CI Financial believes that good corporate governance is essential to the effective and efficient operation of the company. The Board of Directors and management are committed to maintaining a high standard of governance, including through compliance with the governance guidelines of the Canadian securities administrators and best practices recommendations of the Canadian Coalition for Good Governance.
CI believes that it is important that a majority of its Board of Directors be independent of management. All members of the CI Board are independent, other than CI's Chief Executive Officer, immediate past-President and the Chairman of the Board of Directors.
All directors, officers, and employees of CI Financial and its subsidiaries and affiliates are governed by the CI Code of Business Conduct and Ethics, which requires them to follow the highest standards of integrity and ethical business conduct.
The Board of Directors pays special attention to the issue of risk management at CI through the Board's Audit and Risk Committee, and governance through the Board's Governance, Human Resources, and Compensation Committee. The Committees' mandates are to develop the company's approach to governance issues and oversee the corporate governance process, including enterprise risk management policies and procedures.
CI also upholds principles, policies, and procedures that promote integrity and ensure compliance with applicable laws and regulations in specialized areas of the company. These include policies addressing money laundering, bribery and corruption, personal trading by portfolio managers and other employees, and sales practices. CI also maintains a whistleblower policy under which employees may anonymously submit complaints or concerns to senior management or to the Board's Lead Director.
CI provides disclosure of its corporate governance practices in its annual Management Information Circular found in the Shareholder Meetings section of this website.
Important documents relating to the corporate governance of CI Financial:
- Board of Directors' Mandate
- Chairman of the Board of Directors – Position Description
- Lead Director of the Board of Directors – Position Description
- Chief Executive Officer – Position Description
It is the responsibility of the Board to supervise the management of the business and affairs of the Corporation. The specific duties and Board functions are set out in detail in the Board of Directors' Mandate. The Board Mandate is reviewed each year and changes will be made when necessary to reflect evolving best practices in governance and management oversight. The specific duties of the Lead Director and Chairman of the Board are set out in their respective position descriptions.
There are currently two standing committees of the Board – the Audit and Risk Committee, and the Governance, Human Resources, and Compensation Committee. The Committees are composed entirely of independent Directors. Each Committee of the Board has a written charter and is required to review and reassess its charter at least annually.
CI Code of Business Conduct and Ethics
The Code of Business Conduct and Ethics constitutes written standards designed to promote integrity and to deter wrongdoing. All directors, officers and employees of CI Financial and its subsidiaries and affiliates are governed by the CI Code of Business Conduct and Ethics.
Additional Corporate Documentation
The Board of Directors believes that communication with shareholders is an important part of the governance process and encourages shareholders to express their views.
CI Financial's independent directors may be contacted at:
c/o Lead Director
2 Queen Street East, 20th Floor
Toronto, Ontario M5C 3G7
Last updated: February 2020