March 9, 2021

Women in leadership roles - How does Mining compare to other industries?

Women are making powerful strides. In Washington, a record number of women are holding seats in Congress — as well as, of course, the vice presidency. In Hollywood, a record number of films are featuring women, both on camera and behind the scenes.
However, when it comes to publicly traded companies, the number of women leaders is still dismally low. Only 3% of companies that went public from 1996 to 2013 had women CEOs. (1)

In the United States, only about 20 women have founded and led a company through to an IPO in the last 10 years, based on data from companies that are currently publicly traded. (2)

The Gap in Mining

Research by the Industry Human Resources Council found that “mining companies have a lower representation of women compared to the very same occupation in other industries ... whether the occupation is traditionally associated with a higher ... or a lower representation of women.” Naturally, these circumstances limit the pool of experienced women coming up through the ranks to become executives and directors. It also means women in the industry with board potential tend to have smaller networks and less visibility when new board seats are up for grabs. (3)

The disparity in diversity levels between Canadian mining companies and other TSX-listed firms is most pronounced for women directors. Data compiled for Osler’s 2020 Diversity Disclosure Practices report shows that just 16% of directors at mining companies in 2020 were women, (up from 13% in 2019), compared to 20% for TSX-listed companies as a whole and 31% at S&P/TSX 60 companies. On a per-board basis, the number of women directors was 1.25, versus 1.68 women directors per board for TSX-listed companies overall and 3.53 for S&P/TSX 60 companies.

Images from https://www.osler.com

Breaking the trend

Earlier this week, Orogen announced it has optioned its Ecru gold project, which lies in the prolific Cortez camp in Lander County, Nevada, US, to Moneghetti Minerals. "We are excited to bring this opportunity to Moneghetti, Australia’s first all-female-led resource company focused on gold projects in Nevada and Western Australia." commented Paddy Nicol, Orogen's CEO.  

"We are definitely not your father’s mining company.” commented Ms. Anna Nahajski-Staples, Moneghetti Minerals’ Executive Director, but she prefers to bring attention to the team’s qualifications; “We selected a board and management team based on merit and expertise to best suit Moneghetti’s gold exploration business model – interest in the Company should be centred around our compelling projects and investment proposition,” said Ms Nahajski-Staples.

“We have a top notch, experienced, well-credentialed team to deliver exceptional value to shareholders and make a positive impact in the junior mining sector with a fresh, enthusiastic approach to our growth initiatives,” she said. Established in February 2020, Moneghetti Minerals is a gold exploration and development company, focused on high-grade opportunities in first world countries – primarily the US and Australia. The Company plans to IPO on the Australian Securities Exchange (ASX) by mid-2021.

(1) https://thestoryexchange.org/31-public-companies-founded-women/
(2) https://www.businessinsider.com/female-entrepreneurs-face-obstacles-taking-companies-public-2020-12
(3) https://www.osler.com/en/resources/governance/2019/diversity-disclosure-practices-report-mining-industry