I believe that we can create a unique value proposition that will differentiate Canada when it comes to our corporate governance structure. I believe this can be a competitive advantage for us. As I travel internationally, or even across Canada, it's become very clear that the number one ingredient for our success going forward, particularly in the global context—and you talked about the economy and the change and scope and speed of technology, the fact that there is a great deal of disruption—is investing in our people and talent.
When you look at our stats, the stats are pretty problematic in the current situation. For example, to illustrate this point, women hold only 13% of all seats on Canadian boards, and only 19.1% of those are Financial Post 500 companies, yet they make up 48% of the workforce. Think about that for a moment. If we were to change that drastically it would truly provide a competitive advantage for us. The thinking is that we value diversity; we promote multiculturalism; we have great social cohesion; and we're a country that is very clear about saying we're open to people, ideas, trade, immigration. How do we leverage that openness and see that reflected at the board level, in senior management? That's not only the right thing to do but it truly helps the bottom line, and there are numerous studies that reflect that.
When you talk about the global context I think that Canada can position itself as a world leader when it comes to corporate governance diversity and corporate governance practices, and that's really what this bill is all about. It's about introducing best practices so that we can strengthen what we want to achieve at the corporate level, both at the board level and at the management level. I think that is a competitive advantage for us.