM Schol-arship committee.

A sought-after groupWinners of the Heather L. Main Memorial Scholarships go on to make their mark

The benefits of mentorshipWhen Kate Mostowyk of Toronto had the chance to take on a new job at Scotiabank last year – as client relationship manager in Commercial Banking – she was unsure about accepting it. Did she have the ability? Was it the right fit? She turned for guidance to Joanne O’Hea, a senior manager at RBC Capital Markets.

“Sometimes you need someone to give you a nudge, to say you can do this,” says Ms. O’Hea, vice-president of Institutional Eq-uity Trading at RBC Capital Markets. Her advice: “Don’t worry, try it.”

Ms. Mostowyk did, and is grateful for Ms. O’Hea’s support. “It’s important to have someone to talk through your goals and bounce around ideas,” she says.

The pair are part of the Mentor-ship Program run by Women in Capital Markets. Mentors with five or more years in the investment industry share their advice and perspectives with protégées through monthly one-on-one meetings. The program matches about 50 pairs a year.

“It helps people to focus on areas of development, and gives them a sounding board,” says Michelle Hegeman, a WCM board member who heads the Mentorship Program, and is vice-president of Portfolio Management at TD Asset Management.

Ms. Mostowyk says Ms. O’Hea talked about giving herself a voice in the workplace. “You have to sell yourself and get your name out there,” she says.

To Advise and AdvocateIn 2010, the Women in Capital Markets board formed a new advisory council of senior executives to provide advice on WCM’s strategic initiatives and future direction.

The new WCM advisory council includes senior executives from several areas of the Canadian capital markets representing WCM’s vari-ous membership segments and includes: the largest employers of women in the Canadian capital markets; business schools that feed the talent pipeline; and some of WCM’s founding directors. The council members advocate on behalf of WCM to other stakeholders and act as change agents to help WCM realize its goals.

“It’s quite an engaged group,” says Patti Shugart, managing director and head of corporate banking at RBC Capital Markets and chair of the new advisory council. “Changing corporate culture very much requires support from the top. We needed to have current top-level executives involved, people who could have the greatest impact among the largest employers in the capital markets industry.”

Economist Sylvia Hewlett is the found-ing president of the Center for Talent Inno-vation in New York and author of Top Talent, a book that explores how top companies set themselves up as employers of choice. Women in Capital Markets asked her:

What do the world’s most cutting-edge and successful companies do to attract diverse top talent and keep this talent motivated? Dr. Hewlett’s reply:

“Give incentives to search firms (and selection committees) to come up with slates rich with diverse talent.  Ensure that each high potential employee has a sponsor.” Sylvia Hewlett

Joanne O’Hea

DM120144_Pg72_ROB_MAR_2012.indd 72 12-02-03 10:20 AM

® “BMO (M-bar roundel symbol)” and “Making money make sense” is a registered trade-mark of Bank of Montreal, used under licence. ® “Nesbitt Burns” is a registered trade-mark of BMO Nesbitt Burns Corporation Limited, used under licence. BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltée are indirect subsidiaries of Bank of Montreal. BMO Nesbitt Burns is Member-Canadian Investor Protection Fund. BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. and Bank of Montreal Ireland p.l.c., and the institutional broker dealer businesses of BMO Capital Markets Corp., BMO Nesbitt Burns Trading Corp. S.A., BMO Nesbitt Burns Securities Limited and BMO Capital Markets GKST Inc. in the U.S., BMO Nesbitt Burns Inc. in Canada, Europe and Asia, BMO Nesbitt Burns Ltée/Ltd. in Canada, BMO Capital Markets Limited in Europe, Asia and Australia, BMO Advisors Private Limited in India and Bank of Montreal (China) Co. Ltd. in China.

BMO® Financial Group is committed to hiring a dynamic, diverse workforce to help drive our clients’ success. BMO offers a range of rewarding career possibilities in our full service investment and capital markets businesses. We stand behind your success by providing the resources you need to turn your potential into performance.

Join us.

To learn more about potential career opportunities visit:

BMO Nesbitt Burns®: bmonb.com/careersBMO Capital Markets®: bmocm.com/careers

Success has no limits.

DM120144_Pg73_ROB_MAR_2012.indd 73 12-02-03 9:19 AM

Women in Capital markets

Breaking Through

Special Information Feature

The Heather L. Main Memorial Schol-arships honour a pioneer in capital mar-kets – one of the few women in corpo-rate finance on Bay Street in the 1980s. The scholarships, worth $7,500, are of-fered each year to four full-time female students in their final year of MBA stud-ies at the Michael G. DeGroote School of Business at McMaster University, the Joseph L. Rotman School of Man-agement at the University of Toronto, the Desautels Faculty of Management at McGill University, and the Schulich School of Business at York University.

