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On Nov. 2, Vancouver Airport Authority (YVR) received two Excellence in Governance Awards (EGAs) in Toronto, Ont., from the Governance Professionals of Canada (GPC)–one for Best Overall Corporate Governance (non-public entity) and one for Best Practices in Enhancing Boardroom Diversity.
The awards honour entities that demonstrate commitment to corporate governance and recognize efforts to increase diversity at the leadership level that lead to improvements in organizational outcomes.
“This isn’t just an award for Vancouver Airport Authority, but for the entire airport community. It’s proof that our unique governance model really works and that our focus on improving the passenger experience and serving our community is innovative and industry-leading,” said YVR chief executive officer and president Craig Richmond.
“To be recognized for promoting diversity on our board is such a special honour. At YVR, we celebrate diversity and truly believe in inclusiveness. Those beliefs are inherent in everything we do, and to have our board recognized for diversity reflects our commitment to these values that lead to our record-setting growth and success,” Richmond added.
Canada’s major airports, including YVR, currently operate under a not-for-profit model, and they are recognized as being among the most efficient in the world. This unique and now award-winning governance model gives Vancouver Airport Authority the flexibility to best meet the needs of the communities it serves while investing in customer service and airport infrastructure.
As such, Canada has some of the most efficient, modern and competitive airports in the world. YVR has been named Best Airport in North America eight years in a row; it was awarded Airport of the Year at the CAPA Awards; and, most recently, it won the World Routes Marketing Awards.
YVR is also the fastest growing international airport in North America, welcoming 22.3 million passengers in 2016, a 9.7 per cent increase–on pace to exceed 25 million passengers by 2020.
YVR’s board of directors is led by an accomplished female chair, it features two female committee chairs, and it has set a 50 per cent target for diversity.
The board identifies diversity as an essential element in attracting qualified directors and maintaining a high-functioning board. YVR’s commitment to diversity extends beyond the board of directors to the entire organization with strong targets for employment of women, people with disabilities, visible minorities and Aboriginal persons.
The EGAs recognize the important contribution that governance professionals make in terms of best practices that build and sustain shareholder and stakeholder value for an organization. The awards underscore the critical role that good governance plays in sustaining the value of Canada’s public companies, crown corporations, government agencies and not-for-profit organizations, contributing to the competitiveness of Canada’s economy and its capital markets.
The EGA’s jury panel is composed of seasoned and well-respected governance experts from across Canada.
