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B8 OTHEGLOBEANDMAIL | MONDAY,NOVEMBER25,2019
RANK COMPANY TOTAL
2019
(100)
TOTAL
2018
(100)
1 ManulifeFinancialCorp. 100 100
2 IntactFinancialCorp. 99 99
3 ChartwellRetirementResidences 98 96
3 SunLifeFinancialInc. 98 97
3 SuncorEnergyInc. 98 96
6 BankofNovaScotia 97 93
7 BankofMontreal 96 96
7 CanadianImperialBankofCommerce 96 94
7 CanadianNationalRailwayCo. 96 98
7 iAFinancialCorporationInc. 96 95
7 MorneauShepellInc. 96 90
7 RoyalBankofCanada 96 97
13 EmeraInc. 95 98
13 MetroInc. 95 95
13 SiennaSeniorLivingInc. 95 71
13 SNC-LavalinGroupInc. 95 96
13 TCEnergyCorp. 95 92
13 Toronto-DominionBank 95 96
19 CanadianPacificRailwayLtd. 94 92
19 FortisInc. 94 96
19 Franco-NevadaCorp. 94 90
19 MethanexCorp. 94 85
23 CanadianWesternBank 93 90
23 GildanActivewearInc. 93 94
23 KeyeraCorp. 93 92
23 NationalBankofCanada 93 87
23 PembinaPipelineCorp. 93 94
23 TelusCorp. 93 92
29 AlgonquinPower&UtilitiesCorp. 92 88
29 BoardwalkREIT 92 92
29 CapitalPowerCorp. 92 92
29 MagnaInternationalInc. 92 90
33 BCEInc. 91 91
33 GraniteREIT 91 71
33 KinrossGoldCorp. 91 92
33 LaurentianBankofCanada 91 88
33 MAGSilverCorp. 91 82
33 StantecInc. 91 85
33 TMXGroupLtd. 91 86
40 CamecoCorp. 90 86
40 CenovusEnergyInc. 90 85
40 EnbridgeInc. 90 88
40 HydroOneLtd. 90 n/a
40 InnergexRenewableEnergyInc. 90 87
40 NorthviewApartmentREIT 90 92
40 RiocanREIT 90 92
40 WSPGlobalInc. 90 83
48 CineplexInc. 89 87
48 FinningInternationalInc. 89 91
48 SuperiorPlusCorp. 89 87
48 TransAltaCorp. 89 88
52 AirCanada 88 81
52 FirstCapitalRealtyInc. 88 86
52 H&RREIT 88 90
52 PrairieSkyRoyaltyLtd. 88 83
56 KillamApartmentREIT 87 82
56 SaputoInc. 87 75
56 ShawCorLtd. 87 86
56 VermilionEnergyInc. 87 88
56 YamanaGoldInc. 87 85
61 ARCResourcesLtd. 86 87
61 BaytexEnergyCorp. 86 83
61 ChemtradeLogisticsIncomeFund 86 86
61 CrescentPointEnergyCorp 86 82
61 EnerflexLtd. 86 84
61 GibsonEnergyInc. 86 83
61 NFIGroupInc. 86 84
61 NutrienLtd. 86 74
61 ToromontIndustriesLtd. 86 87
61 WestJetAirlinesLtd. 86 86
71 CrombieREIT 85 81
71 IamgoldCorp. 85 81
71 ParklandFuelCorp. 85 78
74 AlamosGoldInc. 84 88
74 CAEInc. 84 79
74 CanadianApartmentPropertiesREIT 84 81
BOARDGAMES:THE18thANNUALCORPORATEGOVERNANCERANKINGS
ReportonBusinesshasexaminedtheboardsofdirectorsof224companiesandtruststhatweremembersoftheS&P/TSX
CompositeIndexthroughtheendofSeptembertoassessthequalityoftheirgovernancepractices.Themarkingschemeexamines
dozensoffactorsrelatedtoboardcomposition,compensation,shareholderrightsanddisclosure
RANK COMPANY TOTAL
2019
(100)TOTAL
2018
(100)
74 DetourGoldCorp. 84 83
74 EnerplusCorp. 84 83
74 FreeholdRoyaltiesLtd. 84 85
74 HomeCapitalGroupInc. 84 76
74 HudBayMineralsInc. 84 86
74 RitchieBros.AuctioneersInc. 84 83
74 WheatonPreciousMetalsCorp. 84 82
84 BarrickGoldCorp. 83 86
84 DescartesSystemsGroupInc. 83 83
84 DreamIndustrialREIT 83 n/a
84 EncanaCorp. 83 81
84 InterPipelineLtd. 83 89
84 RusselMetalsInc. 83 86
84 SevenGenerationsEnergyLtd. 83 79