The scholarships, established in 1998, also include a summer internship at a sponsoring financial institution. Scholarship winners have gone on to make noteworthy contributions in capi-tal markets and other areas of financial services and business. “They’re a sought-after group,” says Lisa Porlier, chair of the scholarship fund and a managing director at the Toronto office of execu-tive search firm Russell Reynolds Asso-

ciates. Over 90 per cent of HLM Schol-arship winners are still enjoying careers in the industry.

Mariana Urbiola: Taking flight Mariana Urbiola, a former economic analyst for the World Bank in her native Mexico, came to Toronto for a job that vanished. She found entry-level work in the back office of a financial institu-tion, and enrolled in the Rotman MBA program. Earning an HLM Scholarship was a turning point. It came with an in-ternship in BMO’s investment banking group.

“It was a fantastic opportunity, es-pecially for someone from abroad with little Canadian experience,” Ms. Ur-biola says.

After graduating, she landed a job with TD Securities in corporate credit, and is now senior manager, loan syn-dications, in TD Commercial Banking. She also volunteers on the HLM Schol-arship committee.

A sought-after groupWinners of the Heather L. Main Memorial Scholarships go on to make their mark

The benefits of mentorshipWhen Kate Mostowyk of Toronto had the chance to take on a new job at Scotiabank last year – as client relationship manager in Commercial Banking – she was unsure about accepting it. Did she have the ability? Was it the right fit? She turned for guidance to Joanne O’Hea, a senior manager at RBC Capital Markets.

“Sometimes you need someone to give you a nudge, to say you can do this,” says Ms. O’Hea, vice-president of Institutional Eq-uity Trading at RBC Capital Markets. Her advice: “Don’t worry, try it.”

Ms. Mostowyk did, and is grateful for Ms. O’Hea’s support. “It’s important to have someone to talk through your goals and bounce around ideas,” she says.

The pair are part of the Mentor-ship Program run by Women in Capital Markets. Mentors with five or more years in the investment industry share their advice and perspectives with protégées through monthly one-on-one meetings. The program matches about 50 pairs a year.

“It helps people to focus on areas of development, and gives them a sounding board,” says Michelle Hegeman, a WCM board member who heads the Mentorship Program, and is vice-president of Portfolio Management at TD Asset Management.

Ms. Mostowyk says Ms. O’Hea talked about giving herself a voice in the workplace. “You have to sell yourself and get your name out there,” she says.

To Advise and AdvocateIn 2010, the Women in Capital Markets board formed a new advisory council of senior executives to provide advice on WCM’s strategic initiatives and future direction.

The new WCM advisory council includes senior executives from several areas of the Canadian capital markets representing WCM’s vari-ous membership segments and includes: the largest employers of women in the Canadian capital markets; business schools that feed the talent pipeline; and some of WCM’s founding directors. The council members advocate on behalf of WCM to other stakeholders and act as change agents to help WCM realize its goals.

“It’s quite an engaged group,” says Patti Shugart, managing director and head of corporate banking at RBC Capital Markets and chair of the new advisory council. “Changing corporate culture very much requires support from the top. We needed to have current top-level executives involved, people who could have the greatest impact among the largest employers in the capital markets industry.”

Economist Sylvia Hewlett is the found-ing president of the Center for Talent Inno-vation in New York and author of Top Talent, a book that explores how top companies set themselves up as employers of choice. Women in Capital Markets asked her:

What do the world’s most cutting-edge and successful companies do to attract diverse top talent and keep this talent motivated? Dr. Hewlett’s reply:

“Give incentives to search firms (and selection committees) to come up with slates rich with diverse talent.  Ensure that each high potential employee has a sponsor.” Sylvia Hewlett

Joanne O’Hea

DM120144_Pg72_ROB_MAR_2012.indd 72 12-02-03 10:20 AM

® “BMO (M-bar roundel symbol)” and “Making money make sense” is a registered trade-mark of Bank of Montreal, used under licence. ® “Nesbitt Burns” is a registered trade-mark of BMO Nesbitt Burns Corporation Limited, used under licence. BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltée are indirect subsidiaries of Bank of Montreal. BMO Nesbitt Burns is Member-Canadian Investor Protection Fund. BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. and Bank of Montreal Ireland p.l.c., and the institutional broker dealer businesses of BMO Capital Markets Corp., BMO Nesbitt Burns Trading Corp. S.A., BMO Nesbitt Burns Securities Limited and BMO Capital Markets GKST Inc. in the U.S., BMO Nesbitt Burns Inc. in Canada, Europe and Asia, BMO Nesbitt Burns Ltée/Ltd. in Canada, BMO Capital Markets Limited in Europe, Asia and Australia, BMO Advisors Private Limited in India and Bank of Montreal (China) Co. Ltd. in China.

