Thank you to the FP500 directors who completed our Annual Report Card survey this year and our growing list of pioneering member organizations who make all this possible. Beginning in 2010, we were the first organization to set aspirational targets for Canadian boards: 20% by 2013, increasing to 30% by 2018. 2010 also marked the launch of our first Annual Report Card. We said we were tackling board diversity by starting with the facts.
We established a definition of board diversity that expanded the traditional definition of industry experience, management experience, education, functional area of expertise, geography and age to also include such factors as gender, ethnicity, aboriginal status and disability. We went ahead and published the first-ever baseline in the 2010 Annual Report Card on the representation of women, visible minorities, Aboriginal people and people with disabilities on FP500 boards.
In 2015, our Annual Report Card shows Canadian boards are making glacial progress towards our first goal of 20%. The results are fascinating, revealing why we missed the goal again this year. Only one in five directors say their boards now incorporate discussion on board diversity into their meeting agendas following the new ‘Comply or Explain’ Rule that came into effect on December 31, 2014. This likely reflects that 82% of FP500 directors report their boards are already diverse. Yet, three in five directors believe the new regulations will significantly increase the gender diversity of boards in Canada in the next five years.