Board Shareholder Confidence Index 2017

Transcription

1 Clarkson Centre for Board Effectiveness Board Shareholder 2017 Developed in spring 2003, the Board Shareholder comprises factors often used by active shareholders to assess Boards of s.* While there are other variables not in our model that contribute to the effectiveness of Boards -- including elements that can only be observed from inside the boardroom -- we capture factors affecting shareholders confidence in the Boards abilities to fulfill their duties. These factors are different from the TSX Guidelines for effective corporate governance in that they take into account the shareholders perception of risk. Based on factors available to those outside the walls of the boardroom, we evaluate and rank Boards of s by their potential to act in an effective way and by their performance, as indicated by past practices. The score is developed using four linked steps. The result is a transparent, objective, and adaptable rating system that assigns companies listed on the S&P/TSX Composite Index a score out of 150. *Please see the BSCI 2017 Methodology for further details. Sections in Report: 1 - Totals (11 pages) 2 - Individual Potential (11 pages) 3 - Group Potential (7 pages) 4 - Board Decision BOARD Output DECISION (7 pages) OUTPUT 105 St. George Street, Toronto, Ontario M5S 3E6 1/37

2 Clarkson Centre for Board Effectiveness TOTALS 105 St. George Street, Toronto, Ontario M5S 3E6 2/37

3 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS AAR.UN Pure Industrial Real Estate Trust AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AGU Agrium Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT AQN Algonquin Power & Utilities Corp ARE Aecon Group Inc ARX ARC Resources Ltd ASR Alacer Gold Corp ATA ATS Automation Tooling Systems Inc ATD.B Alimentation Couche-Tard Inc AX.UN Artis Real Estate Investment Trust BAD Badger Daylighting Inc BAM.A Brookfield Asset Management Inc BB BlackBerry Limited BBD.B Bombardier Inc BCB Cott Corporation BCE BCE Inc St. George Street, Toronto, Ontario M5S 3E6 3/37

4 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS BEI.UN Boardwalk Real Estate Investment Trust BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal BNP Bonavista Energy Corporation BNS Bank of Nova Scotia BTE Baytex Energy Corporation BTO B2Gold Corp BYD.UN Boyd Group Income Fund CAE CAE Inc CAR.UN Canadian Apartment Properties Real Estate Investment Tru CAS Cascades Inc CCA Cogeco Communications Inc CCL.B CCL Industries Inc CCO Cameco Corporation CEU CES Energy Solutions Corp CFP Canfor Corporation CG Centerra Gold Inc CGX Cineplex Inc CHE.UN Chemtrade Logistics Income Fund CIGI Colliers International Group Inc CIX CI Financial Corp CJR.B CORUS Entertainment Inc CLS Celestica Inc CM Canadian Imperial Bank of Commerce St. George Street, Toronto, Ontario M5S 3E6 4/37

5 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS CMG Computer Modelling Group Ltd CNQ Canadian Natural Resources Limited CNR Canadian National Railway Company CP Canadian Pacific Railway Ltd CPG Crescent Point Energy Corp CPX Capital Power Corporation CR Crew Energy Inc CRR.UN Crombie Real Estate Investment Trust CSH.UN Chartwell Retirement Residences CSU Constellation Software Inc CTC.A Canadian Tire Corporation Limited CU Canadian Utilities Limited CUF.UN Cominar Real Estate Investment Trust CVE Cenovus Energy Inc CWB Canadian Western Bank D.UN Dream Office Real Estate Investment Trust DGC Detour Gold Corporation DHX.B DHX Media Ltd DII.B Dorel Industries Inc DOL Dollarama Inc DOO BRP Inc DRG.UN Dream Global REIT DSG Descartes Systems Group Inc (The) ECA Encana Corporation ECI EnerCare Inc St. George Street, Toronto, Ontario M5S 3E6 5/37