BMO® Financial Group is committed to hiring a dynamic, diverse workforce to help drive our clients’ success. BMO offers a range of rewarding career possibilities in our full service investment and capital markets businesses. We stand behind your success by providing the resources you need to turn your potential into performance.

Join us.

To learn more about potential career opportunities visit:

BMO Nesbitt Burns®: bmonb.com/careersBMO Capital Markets®: bmocm.com/careers

Success has no limits.

DM120144_Pg73_ROB_MAR_2012.indd 73 12-02-03 9:19 AM

Women in Capital markets

Breaking Through

Special Information Feature

Leadership is needed from senior politi-cians and executives for Canadian women to enter in large numbers into the upper ech-elons of the corporate world, says Monique Jérôme-Forget, a former Quebec finance minister (2007-09) and Treasury Board presi-dent (2003-08).

Dr. Jérôme-Forget, who holds a PhD in psychology from McGill University, has had leadership positions in many spheres – as vice-rector of Concordia University, as presi-dent of the Institute for Research on Public Policy and as president and chief executive officer of Quebec’s workers compensation board, among others. She is currently a spe-cial advisor in Osler Hoskin & Harcourt LLP’s Montreal office.

Q: You’ve had a distinguished career. What barriers did you face?Jérôme-Forget: I’m sure I’ve been appointed to a number of places because they needed a token woman. They got more than they bar-gained for – I don’t think I remained a token for very long. At one point I was the only woman sitting on a board. I would mention a woman’s name and people would say, “oh Monique, you’re so good. We couldn’t possi-bly find another one like you.” I didn’t believe them one bit.

Q: How were you accepted as Quebec finance minister?

Jérôme-Forget: I was finance critic in op-position. When the [Liberal] government got elected, not a single person mentioned my name as a potential minister of finance. It took two ministers of finance before peo-ple said, “perhaps Monique  Jérôme-Forget wouldn’t be such a bad person after all.”

Q: How is Canadian business doing in gender diversity at senior positions?Jérôme-Forget: Canada cannot be regarded as a model in this respect, not at all.

Q: Why are we not doing better?Jérôme-Forget: I don’t think anybody address-es the issue. The only person in Canada of stat-ure who did was [Quebec Premier Jean] Cha-rest. He had a cabinet composed of 50 per cent women. He imposed on the boards of Crown corporations 50 per cent of women by 2012. The European Union has urged companies to have a representation of 30 per cent on management bodies within the next year or two. The U.S. Se-curities Commission just appointed a woman to look into corporations that do not have good representation of women on boards.

Q: Why should business improve its performance on gender diversity? Jérôme-Forget: First and foremost, for fi-nancial and economic reasons. The popula-tion is aging, and we have a talent pool of women who are highly qualified. If you ignore

half the talent pool, you’re bound to lose in the long run. My objective is to make Canada more competitive.

Q: What needs to be done?Jérôme-Forget: Often women between their 20s and 40s are caught between a rock and a hard place because generally they are respon-sible for taking care of children. Companies have to allow for about 10 years of some kind of adjustments for women to be able to cope with the job and with the family. Then from their 40s to 70 (because I’m certain that peo-ple will have to work until the age of 70 very shortly), they can provide talent and growth. I’m fully aware that the quarterly results are what speak for investors, but you need to ad-dress the corporate long term. The CEO has to be involved. There’s no doubt that if the CEO claims it’s not important and the chairman claims it’s not important, forget it – it’s not going to happen.

Q: Where do you see Canadian business headed on gender diversity?Jérôme-Forget: Things are going to change. I feel that. It used to be that if I were to give a speech on gender diversity, most of the room would be women. Whenever I give a speech now, it’s half men, half women, and in some instances mostly men. People are becoming aware that it’s to their advantage to make sure they hire talented women.