91 AlliedPropertiesREIT 82 85
91 BadgerDaylightingInc. 82 82
91 CogecoCommunicationsInc. 82 80
91 MapleLeafFoodsInc. 82 80
91 PanAmericanSilverCorp. 82 80
91 WhitecapResourcesInc. 82 82
97 Agnico-EagleMinesLtd. 81 74
97 BauschHealthCompaniesInc. 81 81
97 BoydGroupIncomeFund 81 78
97 CominarREIT 81 75
97 EndeavourMiningCorp. 81 67
97 ExchangeIncomeCorp. 81 81
97 SmartCentresREIT 81 72
104 CelesticaInc. 80 81
104 EmpireCompanyLtd. 80 78
104 GeorgeWestonLtd. 80 77
104 MEGEnergyCorp. 80 74
104 OpenTextCorp. 80 77
104 SecureEnergyServicesInc. 80 75
104 SSRMiningInc. 80 81
104 TFIInternationalInc. 80 73
112 AltaGasLtd. 79 78
112 CanadianNaturalResourcesLtd. 79 76
112 ElementFleetManagementCorp. 79 82
112 InterforCorp. 79 77
112 LoblawCompaniesLtd. 79 76
112 PremiumBrandsHoldingsCorp. 79 77
118 ArtisREIT 78 76
118 DreamGlobalREIT 78 83
118 ExtendicareInc. 78 79
118 SemafoInc. 78 73
122 AeconGroupInc. 77 76
122 AltusGroupLtd. 77 72
122 BrookfieldAssetManagementInc. 77 78
122 CIFinancialCorp. 77 75
122 DreamOfficeREIT 77 78
122 ECNCapitalCorp. 77 74
122 EldoradoGoldCorp. 77 72
122 MartinreaInternationalInc. 77 76
122 TeckResourcesLtd. 77 72
122 WestFraserTimberCo.Ltd. 77 80
132 AgGrowthInternationalInc. 76 n/a
132 AlacerGoldCorp. 76 74
132 ChoicePropertiesREIT 76 n/a
132 FirstQuantumMineralsLtd. 76 77
132 NorthWestCompanyInc. 76 75
132 OsiskoGoldRoyaltiesLtd. 76 80
138 ATSAutomationToolingSystemsInc. 75 74
138 BoralexInc. 75 74
138 ChorusAviationInc. 75 77
138 SleepCountryCanadaHoldingsInc. 75 71
138 TransAltaRenewablesInc. 75 70
138 TurquoiseHillResourcesLtd. 75 75
144 FirstServiceCorp. 74 54
144 TranscontinentalInc. 74 72
144 WasteConnectionsInc. 74 72
147 DollaramaInc. 73 76
147 NorbordInc. 73 72
147 NovaGoldResourcesInc. 73 64
147 TorexGoldResourcesInc. 73 67
151 GranTierraEnergyInc. 72 72
151 PasonSystemsInc. 72 72RANK COMPANY TOTAL
2019
(100)TOTAL
2018
(100)
151 ThomsonReutersCorp. 72 64
154 AlarisRoyaltyCorp. 71 61
154 CenterraGoldInc. 71 64
154 ImperialOilLtd. 71 72
154 IntertapePolymerGroupInc. 71 68
154 KinaxisInc. 71 60
154 KirklandLakeGoldLtd. 71 68
154 LinamarCorp. 71 70
161 CottCorp. 70 75
161 SummitIndustrialIncomeREIT 70 n/a
163 AlimentationCouche-TardInc. 69 64
163 GreatCanadianGamingCorp. 69 68
165 ParexResourcesInc. 68 63
165 PretiumResourcesInc. 68 68
165 TheStarsGroupInc. 68 67
168 AuroraCannabisInc. 67 28
168 LundinMiningCorp. 67 63
168 NorthWestHealthcarePropertiesREIT 67 n/a
171 CascadesInc. 66 68
171 B2GoldCorp. 65 50
171 BlackBerryLtd. 65 68
171 BombardierInc. 65 63
171 CCLIndustriesInc. 65 66
171 FronteraEnergyCorp. 65 n/a
171 NorthlandPowerInc. 65 62
171 PowerFinancialCorp. 65 64
171 QuebecorInc. 65 67
180 HuskyEnergyInc. 64 66
180 SpinMasterCorp. 64 61
182 CanadianTireCorp.Ltd. 63 64
182 CanadianUtilitiesLtd. 63 64
182 EnghouseSystemsLtd. 63 58
182 GenworthMICanadaInc. 63 64
182 RogersCommunicationsInc. 63 63
182 ShawCommunicationsInc. 63 64
188 CargojetInc. 62 n/a
188 RichelieuHardwareLtd. 62 n/a
