The number of women in top executive jobs at Canada’s largest publicly traded companies has hit a record high, and banks lead the way in this realm, executive search firm Rosenzweig & Company has revealed.

But the fourth annual Report on Women at the Top Levels of Corporate Canada shows that the number of women with top-level jobs remains very low. It found that 36 women now hold top officer jobs in Canada’s 100 largest publicly traded companies, up from 31 last year. On a percentage basis of top jobs, women now hold 7.2% of the positions, up from 5.8% last year.

“The good news is there are more women rising to top jobs and 15 are newly on the list this year which may indicate turnover and change is in the air,” said Jay Rosenzweig, managing partner of Rosenzweig & Company. “The bad news is that the number remains inexcusably low and Corporate Canada’s ‘old boys’ network’ continues to disregard such a diverse talent pool in the workforce for leadership roles.”

Rosenzweig added that the economic downturn could slow the pace of change.

The study analyzed the 100 biggest publicly traded companies in Canada, based on revenue. Annual revenues at these large corporations range from $41.3 billion down to $1.9 billion. Combined, there are 544 top officer positions at these companies.

All these corporations must name and publicly disclose the compensation of their CEO, CFO, and at least the next three highest compensated executive officers. Some companies list more than five officers.

Rosenzweig & Company notes that Canadian banks have become leaders in promoting women to top jobs. Of the five largest Canadian banks, four are included on the list: RBC, TD, CIBC and BMO. In addition, the company notes that TD CFO Colleen Johnston ranked number 1 in the 2008 “Top 25 Women to Watch” published by the American Banker, and Ellen Costello, president and CEO of BMO Financial Group’s Harris Financial Corp. ranked number 12 on the list.

Just six of the companies analyzed—including BMO Financial Group—had more than one woman listed among the top executives.

The report found that more than two-thirds of Canada’s biggest public companies do not have women executives at the top paid ranks.

“We are hopeful the election of Barack Obama to the top job in the free world will boost diversity in North American boardrooms,” said Rosenzweig. “Clearly, these abysmally low numbers for women—half the population and almost half the workforce—indicate change is needed; and the sooner the better.”

Studies show that more diversity at leadership levels spreads through the organization and improves financial performance, according to Rosenzweig. “This is not simply a social and moral issue, but an issue about maximizing shareholder value,” he said.

IE