The Ontario Securities Commission has a comply or explain at a 30% level for women on boards, which I think is a very good first step in terms of getting to the root of this issue. That's had a material impact on the number of women on boards, although a lot of companies are still not complying. I think 45% of public companies on the Toronto stock exchange still have no women on their boards.
That raises the issue of quotas. In the public sector—and I, of course, believe in markets—there's a lot of evidence on what happens with quotas. The greatest case example is in Norway, where they imposed a 40% quota on boards. What happened, unfortunately, was that after they imposed the 40% quota that boards had to comply with, half the companies delisted from the stock exchange and became private companies. The quota had only applied to public companies.
You want to avoid the unintended consequences. Quotas also demean everyone on the board and every candidate on the board because you don't know whether you're put on the board because of a quota or not. I think it's far better to lead by example and encourage the people who are supportive—and there are quite a few men and women—and support those people by leading through example.
I'll go back to the crown corporations and agencies that are in direct control of the federal government. Look at the gender composition of those.