No one’s tokenFormer Quebec finance minister Monique Jérôme-Forget wonders

why more leaders don’t speak up on gender diversity

DM120144_Pg74_ROB_MAR_2012.indd 74 12-02-03 10:21 AM

PROVIDING A PLATFORM FOR SUCCESS

Proud sponsor of Women in Capital MarketsAs one of the top 50 employers in Canada, we believe that providing a platform for women to succeed in the capital markets is not only important, it’s vital. Through initiatives like our support of WCM as well as our Women in Financial Markets Scholarship program, we are committed to supporting the entry and advancement of women in our industry.

Proud sponsor

nbc.ca/top50

DM120144_Pg75_ROB_MAR_2012.indd 75 12-02-03 9:22 AM

Women in Capital markets

Breaking Through

Special Information Feature

Leadership is needed from senior politi-cians and executives for Canadian women to enter in large numbers into the upper ech-elons of the corporate world, says Monique Jérôme-Forget, a former Quebec finance minister (2007-09) and Treasury Board presi-dent (2003-08).

Dr. Jérôme-Forget, who holds a PhD in psychology from McGill University, has had leadership positions in many spheres – as vice-rector of Concordia University, as presi-dent of the Institute for Research on Public Policy and as president and chief executive officer of Quebec’s workers compensation board, among others. She is currently a spe-cial advisor in Osler Hoskin & Harcourt LLP’s Montreal office.

Q: You’ve had a distinguished career. What barriers did you face?Jérôme-Forget: I’m sure I’ve been appointed to a number of places because they needed a token woman. They got more than they bar-gained for – I don’t think I remained a token for very long. At one point I was the only woman sitting on a board. I would mention a woman’s name and people would say, “oh Monique, you’re so good. We couldn’t possi-bly find another one like you.” I didn’t believe them one bit.

Q: How were you accepted as Quebec finance minister?

Jérôme-Forget: I was finance critic in op-position. When the [Liberal] government got elected, not a single person mentioned my name as a potential minister of finance. It took two ministers of finance before peo-ple said, “perhaps Monique  Jérôme-Forget wouldn’t be such a bad person after all.”

Q: How is Canadian business doing in gender diversity at senior positions?Jérôme-Forget: Canada cannot be regarded as a model in this respect, not at all.

Q: Why are we not doing better?Jérôme-Forget: I don’t think anybody address-es the issue. The only person in Canada of stat-ure who did was [Quebec Premier Jean] Cha-rest. He had a cabinet composed of 50 per cent women. He imposed on the boards of Crown corporations 50 per cent of women by 2012. The European Union has urged companies to have a representation of 30 per cent on management bodies within the next year or two. The U.S. Se-curities Commission just appointed a woman to look into corporations that do not have good representation of women on boards.

Q: Why should business improve its performance on gender diversity? Jérôme-Forget: First and foremost, for fi-nancial and economic reasons. The popula-tion is aging, and we have a talent pool of women who are highly qualified. If you ignore

half the talent pool, you’re bound to lose in the long run. My objective is to make Canada more competitive.

Q: What needs to be done?Jérôme-Forget: Often women between their 20s and 40s are caught between a rock and a hard place because generally they are respon-sible for taking care of children. Companies have to allow for about 10 years of some kind of adjustments for women to be able to cope with the job and with the family. Then from their 40s to 70 (because I’m certain that peo-ple will have to work until the age of 70 very shortly), they can provide talent and growth. I’m fully aware that the quarterly results are what speak for investors, but you need to ad-dress the corporate long term. The CEO has to be involved. There’s no doubt that if the CEO claims it’s not important and the chairman claims it’s not important, forget it – it’s not going to happen.

Q: Where do you see Canadian business headed on gender diversity?Jérôme-Forget: Things are going to change. I feel that. It used to be that if I were to give a speech on gender diversity, most of the room would be women. Whenever I give a speech now, it’s half men, half women, and in some instances mostly men. People are becoming aware that it’s to their advantage to make sure they hire talented women.

No one’s tokenFormer Quebec finance minister Monique Jérôme-Forget wonders

why more leaders don’t speak up on gender diversity

DM120144_Pg74_ROB_MAR_2012.indd 74 12-02-03 10:21 AM

PROVIDING A PLATFORM FOR SUCCESS

Proud sponsor of Women in Capital MarketsAs one of the top 50 employers in Canada, we believe that providing a platform for women to succeed in the capital markets is not only important, it’s vital. Through initiatives like our support of WCM as well as our Women in Financial Markets Scholarship program, we are committed to supporting the entry and advancement of women in our industry.