6 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp EFX Enerflex Ltd EIF Exchange Income Corporation ELD Eldorado Gold Corporation EMA Emera Incorporated EMP.A Empire Company Limited ENB Enbridge Inc ENF Enbridge Income Fund Holdings Inc ENGH Enghouse Systems Limited ERF Enerplus Corporation ESI Ensign Energy Services Inc EXE Extendicare Inc FCR First Capital Realty Inc FFH Fairfax Financial Holdings Limited FM First Quantum Minerals Ltd FNV Franco-Nevada Corporation FR First Majestic Silver Corp FRU Freehold Royalties Limited FSV FirstService Corporation FTS Fortis Inc FTT Finning International Inc FVI Fortuna Silver Mines Inc G Goldcorp Inc St. George Street, Toronto, Ontario M5S 3E6 6/37

7 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS GC Great Canadian Gaming Corporation GEI Gibson Energy Inc GIB.A CGI Group Inc GIL Gildan Activewear Inc GRT.UN Granite Real Estate Investment Trust GTE Gran Tierra Energy Inc GUD Knight Therapeutics Inc GUY Guyana Goldfields Inc GWO Great-West Lifeco Inc H Hydro One Limited HBC Hudson's Bay Company HBM HudBay Minerals Inc HCG Home Capital Group Inc HR.UN H&R Real Estate Investment Trust HSE Husky Energy Inc IAG Industrial Alliance Insurance and Financial Services Inc IFC Intact Financial Corporation IFP Interfor Corporation IGM IGM Financial Inc IMG IAMGOLD Corporation IMO Imperial Oil Limited INE Innergex Renewable Energy Inc IPL Inter Pipeline Ltd ITP Intertape Polymer Group Inc IVN Ivanhoe Mines Ltd St. George Street, Toronto, Ontario M5S 3E6 7/37

8 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS JE Just Energy Group Inc K Kinross Gold Corporation KDX Klondex Mines Ltd KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KXS Kinaxis Inc L Loblaw Companies Limited LB Laurentian Bank of Canada LIF Labrador Iron Ore Royalty Corporation LNR Linamar Corporation LUC Lucara Diamond Corp LUN Lundin Mining Corporation MAG MAG Silver Corp MAXR Maxar Technologies Ltd MEG MEG Energy Corp MFC Manulife Financial Corporation MFI Maple Leaf Foods Inc MG Magna International Inc MIC Genworth MI Canada Inc MNW Mitel Networks Corporation MRE Martinrea International MRU Metro Inc MSI Morneau Shepell Inc MTL Mullen Group Ltd St. George Street, Toronto, Ontario M5S 3E6 8/37

9 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS MX Methanex Corporation NA National Bank of Canada NFI New Flyer Industries Inc NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC North West Company Inc NXE NexGen Energy Ltd OGC OceanaGold Corp ONEX ONEX Corporation OR Osisko Gold Royalties OSB Norbord Inc OTEX OpenText Corporation PAAS Pan American Silver Corporation PBH Premium Brands Holdings Corporation PD Precision Drilling Corporation PEY Peyto Exploration & Development Corp PJC.A Jean Coutu Group (PJC) Inc PKI Parkland Fuel Corporation PLI ProMetic Life Sciences Inc POT Potash Corporation of Saskatchewan Inc POW Power Corporation of Canada St. George Street, Toronto, Ontario M5S 3E6 9/37

10 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS PPL Pembina Pipeline Corporation PSI Pason Systems Inc PSK PrairieSky Royalty Ltd PVG Pretium Resources Inc PWF Power Financial Corporation PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REF.UN Canadian Real Estate Investment Trust REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc RRX Raging River Exploration Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc SHOP Shopify Inc SJ Stella-Jones Inc SJR.B Shaw Communications Inc SLF Sun Life Financial Inc SMF SEMAFO Inc SNC SNC-Lavalin Group Inc St. George Street, Toronto, Ontario M5S 3E6 10/37

11 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS SPB Superior Plus Corp SPE Spartan Energy Corp SRU.UN Smart Real Estate Investment Trust SSL Sandstorm Gold Ltd SSRM SSR Mining Inc STN Stantec Inc SU Suncor Energy Inc SW Sierra Wireless Inc T TELUS Corporation TA TransAlta Corp TCL.A Transcontinental Inc TCN Tricon Capital Group Inc TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc THO Tahoe Resources Inc TIH Toromont Industries Ltd TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp TRI Thomson Reuters Corporation TRP TransCanada Corp TRQ Turquoise Hill Resources Ltd TSGI The Stars Group Inc TXG Torex Gold Resources Inc UNS Uni-Sélect Inc St. George Street, Toronto, Ontario M5S 3E6 11/37

