Going Beyond the Magic of Three, Reaching Gender Parity on Our Board
You’ve probably heard about the “magic of three” women in the Boardroom before. If you missed it, it’s the tipping point number for amplifying female voices at traditionally male-dominated tables. Companies capitalize on improved decision-making at three, thanks to the diversity of thought from having both women and men guide an organization. Pam Gibson has been the trailblazer for that magic number at Eldorado Gold since her appointment to the Board in 2014.
As Eldorado Gold’s first female director, Pam Gibson set her sights on paving a path for more women in leadership to follow. The Board initiated its first diversity policy in 2018 – recognizing the importance of identity and cognitive diversity in achieving business results. Gender was noted as a particularly pressing matter. Women in corporate Canada and the mining industry are often under-represented in leadership roles.
Eldorado took another step towards increasing gender diversity by joining the 30% Club Canada in 2018. The 30% Club aims to achieve better gender balance at both the Board and senior management levels. In the same year, Teresa Conway joined the Eldorado Board as the second female director. The 30% Club target was formally incorporated into Eldorado’s diversity policy in 2019, declaring the ambition of having 30% of the Board (and management) be women by 2022.
In less than 18 months, Eldorado has been able to break new ground by exceeding that magic number on the Board. Shareholders appointed not one – but two – female leaders to the Board of Directors in 2020. These appointments make Eldorado an industry leader in gender parity at the Board level, with a total of four female directors (50%).
Beyond moving the needle on gender inclusion, the diversity of experiences these women bring as people are equally important.
Pam Gibson is an accomplished lawyer, having over 30 years of experience, primarily as a corporate lawyer in the mining and energy sectors at Shearman & Sterling LLP.
Teresa Conway joined the Eldorado Gold Board, bringing a wealth of experience in energy marketing and trading as the former CEO of Powerex, which came after an impressive accounting career.
More recent appointments include Dr. Catharine Farrow and Judith Mosely. Dr. Farrow is a professional geologist with over 25 years in the mining industry. Judith Mosely brings more than 20 years of mining and metals experience, focused on business development and finance.
These women are not only Directors but also Committee Chairs at Eldorado Gold, meaning they lead and guide the company in technical, governance, compensation, audit, and sustainability practices. Their diverse backgrounds – including working inside and outside of the mining industry – help ensure we look at business challenges from different lenses and have strategic conversations.
While Eldorado Gold continues to focus on diversity in senior management and the workforce generally, – a key focus of management and the Board. Equally essential is building a culture of inclusion. With a lens to sustainability, Eldorado Gold believes that inclusive organizational cultures will attract and retain greater diversity over time. Diversity in and of itself doesn’t necessarily make for an inclusive company; you only reap the benefits of diversity within inclusive cultures that genuinely embrace the various perspectives available. With cultural diversity as an intrinsic asset thanks to its global footprint, Eldorado Gold focuses on better leveraging talent –ideas, innovations, and solutions – across the company. Having a Board that leads the way in inviting diverse voices to the table makes the inclusion journey an exciting one for breaking new ground.