Proud sponsor

nbc.ca/top50

DM120144_Pg75_ROB_MAR_2012.indd 75 12-02-03 9:22 AM

Women in Capital markets

Breaking Through

Special Information Feature

Monique Leroux, Chair, CEO and President, Desjardins GroupI could not have achieved this level of success in my career without the incredible support of my mentors. This is why it’s my responsibility to champion the advancement of women within my organization. Far too often, we see the talents of some women go unrecognized, which

is detrimental to their employer and to the Canadian economy. The best way to remedy this and to ensure that women reach their full potential is by increasing the number of mentoring opportunities across the country.

Nick Thadaney, CEO, ITG Canada Corp.I believe the future is brighter than the cur-rent state – but we need to push harder to make change happen faster. One painfully obvious thing one observes, in many board-rooms, management meetings, etc., is the lack of diversity. Most around those tables look remarkably similar (usually white male about six feet tall, wearing a navy blue suit, white shirt and blue or red tie), with similar

backgrounds, similar interests and (unfortunately) similar thinking. Adding more women at senior levels will improve the quality of deci-sion making. I suppose you could mandate it via affirmative action, but an easier way is likely through education. Just look at what the research shows. In the end, diversity of input yields diversity of output.

Deland Kamanga, Managing Director, BMO Capital Markets Financial Products GroupThe future for women in senior positions in Canadian public companies has sincerely never been brighter. The very existence of entities such as WCM is evidence of the thoughtful infrastructure in place to provide the

resources and the focus on the issues to help qualified women achieve their goals. I see once-closed networks expanding. Each stakeholder has a role in the future of women in senior positions. As women continue to take on visible and challenging assignments and leaders evaluate talent based on skills, we should continue to see a bright future.

Nisa Krongold, Senior Director, Talent Management, Wholesale Banking, Human Resources, CIBC World Markets It makes sense that companies with more women on their management teams outperform those that don’t. Diverse thinking and different man-agement styles bring about more innovative and creative ways to do business. Business leaders will be more conscious of the different ways that men and women operate, the way they build relation-ships, communicate with one another, problem-

solve and make decisions. I’m optimistic that strong representation of women in business will be an accepted strategic imperative for successful companies. But it will take more than just an attitude shift to get to that point.  It needs to be part of company culture and supported through programs, from flexible working arrangements to support for career breaks and re-entry. Companies that man-age this effectively will be stronger and higher performing, with deeper client relationships and higher returns on investment.

Speaking their minds

Canadian industry leaders see big changes ahead in gender diversity

Women in Capital Markets asked executives about their vision of the future for women in senior positions in Canadian public

companies, and what needs to be done to make that future happen.

DM120144_Pg76_ROB_MAR_2012.indd 76 12-02-03 10:23 AM

Women in Capital markets

Breaking Through

Special Information Feature

Monique Leroux, Chair, CEO and President, Desjardins GroupI could not have achieved this level of success in my career without the incredible support of my mentors. This is why it’s my responsibility to champion the advancement of women within my organization. Far too often, we see the talents of some women go unrecognized, which

is detrimental to their employer and to the Canadian economy. The best way to remedy this and to ensure that women reach their full potential is by increasing the number of mentoring opportunities across the country.

Nick Thadaney, CEO, ITG Canada Corp.I believe the future is brighter than the cur-rent state – but we need to push harder to make change happen faster. One painfully obvious thing one observes, in many board-rooms, management meetings, etc., is the lack of diversity. Most around those tables look remarkably similar (usually white male about six feet tall, wearing a navy blue suit, white shirt and blue or red tie), with similar

backgrounds, similar interests and (unfortunately) similar thinking. Adding more women at senior levels will improve the quality of deci-sion making. I suppose you could mandate it via affirmative action, but an easier way is likely through education. Just look at what the research shows. In the end, diversity of input yields diversity of output.

Deland Kamanga, Managing Director, BMO Capital Markets Financial Products GroupThe future for women in senior positions in Canadian public companies has sincerely never been brighter. The very existence of entities such as WCM is evidence of the thoughtful infrastructure in place to provide the

resources and the focus on the issues to help qualified women achieve their goals. I see once-closed networks expanding. Each stakeholder has a role in the future of women in senior positions. As women continue to take on visible and challenging assignments and leaders evaluate talent based on skills, we should continue to see a bright future.