12 TOTALS Information on scoring can be found on our website at TICKER COMPANY SCORE INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS VET Vermilion Energy Inc VII Seven Generations Energy Ltd VRX Valeant Pharmaceuticals International Inc WCN Waste Connections Inc WCP Whitecap Resources Inc WEED Canopy Growth Corporation WEF Western Forest Products Inc WFT West Fraser Timber Co. Ltd WJA WestJet Airlines Ltd WN George Weston Limited WPK Winpak Limited WPM Wheaton Precious Metals Corp WSP WSP Global Inc WTE Westshore Terminals Investment Corporation X TMX Group Limited YRI Yamana Gold Inc ZZZ Sleep Country Canada Holdings Inc St. George Street, Toronto, Ontario M5S 3E6 12/37

13 Clarkson Centre for Board Effectiveness INDIVIDUAL 105 St. George Street, Toronto, Ontario M5S 3E6 13/37

14 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION AAR.UN Pure Industrial Real Estate Trust AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AGU Agrium Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT AQN Algonquin Power & Utilities Corp ARE Aecon Group Inc ARX ARC Resources Ltd ASR Alacer Gold Corp ATA ATS Automation Tooling Systems Inc ATD.B Alimentation Couche-Tard Inc AX.UN Artis Real Estate Investment Trust BAD Badger Daylighting Inc BAM.A Brookfield Asset Management Inc BB BlackBerry Limited BBD.B Bombardier Inc BCB Cott Corporation BCE BCE Inc St. George Street, Toronto, Ontario M5S 3E6 14/37

15 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION BEI.UN Boardwalk Real Estate Investment Trust BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal BNP Bonavista Energy Corporation BNS Bank of Nova Scotia BTE Baytex Energy Corporation BTO B2Gold Corp BYD.UN Boyd Group Income Fund CAE CAE Inc CAR.UN Canadian Apartment Properties Real Estate Investment Tru CAS Cascades Inc CCA Cogeco Communications Inc CCL.B CCL Industries Inc CCO Cameco Corporation CEU CES Energy Solutions Corp CFP Canfor Corporation CG Centerra Gold Inc CGX Cineplex Inc CHE.UN Chemtrade Logistics Income Fund CIGI Colliers International Group Inc CIX CI Financial Corp CJR.B CORUS Entertainment Inc CLS Celestica Inc CM Canadian Imperial Bank of Commerce St. George Street, Toronto, Ontario M5S 3E6 15/37

16 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION CMG Computer Modelling Group Ltd CNQ Canadian Natural Resources Limited CNR Canadian National Railway Company CP Canadian Pacific Railway Ltd CPG Crescent Point Energy Corp CPX Capital Power Corporation CR Crew Energy Inc CRR.UN Crombie Real Estate Investment Trust CSH.UN Chartwell Retirement Residences CSU Constellation Software Inc CTC.A Canadian Tire Corporation Limited CU Canadian Utilities Limited CUF.UN Cominar Real Estate Investment Trust CVE Cenovus Energy Inc CWB Canadian Western Bank D.UN Dream Office Real Estate Investment Trust DGC Detour Gold Corporation DHX.B DHX Media Ltd DII.B Dorel Industries Inc DOL Dollarama Inc DOO BRP Inc DRG.UN Dream Global REIT DSG Descartes Systems Group Inc (The) ECA Encana Corporation ECI EnerCare Inc St. George Street, Toronto, Ontario M5S 3E6 16/37

17 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp EFX Enerflex Ltd EIF Exchange Income Corporation ELD Eldorado Gold Corporation EMA Emera Incorporated EMP.A Empire Company Limited ENB Enbridge Inc ENF Enbridge Income Fund Holdings Inc ENGH Enghouse Systems Limited ERF Enerplus Corporation ESI Ensign Energy Services Inc EXE Extendicare Inc FCR First Capital Realty Inc FFH Fairfax Financial Holdings Limited FM First Quantum Minerals Ltd FNV Franco-Nevada Corporation FR First Majestic Silver Corp FRU Freehold Royalties Limited FSV FirstService Corporation FTS Fortis Inc FTT Finning International Inc FVI Fortuna Silver Mines Inc G Goldcorp Inc St. George Street, Toronto, Ontario M5S 3E6 17/37

18 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION GC Great Canadian Gaming Corporation GEI Gibson Energy Inc GIB.A CGI Group Inc GIL Gildan Activewear Inc GRT.UN Granite Real Estate Investment Trust GTE Gran Tierra Energy Inc GUD Knight Therapeutics Inc GUY Guyana Goldfields Inc GWO Great-West Lifeco Inc H Hydro One Limited HBC Hudson's Bay Company HBM HudBay Minerals Inc HCG Home Capital Group Inc HR.UN H&R Real Estate Investment Trust HSE Husky Energy Inc IAG Industrial Alliance Insurance and Financial Services Inc IFC Intact Financial Corporation IFP Interfor Corporation IGM IGM Financial Inc IMG IAMGOLD Corporation IMO Imperial Oil Limited INE Innergex Renewable Energy Inc IPL Inter Pipeline Ltd ITP Intertape Polymer Group Inc IVN Ivanhoe Mines Ltd St. George Street, Toronto, Ontario M5S 3E6 18/37

19 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION JE Just Energy Group Inc K Kinross Gold Corporation KDX Klondex Mines Ltd KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KXS Kinaxis Inc L Loblaw Companies Limited LB Laurentian Bank of Canada LIF Labrador Iron Ore Royalty Corporation LNR Linamar Corporation LUC Lucara Diamond Corp LUN Lundin Mining Corporation MAG MAG Silver Corp MAXR Maxar Technologies Ltd MEG MEG Energy Corp MFC Manulife Financial Corporation MFI Maple Leaf Foods Inc MG Magna International Inc MIC Genworth MI Canada Inc MNW Mitel Networks Corporation MRE Martinrea International MRU Metro Inc MSI Morneau Shepell Inc MTL Mullen Group Ltd St. George Street, Toronto, Ontario M5S 3E6 19/37

20 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION MX Methanex Corporation NA National Bank of Canada NFI New Flyer Industries Inc NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC North West Company Inc NXE NexGen Energy Ltd OGC OceanaGold Corp ONEX ONEX Corporation OR Osisko Gold Royalties OSB Norbord Inc OTEX OpenText Corporation PAAS Pan American Silver Corporation PBH Premium Brands Holdings Corporation PD Precision Drilling Corporation PEY Peyto Exploration & Development Corp PJC.A Jean Coutu Group (PJC) Inc PKI Parkland Fuel Corporation PLI ProMetic Life Sciences Inc POT Potash Corporation of Saskatchewan Inc POW Power Corporation of Canada St. George Street, Toronto, Ontario M5S 3E6 20/37

21 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION PPL Pembina Pipeline Corporation PSI Pason Systems Inc PSK PrairieSky Royalty Ltd PVG Pretium Resources Inc PWF Power Financial Corporation PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REF.UN Canadian Real Estate Investment Trust REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc RRX Raging River Exploration Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc SHOP Shopify Inc SJ Stella-Jones Inc SJR.B Shaw Communications Inc SLF Sun Life Financial Inc SMF SEMAFO Inc SNC SNC-Lavalin Group Inc St. George Street, Toronto, Ontario M5S 3E6 21/37

22 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION SPB Superior Plus Corp SPE Spartan Energy Corp SRU.UN Smart Real Estate Investment Trust SSL Sandstorm Gold Ltd SSRM SSR Mining Inc STN Stantec Inc SU Suncor Energy Inc SW Sierra Wireless Inc T TELUS Corporation TA TransAlta Corp TCL.A Transcontinental Inc TCN Tricon Capital Group Inc TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc THO Tahoe Resources Inc TIH Toromont Industries Ltd TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp TRI Thomson Reuters Corporation TRP TransCanada Corp TRQ Turquoise Hill Resources Ltd TSGI The Stars Group Inc TXG Torex Gold Resources Inc UNS Uni-Sélect Inc St. George Street, Toronto, Ontario M5S 3E6 22/37

23 INDIVIDUAL TICKER COMPANY Board Independence Attendance Share Ownership Deductions Score MAXIMUM DEDUCTION VET Vermilion Energy Inc VII Seven Generations Energy Ltd VRX Valeant Pharmaceuticals International Inc WCN Waste Connections Inc WCP Whitecap Resources Inc WEED Canopy Growth Corporation WEF Western Forest Products Inc WFT West Fraser Timber Co. Ltd WJA WestJet Airlines Ltd WN George Weston Limited WPK Winpak Limited WPM Wheaton Precious Metals Corp WSP WSP Global Inc WTE Westshore Terminals Investment Corporation X TMX Group Limited YRI Yamana Gold Inc ZZZ Sleep Country Canada Holdings Inc St. George Street, Toronto, Ontario M5S 3E6 23/37

24 Clarkson Centre for Board Effectiveness GROUP 105 St. George Street, Toronto, Ontario M5S 3E6 24/37

25 GROUP TICKER COMPANY CEO/Chair Split Board Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Board Retirement Policies Board Gender Diversity Deductions Score MAXIMUM DEDUCTION AAR.UN Pure Industrial Real Estate Trust AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AGU Agrium Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT AQN Algonquin Power & Utilities Corp ARE Aecon Group Inc ARX ARC Resources Ltd ASR Alacer Gold Corp ATA ATS Automation Tooling Systems Inc ATD.B Alimentation Couche-Tard Inc AX.UN Artis Real Estate Investment Trust BAD Badger Daylighting Inc BAM.A Brookfield Asset Management Inc BB BlackBerry Limited BBD.B Bombardier Inc BCB Cott Corporation BCE BCE Inc BEI.UN Boardwalk Real Estate Investment Trust BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal BNP Bonavista Energy Corporation BNS Bank of Nova Scotia BTE Baytex Energy Corporation BTO B2Gold Corp BYD.UN Boyd Group Income Fund CAE CAE Inc CAR.UN Canadian Apartment Properties Real Estate Investment Trust CAS Cascades Inc CCA Cogeco Communications Inc CCL.B CCL Industries Inc CCO Cameco Corporation CEU CES Energy Solutions Corp CFP Canfor Corporation CG Centerra Gold Inc CGX Cineplex Inc CHE.UN Chemtrade Logistics Income Fund CIGI Colliers International Group Inc CIX CI Financial Corp St. George Street, Toronto, Ontario M5S 3E6 25/37

26 GROUP TICKER COMPANY CEO/Chair Split Board Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Board Retirement Policies Board Gender Diversity Deductions Score MAXIMUM DEDUCTION CJR.B CORUS Entertainment Inc CLS Celestica Inc CM Canadian Imperial Bank of Commerce CMG Computer Modelling Group Ltd CNQ Canadian Natural Resources Limited CNR Canadian National Railway Company CP Canadian Pacific Railway Ltd CPG Crescent Point Energy Corp CPX Capital Power Corporation CR Crew Energy Inc CRR.UN Crombie Real Estate Investment Trust CSH.UN Chartwell Retirement Residences CSU Constellation Software Inc CTC.A Canadian Tire Corporation Limited CU Canadian Utilities Limited CUF.UN Cominar Real Estate Investment Trust CVE Cenovus Energy Inc CWB Canadian Western Bank D.UN Dream Office Real Estate Investment Trust DGC Detour Gold Corporation DHX.B DHX Media Ltd DII.B Dorel Industries Inc DOL Dollarama Inc DOO BRP Inc DRG.UN Dream Global REIT DSG Descartes Systems Group Inc (The) ECA Encana Corporation ECI EnerCare Inc ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp EFX Enerflex Ltd EIF Exchange Income Corporation ELD Eldorado Gold Corporation EMA Emera Incorporated EMP.A Empire Company Limited ENB Enbridge Inc ENF Enbridge Income Fund Holdings Inc ENGH Enghouse Systems Limited ERF Enerplus Corporation ESI Ensign Energy Services Inc EXE Extendicare Inc FCR First Capital Realty Inc FFH Fairfax Financial Holdings Limited FM First Quantum Minerals Ltd FNV Franco-Nevada Corporation FR First Majestic Silver Corp St. George Street, Toronto, Ontario M5S 3E6 26/37

27 GROUP TICKER COMPANY CEO/Chair Split Board Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Board Retirement Policies Board Gender Diversity Deductions Score MAXIMUM DEDUCTION FRU Freehold Royalties Limited FSV FirstService Corporation FTS Fortis Inc FTT Finning International Inc FVI Fortuna Silver Mines Inc G Goldcorp Inc GC Great Canadian Gaming Corporation GEI Gibson Energy Inc GIB.A CGI Group Inc GIL Gildan Activewear Inc GRT.UN Granite Real Estate Investment Trust GTE Gran Tierra Energy Inc GUD Knight Therapeutics Inc GUY Guyana Goldfields Inc GWO Great-West Lifeco Inc H Hydro One Limited HBC Hudson's Bay Company HBM HudBay Minerals Inc HCG Home Capital Group Inc HR.UN H&R Real Estate Investment Trust HSE Husky Energy Inc IAG Industrial Alliance Insurance and Financial Services Inc IFC Intact Financial Corporation IFP Interfor Corporation IGM IGM Financial Inc IMG IAMGOLD Corporation IMO Imperial Oil Limited INE Innergex Renewable Energy Inc IPL Inter Pipeline Ltd ITP Intertape Polymer Group Inc IVN Ivanhoe Mines Ltd JE Just Energy Group Inc K Kinross Gold Corporation KDX Klondex Mines Ltd KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KXS Kinaxis Inc L Loblaw Companies Limited LB Laurentian Bank of Canada LIF Labrador Iron Ore Royalty Corporation LNR Linamar Corporation LUC Lucara Diamond Corp LUN Lundin Mining Corporation MAG MAG Silver Corp MAXR Maxar Technologies Ltd MEG MEG Energy Corp St. George Street, Toronto, Ontario M5S 3E6 27/37

28 GROUP TICKER COMPANY CEO/Chair Split Board Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Board Retirement Policies Board Gender Diversity Deductions Score MAXIMUM DEDUCTION MFC Manulife Financial Corporation MFI Maple Leaf Foods Inc MG Magna International Inc MIC Genworth MI Canada Inc MNW Mitel Networks Corporation MRE Martinrea International MRU Metro Inc MSI Morneau Shepell Inc MTL Mullen Group Ltd MX Methanex Corporation NA National Bank of Canada NFI New Flyer Industries Inc NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC North West Company Inc NXE NexGen Energy Ltd OGC OceanaGold Corp ONEX ONEX Corporation OR Osisko Gold Royalties OSB Norbord Inc OTEX OpenText Corporation PAAS Pan American Silver Corporation PBH Premium Brands Holdings Corporation PD Precision Drilling Corporation PEY Peyto Exploration & Development Corp PJC.A Jean Coutu Group (PJC) Inc PKI Parkland Fuel Corporation PLI ProMetic Life Sciences Inc POT Potash Corporation of Saskatchewan Inc POW Power Corporation of Canada PPL Pembina Pipeline Corporation PSI Pason Systems Inc PSK PrairieSky Royalty Ltd PVG Pretium Resources Inc PWF Power Financial Corporation PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REF.UN Canadian Real Estate Investment Trust REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc St. George Street, Toronto, Ontario M5S 3E6 28/37

29 GROUP TICKER COMPANY CEO/Chair Split Board Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Board Retirement Policies Board Gender Diversity Deductions Score MAXIMUM DEDUCTION RRX Raging River Exploration Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc SHOP Shopify Inc SJ Stella-Jones Inc SJR.B Shaw Communications Inc SLF Sun Life Financial Inc SMF SEMAFO Inc SNC SNC-Lavalin Group Inc SPB Superior Plus Corp SPE Spartan Energy Corp SRU.UN Smart Real Estate Investment Trust SSL Sandstorm Gold Ltd SSRM SSR Mining Inc STN Stantec Inc SU Suncor Energy Inc SW Sierra Wireless Inc T TELUS Corporation TA TransAlta Corp TCL.A Transcontinental Inc TCN Tricon Capital Group Inc TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc THO Tahoe Resources Inc TIH Toromont Industries Ltd TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp TRI Thomson Reuters Corporation TRP TransCanada Corp TRQ Turquoise Hill Resources Ltd TSGI The Stars Group Inc TXG Torex Gold Resources Inc UNS Uni-Sélect Inc VET Vermilion Energy Inc VII Seven Generations Energy Ltd VRX Valeant Pharmaceuticals International Inc WCN Waste Connections Inc WCP Whitecap Resources Inc WEED Canopy Growth Corporation WEF Western Forest Products Inc WFT West Fraser Timber Co. Ltd WJA WestJet Airlines Ltd WN George Weston Limited St. George Street, Toronto, Ontario M5S 3E6 29/37

30 GROUP TICKER COMPANY CEO/Chair Split Board Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Board Retirement Policies Board Gender Diversity Deductions Score MAXIMUM DEDUCTION WPK Winpak Limited WPM Wheaton Precious Metals Corp WSP WSP Global Inc WTE Westshore Terminals Investment Corporation X TMX Group Limited YRI Yamana Gold Inc ZZZ Sleep Country Canada Holdings Inc St. George Street, Toronto, Ontario M5S 3E6 30/37

31 Clarkson Centre for Board Effectiveness BOARD DECISION OUTPUT 105 St. George Street, Toronto, Ontario M5S 3E6 31/37

32 BOARD DECISION OUTPUT TICKER Change of Control Provisions CEO Share Ownership Requirements CEO Succession Planning Option Performance CEO COMPANY Plan Peer Group Compensation Elections MAXIMUM DEDUCTION Say on Pay Policy Deductions Score AAR.UN Pure Industrial Real Estate Trust AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AGU Agrium Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT AQN Algonquin Power & Utilities Corp ARE Aecon Group Inc ARX ARC Resources Ltd ASR Alacer Gold Corp ATA ATS Automation Tooling Systems Inc ATD.B Alimentation Couche-Tard Inc AX.UN Artis Real Estate Investment Trust BAD Badger Daylighting Inc BAM.A Brookfield Asset Management Inc BB BlackBerry Limited BBD.B Bombardier Inc BCB Cott Corporation BCE BCE Inc BEI.UN Boardwalk Real Estate Investment Trust BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal BNP Bonavista Energy Corporation BNS Bank of Nova Scotia BTE Baytex Energy Corporation BTO B2Gold Corp BYD.UN Boyd Group Income Fund CAE CAE Inc CAR.UN Canadian Apartment Properties Real Estate Investment Tru CAS Cascades Inc CCA Cogeco Communications Inc CCL.B CCL Industries Inc CCO Cameco Corporation CEU CES Energy Solutions Corp CFP Canfor Corporation CG Centerra Gold Inc St. George Street, Toronto, Ontario M5S 3E6 32/37

33 BOARD DECISION OUTPUT TICKER Change of Control Provisions CEO Share Ownership Requirements CEO Succession Planning Option Performance CEO COMPANY Plan Peer Group Compensation Elections MAXIMUM DEDUCTION Say on Pay Policy Deductions Score CGX Cineplex Inc CHE.UN Chemtrade Logistics Income Fund CIGI Colliers International Group Inc CIX CI Financial Corp CJR.B CORUS Entertainment Inc CLS Celestica Inc CM Canadian Imperial Bank of Commerce CMG Computer Modelling Group Ltd CNQ Canadian Natural Resources Limited CNR Canadian National Railway Company CP Canadian Pacific Railway Ltd CPG Crescent Point Energy Corp CPX Capital Power Corporation CR Crew Energy Inc CRR.UN Crombie Real Estate Investment Trust CSH.UN Chartwell Retirement Residences CSU Constellation Software Inc CTC.A Canadian Tire Corporation Limited CU Canadian Utilities Limited CUF.UN Cominar Real Estate Investment Trust CVE Cenovus Energy Inc CWB Canadian Western Bank D.UN Dream Office Real Estate Investment Trust DGC Detour Gold Corporation DHX.B DHX Media Ltd DII.B Dorel Industries Inc DOL Dollarama Inc DOO BRP Inc DRG.UN Dream Global REIT DSG Descartes Systems Group Inc (The) ECA Encana Corporation ECI EnerCare Inc ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp EFX Enerflex Ltd EIF Exchange Income Corporation ELD Eldorado Gold Corporation EMA Emera Incorporated EMP.A Empire Company Limited ENB Enbridge Inc ENF Enbridge Income Fund Holdings Inc ENGH Enghouse Systems Limited St. George Street, Toronto, Ontario M5S 3E6 33/37

34 BOARD DECISION OUTPUT TICKER Change of Control Provisions CEO Share Ownership Requirements CEO Succession Planning Option Performance CEO COMPANY Plan Peer Group Compensation Elections MAXIMUM DEDUCTION Say on Pay Policy Deductions Score ERF Enerplus Corporation ESI Ensign Energy Services Inc EXE Extendicare Inc FCR First Capital Realty Inc FFH Fairfax Financial Holdings Limited FM First Quantum Minerals Ltd FNV Franco-Nevada Corporation FR First Majestic Silver Corp FRU Freehold Royalties Limited FSV FirstService Corporation FTS Fortis Inc FTT Finning International Inc FVI Fortuna Silver Mines Inc G Goldcorp Inc GC Great Canadian Gaming Corporation GEI Gibson Energy Inc GIB.A CGI Group Inc GIL Gildan Activewear Inc GRT.UN Granite Real Estate Investment Trust GTE Gran Tierra Energy Inc GUD Knight Therapeutics Inc GUY Guyana Goldfields Inc GWO Great-West Lifeco Inc H Hydro One Limited HBC Hudson's Bay Company HBM HudBay Minerals Inc HCG Home Capital Group Inc HR.UN H&R Real Estate Investment Trust HSE Husky Energy Inc IAG Industrial Alliance Insurance and Financial Services Inc IFC Intact Financial Corporation IFP Interfor Corporation IGM IGM Financial Inc IMG IAMGOLD Corporation IMO Imperial Oil Limited INE Innergex Renewable Energy Inc IPL Inter Pipeline Ltd ITP Intertape Polymer Group Inc IVN Ivanhoe Mines Ltd JE Just Energy Group Inc K Kinross Gold Corporation KDX Klondex Mines Ltd KEL Kelt Exploration Ltd St. George Street, Toronto, Ontario M5S 3E6 34/37

35 BOARD DECISION OUTPUT TICKER Change of Control Provisions CEO Share Ownership Requirements CEO Succession Planning Option Performance CEO COMPANY Plan Peer Group Compensation Elections MAXIMUM DEDUCTION Say on Pay Policy Deductions Score KEY Keyera Corp KL Kirkland Lake Gold Ltd KXS Kinaxis Inc L Loblaw Companies Limited LB Laurentian Bank of Canada LIF Labrador Iron Ore Royalty Corporation LNR Linamar Corporation LUC Lucara Diamond Corp LUN Lundin Mining Corporation MAG MAG Silver Corp MAXR Maxar Technologies Ltd MEG MEG Energy Corp MFC Manulife Financial Corporation MFI Maple Leaf Foods Inc MG Magna International Inc MIC Genworth MI Canada Inc MNW Mitel Networks Corporation MRE Martinrea International MRU Metro Inc MSI Morneau Shepell Inc MTL Mullen Group Ltd MX Methanex Corporation NA National Bank of Canada NFI New Flyer Industries Inc NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC North West Company Inc NXE NexGen Energy Ltd OGC OceanaGold Corp ONEX ONEX Corporation OR Osisko Gold Royalties OSB Norbord Inc OTEX OpenText Corporation PAAS Pan American Silver Corporation PBH Premium Brands Holdings Corporation PD Precision Drilling Corporation PEY Peyto Exploration & Development Corp PJC.A Jean Coutu Group (PJC) Inc PKI Parkland Fuel Corporation St. George Street, Toronto, Ontario M5S 3E6 35/37