188 TourmalineOilCorp. 62 54
191 Hudson'sBayCo. 61 59
191 MullenGroupLtd. 61 58
191 OceanaGoldCorp. 61 61
191 SandstormGoldLtd. 61 64
191 TriconCapitalGroupInc. 61 51
196 CGIGroupInc. 58 52
196 RestaurantBrandsInternationalInc. 58 54
198 CanforCorp. 57 57
198 ConstellationSoftwareInc. 57 56
198 OnexCorp. 57 55
201 ColliersInternationalGroupInc. 56 54
202 AritziaInc. 55 n/a
202 AtcoLtd. 55 55
202 EroCopperCorp. 55 n/a
202 FirstMajesticSilverCorp. 55 55
202 IvanhoeMinesLtd. 55 51
202 Stella-JonesInc. 55 41
208 Great-WestLifecoInc. 54 50
209 BRPInc. 52 53
209 IGMFinancialInc. 52 53
209 InterRentREIT 52 n/a
212 LabradorIronOreRoyaltyCorp. 51 49
213 FairfaxFinancialHoldingsLtd. 50 52
213 PowerCorp.ofCanada 50 53
215 AphriaInc. 49 49
215 ShopifyInc. 49 49
217 CronosGroupInc. 48 n/a
217 WinpakLtd. 48 44
219 WestshoreTerminalsInvestmentCorp. 47 48
220 CanadaGooseHoldingsInc. 46 43
221 KnightTherapeuticsInc. 45 44
222 MTYFoodGroupInc. 42 n/a
223 HEXOCorp. 40 n/a
224 CanopyGrowthCorp. 38 39n/a=notapplicable,notmarkedin2018
TheGlobeandMail.Datasource:TheDavidandSharonJohnstonCentre
forCorporateGovernanceInnovationBOARDGAMES
F
or the 18th year in a row, Report on Business has
rated the work of Canada’s corporate boards us-
ing a rigorous set ofgovernance criteria de-
signed to go far beyond minimum mandatory
rules imposed by regulators.
Markers at the David and Sharon Johnston Centre
for Corporate Governance Innovation at University of
Toronto examined the boards of directors of 224 com-
panies and trusts in the S&P/TSX Composite Index to
assess the quality of theirgovernance practices.
The chart shows the total marks for 2019 and 2018
based on dozens of individual criteria across four
broad subcategories. Some of the marking criteria or
weightings have changed from the prior year. In 2019,
Board Games clarified methodology on how compa-
nies valued the chief executive officers’ share hold-
ings, and extended that methodology to directors’
holdings. Rules on share ownership requirements
were extended to companies’ other named executives.Board Games also clarified and strengthened rules
on companies’ disclosure on how shareholders can
engage with the board of directors, beyond attending
the public annual meeting.
Because of the changes, the marks in 2019 are not
directly comparable to prior years.
The marks are based on information published in
the most recent annual shareholder proxy circulars of
companies that were members of the composite
through the end of September. Companies added to
the index in the third quarter were not included.
Four companies in the composite index – limited
partnerships affiliated with Brookfield Asset Manage-
ment – were not marked this year because they did not
file a proxy circular. Aphria Inc.’s 2018 proxy was
marked because it filed its 2019 proxy in late October.
All of the detailed marks for each individual ques-
tion are available on our website at tgam.ca/board-
games2019.HowwerankedCanada’scorporateboards