Nisa Krongold, Senior Director, Talent Management, Wholesale Banking, Human Resources, CIBC World Markets It makes sense that companies with more women on their management teams outperform those that don’t. Diverse thinking and different man-agement styles bring about more innovative and creative ways to do business. Business leaders will be more conscious of the different ways that men and women operate, the way they build relation-ships, communicate with one another, problem-

solve and make decisions. I’m optimistic that strong representation of women in business will be an accepted strategic imperative for successful companies. But it will take more than just an attitude shift to get to that point.  It needs to be part of company culture and supported through programs, from flexible working arrangements to support for career breaks and re-entry. Companies that man-age this effectively will be stronger and higher performing, with deeper client relationships and higher returns on investment.

Speaking their minds

Canadian industry leaders see big changes ahead in gender diversity

Women in Capital Markets asked executives about their vision of the future for women in senior positions in Canadian public

companies, and what needs to be done to make that future happen.

DM120144_Pg76_ROB_MAR_2012.indd 76 12-02-03 10:23 AM

Senior Women’s Network

Executive Coaching & Return to Bay

Street Programs

Career Management & Professional Development

Mentorship & Networking

Catalyst Benchmarking

& Research

High School Liaison Program

University Connections & Heather L. Main Memorial

Scholarship Fund WCM Awards recognize leaders, rising stars and support women in advancing their careers.

WCM supports women during every step of their career in the capital markets.

Join today. wcm.ca

WCM APPRECIATES the investment and support of our Corporate Champions, Board Members, and Advisory Council.

Attracting, retaining and advancing women in capital markets enhances ROI.

GOLD SILVER

AnneMarie RyanChairPresident, AMR Associates Inc.

Kathryn SmithVice ChairAssociate Vice-President, Corporate Segment Finance, TD Bank Group

Annie RoparPast ChairManaging Director Global Equities, RBC Capital Markets

Aleksandra Doerffer Corporate SecretaryAssociate, Fraser Milner Casgrain LLP

Shelley TomTreasurerSenior Director, Treasury, CIBC

Lisa PetrelliDirector, Executive CoachingExecutive Director, Equity Trading, UBS Securities Canada Inc.

Samantha Cheung Director, External AffairsVice President, Investor Relations, Genworth Financial Canada

Mari JensenDirector, High School LiaisonAssociate Director, Foreign Exchange Sales, Scotia Capital

Michele GoddardDirector, Internal ProgramsSenior Vice President and Managing Director, BMO Nesbitt Burns

Penny Reid Director, Marketing and CommunicationsMarketing and Communications Consultant

Michelle Heaphy Director, Membership RecruitmentDirector, Corporate Banking, Scotia Capital Inc.

Jennifer Persaud Director, Membership RetentionSenior Program Manager, RBC Financial Group

Michelle Hegeman Director, MentorshipVice President, Portfolio Management, TD Asset Management

Brenda HoganDirector, Program SeriesInvestment & Portfolio Manager, Ontario Capital Growth Corporation

Sonal DoshiDirector, Senior Women InitiativesDirector, Global Investment, RBC Capital Markets

Irene MarkusDirector, Special EventsExecutive Director, Loan Syndications, CIBC

Sarah Wallis-SouthDirector, University ConnectionsDirector, Campus Program Recruitment Canada, RBC Capital Markets

Ashley WarburtonDirector, ViniferaProduct Manager, Dynamic Funds

Martha FellCEO, Women in Capital Markets Ex Officio

Patti Perras ShugartChair, WCM Advisory Council Managing Director & Head, Corporate Banking & Deputy Head of Global Credit, RBC Capital Markets

David F. DenisonPresident & CEO, CPP Investment Board

Mark HughesCOO, RBC Capital Markets

Martine IrmanVice Chair, TD Securities

Heather-Anne IrwinAdjunct Professor, Rotman & Founding WCM President

Heather KainePartner, Financial Services Audit, National Director, Investment Dealer Practice, KPMG

Rick MeslinCEO, UBS Securities Canada Inc.

Richard NesbittSenior Executive Vice-President, CIBC, and Group Head, Wholesale, International, and Technology and Operations

Anne Marie O’DonovanExecutive Vice-President & CAO, Scotia Capital

Ricardo PascoeCo-President & Co-CEO, National Bank Financial, Executive Vice-President, Financial Markets, Member of the Office of the President

Carol StephensonDean, Richard Ivey School of Business

Connie SugiyamaDeputy Chair and Partner, Fraser Milner Casgrain LLP

Eric TrippPresident, BMO Capital Markets

Ruth WoodsCOO, Osler, Hoskin & Harcourt LLP

Board Members:

Corporate Champions:

Advisory Council: