Board Shareholder Confidence Index 2018

Transcription

1 Clarkson Centre for Effectiveness Shareholder 2018 Developed in spring 2003, the Shareholder comprises factors often used by active shareholders to assess s of s.* While there are other variables not in our model that contribute to the effectiveness of s -- including elements that can only be observed from inside the boardroom -- we capture factors affecting shareholders confidence in the s 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 s 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 2018 Methodology for further details. Sections in Report: 1 - Totals (11 pages) 2 - Individual Potential (11 pages) 3 - Group Potential (7 pages) 4 - Decision BOARD Output DECISION (7 pages) OUTPUT St. George Street, Toronto, Ontario M5S 3E6 1/34

2 Clarkson Centre for Effectiveness TOTALS 105 St. George Street, Toronto, Ontario M5S 3E6 2/34

3 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACB Aurora Cannabis Inc ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT APH Aphria Inc 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 walk Real Estate Investment Trust BHC Bausch Health Companies Inc. (frmr. Valeant) St. George Street, Toronto, Ontario M5S 3E6 3/34

4 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal 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 CHR Chorus Aviation Inc CIGI Colliers International Group Inc CIX CI Financial Corp 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 St. George Street, Toronto, Ontario M5S 3E6 4/34

5 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS CPG Crescent Point Energy Corp CPX Capital Power Corporation 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 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 ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp. (frmr Element Financial Corp) EFX Enerflex Ltd EIF Exchange Income Corporation ELD Eldorado Gold Corporation EMA Emera Incorporated EMP.A Empire Company Limited ENB Enbridge Inc St. George Street, Toronto, Ontario M5S 3E6 5/34

6 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS 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 GC Great Canadian Gaming Corporation GEI Gibson Energy Inc GIB.A CGI Group Inc GIL Gildan Activewear Inc GOOS Canada Goose Holdings 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 HBC Hudson's Bay Company St. George Street, Toronto, Ontario M5S 3E6 6/34

7 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS 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 K Kinross Gold Corporation KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KML Kinder Morgan Canada Limited KMP.UN Killam Apartment Real Estate Investment Trust 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 St. George Street, Toronto, Ontario M5S 3E6 7/34

8 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS 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 NFI Group Inc. (frmr. New Flyer Industries Inc.) NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NTR Nutrien Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC The North West Company Inc NXE NexGen Energy Ltd OGC OceanaGold Corp ONEX ONEX Corporation OR Osisko Gold Royalties St. George Street, Toronto, Ontario M5S 3E6 8/34

9 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS 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 PKI Parkland Fuel Corporation POU Paramount Resources Ltd 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 PWT Penn West Petroleum Ltd PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc St. George Street, Toronto, Ontario M5S 3E6 9/34

10 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS SHOP Shopify Inc SIA Sienna Senior Living 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 SRU.UN SmartCentres Real Estate Investment Trust (frmr Smart REIT) 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 TCW Trican Well Service Ltd TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc. (formerly TransForce Inc) THO Tahoe Resources Inc TIH Toromont Industries Ltd TLM Talisman Energy inc TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp St. George Street, Toronto, Ontario M5S 3E6 10/34

11 SCORE TOTALS INDIVIDUAL GROUP BOARD DECISION OUTPUT MAXIMUM POINTS TOY Spin Master 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 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. (formerly Silver Wheaton 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 11/34

12 Clarkson Centre for Effectiveness INDIVIDUAL 105 St. George Street, Toronto, Ontario M5S 3E6 12/34

13 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACB Aurora Cannabis Inc ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT APH Aphria Inc 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 walk Real Estate Investment Trust BHC Bausch Health Companies Inc. (frmr. Valeant) BIR Birchcliff Energy Ltd Score 105 St. George Street, Toronto, Ontario M5S 3E6 13/34

14 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION BLX Boralex Inc BMO Bank of Montreal 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 CHR Chorus Aviation Inc CIGI Colliers International Group Inc CIX CI Financial Corp 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 14/34

15 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION 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 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 ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp. (frmr Element Financial 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 15/34

16 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION 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 GOOS Canada Goose Holdings 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 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 16/34

17 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION 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 K Kinross Gold Corporation KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KML Kinder Morgan Canada Limited KMP.UN Killam Apartment Real Estate Investment Trust 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 17/34

18 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION 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 NFI Group Inc. (frmr. New Flyer Industries Inc.) NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NTR Nutrien Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC The 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 18/34

19 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION PKI Parkland Fuel Corporation POU Paramount Resources Ltd 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 PWT Penn West Petroleum Ltd PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc SHOP Shopify Inc SIA Sienna Senior Living Inc SJ Stella-Jones Inc SJR.B Shaw Communications Inc SLF Sun Life Financial Inc SMF SEMAFO Inc SNC SNC-Lavalin Group Inc Score 105 St. George Street, Toronto, Ontario M5S 3E6 19/34

20 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION SPB Superior Plus Corp SRU.UN SmartCentres Real Estate Investment Trust (frmr Smart REIT) 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 TCW Trican Well Service Ltd TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc. (formerly TransForce Inc) THO Tahoe Resources Inc TIH Toromont Industries Ltd TLM Talisman Energy inc TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp TOY Spin Master 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 20/34

21 INDIVIDUAL Independence Attendance Share Ownership Deductions MAXIMUM DEDUCTION VII Seven Generations Energy Ltd 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. (formerly Silver Wheaton Corp.) WSP WSP Global Inc WTE Westshore Terminals Investment Corporation X TMX Group Limited YRI Yamana Gold Inc ZZZ Sleep Country Canada Holdings Inc Score 105 St. George Street, Toronto, Ontario M5S 3E6 21/34

22 Clarkson Centre for Effectiveness GROUP 105 St. George Street, Toronto, Ontario M5S 3E6 22/34

23 GROUP CEO/Chair Split Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Retirement Policies Gender Diversity Deductions Score MAXIMUM DEDUCTION AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACB Aurora Cannabis Inc ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT APH Aphria Inc 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 walk Real Estate Investment Trust BHC Bausch Health Companies Inc. (frmr. Valeant) BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal 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 CHR Chorus Aviation Inc CIGI Colliers International Group Inc CIX CI Financial Corp CLS Celestica Inc St. George Street, Toronto, Ontario M5S 3E6 23/34

24 GROUP CEO/Chair Split Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Retirement Policies Gender Diversity Deductions MAXIMUM DEDUCTION 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 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 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 ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp. (frmr Element Financial 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 GC Great Canadian Gaming Corporation Score 105 St. George Street, Toronto, Ontario M5S 3E6 24/34

25 GROUP CEO/Chair Split Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Retirement Policies Gender Diversity Deductions MAXIMUM DEDUCTION GEI Gibson Energy Inc GIB.A CGI Group Inc GIL Gildan Activewear Inc GOOS Canada Goose Holdings 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 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 K Kinross Gold Corporation KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KML Kinder Morgan Canada Limited KMP.UN Killam Apartment Real Estate Investment Trust 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 Score 105 St. George Street, Toronto, Ontario M5S 3E6 25/34

26 GROUP CEO/Chair Split Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Retirement Policies Gender Diversity Deductions MAXIMUM DEDUCTION MX Methanex Corporation NA National Bank of Canada NFI NFI Group Inc. (frmr. New Flyer Industries Inc.) NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NTR Nutrien Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC The 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 PKI Parkland Fuel Corporation POU Paramount Resources Ltd 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 PWT Penn West Petroleum Ltd PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc SHOP Shopify Inc SIA Sienna Senior Living Inc SJ Stella-Jones Inc SJR.B Shaw Communications Inc SLF Sun Life Financial Inc SMF SEMAFO Inc SNC SNC-Lavalin Group Inc Score 105 St. George Street, Toronto, Ontario M5S 3E6 26/34

27 GROUP CEO/Chair Split Committee Independence Share Structure Meetings without Management Assessments No Skills Matrix Continuing Education and Orientation Retirement Policies Gender Diversity Deductions MAXIMUM DEDUCTION SPB Superior Plus Corp SRU.UN SmartCentres Real Estate Investment Trust (frmr Smart REIT) 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 TCW Trican Well Service Ltd TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc. (formerly TransForce Inc) THO Tahoe Resources Inc TIH Toromont Industries Ltd TLM Talisman Energy inc TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp TOY Spin Master 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 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. (formerly Silver Wheaton Corp.) WSP WSP Global Inc WTE Westshore Terminals Investment Corporation X TMX Group Limited YRI Yamana Gold Inc ZZZ Sleep Country Canada Holdings Inc Score 105 St. George Street, Toronto, Ontario M5S 3E6 27/34

28 Clarkson Centre for Effectiveness BOARD DECISION OUTPUT 105 St. George Street, Toronto, Ontario M5S 3E6 28/34

29 BOARD DECISION OUTPUT Option Plan Change of Control Provisions Performance Peer Group CEO Compensation CEO Share Ownership Requirements CEO Succession Planning Elections Say on Pay Policy Deductions Score MAXIMUM DEDUCTION AAV Advantage Oil and Gas Ltd ABX Barrick Gold Corporation AC Air Canada ACB Aurora Cannabis Inc ACO.X ATCO Ltd AD Alaris Royalty Corp AEM Agnico-Eagle Mines Limited AGI Alamos Gold Inc AIF Altus Group Limited ALA AltaGas Ltd AP.UN Allied Properties REIT APH Aphria Inc 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 walk Real Estate Investment Trust BHC Bausch Health Companies Inc. (frmr. Valeant) BIR Birchcliff Energy Ltd BLX Boralex Inc BMO Bank of Montreal 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 St. George Street, Toronto, Ontario M5S 3E6 29/34

30 BOARD DECISION OUTPUT Option Plan Change of Control Provisions Performance Peer Group CEO Compensation CEO Share Ownership Requirements CEO Succession Planning Elections Say on Pay Policy Deductions Score MAXIMUM DEDUCTION CHR Chorus Aviation Inc CIGI Colliers International Group Inc CIX CI Financial Corp 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 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 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 ECN ECN Capital Corp EDV Endeavour Mining Corp EFN Element Fleet Management Corp. (frmr Element Financial 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 St. George Street, Toronto, Ontario M5S 3E6 30/34

31 BOARD DECISION OUTPUT Option Plan Change of Control Provisions Performance Peer Group CEO Compensation CEO Share Ownership Requirements CEO Succession Planning Elections Say on Pay Policy Deductions Score MAXIMUM DEDUCTION 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 GOOS Canada Goose Holdings 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 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 K Kinross Gold Corporation KEL Kelt Exploration Ltd KEY Keyera Corp KL Kirkland Lake Gold Ltd KML Kinder Morgan Canada Limited KMP.UN Killam Apartment Real Estate Investment Trust 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 St. George Street, Toronto, Ontario M5S 3E6 31/34

32 BOARD DECISION OUTPUT Option Plan Change of Control Provisions Performance Peer Group CEO Compensation CEO Share Ownership Requirements CEO Succession Planning Elections Say on Pay Policy Deductions Score MAXIMUM DEDUCTION 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 NFI Group Inc. (frmr. New Flyer Industries Inc.) NG NovaGold Resources Inc NGD New Gold Inc NPI Northland Power Inc NSU Nevsun Resources Ltd NTR Nutrien Ltd NVA NuVista Energy Ltd NVU.UN Northview Apartment Real Estate Investment Trust NWC The 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 PKI Parkland Fuel Corporation POU Paramount Resources Ltd 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 PWT Penn West Petroleum Ltd PXT Parex Resources Inc QBR.B Quebecor Inc QSR Restaurant Brands International Inc St. George Street, Toronto, Ontario M5S 3E6 32/34

33 BOARD DECISION OUTPUT Option Plan Change of Control Provisions Performance Peer Group CEO Compensation CEO Share Ownership Requirements CEO Succession Planning Elections Say on Pay Policy Deductions Score MAXIMUM DEDUCTION RBA Ritchie Bros. Auctioneers Incorporated RCI.B Rogers Communications Inc REI.UN Riocan Real Estate Invesment Trust RNW TransAlta Renewables Inc RUS Russel Metals Inc RY Royal Bank of Canada SAP Saputo Inc SCL ShawCor Ltd SES Secure Energy Services Inc SHOP Shopify Inc SIA Sienna Senior Living 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 SRU.UN SmartCentres Real Estate Investment Trust (frmr Smart REIT) 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 TCW Trican Well Service Ltd TD The Toronto-Dominion Bank TECK.B Teck Resources Limited TFII TFI International Inc. (formerly TransForce Inc) THO Tahoe Resources Inc TIH Toromont Industries Ltd TLM Talisman Energy inc TOG TORC Oil & Gas Ltd TOU Tourmaline Oil Corp TOY Spin Master 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 St. George Street, Toronto, Ontario M5S 3E6 33/34