Board games 2004

Table: Board composition, 40 marks out of 100

1. What percentage of the company’s directors are fully independent? That means directors are not management, relatives of management, former members of management within the previous three years, or people whose firms do business with the company, such as lawyers, accountants, consultants or investment bankers. ROB also marked as related those directors who are controlling shareholders of the company or who work for a parent company that controls the public subsidiary.
Eight marks for boards with at least two-thirds independence.
Four marks if more than 50 per cent of directors are independent.
Zero marks if there is a majority of related directors.

2. What percentage of the audit committee is fully independent?
Six marks if the committee is fully independent.
Two marks if there are one or more related directors who are not management.
Zero marks if a member of management is on the committee.

3. What percentage of the compensation committee - the committee that determines executive pay - is fully independent?
Four marks if the committee is fully independent.
Two marks if there are one or more related directors who are not management.
Zero marks if a member of management is on the committee or if there is no committee.

4. What percentage of the nominating committee - the committee responsible for recommending new directors to join the board - is fully independent?
Three marks if the committee is fully independent.
Two marks if there are one or more related directors who are not management.
Zero marks if a member of management is on the committee or if there is no committee.

5. Is the role of chairperson and CEO split?
Five marks if the roles are split and there is a fully independent chairperson.
Two marks if they are split, but the chairperson is a related director.
Two marks if they are not split, but there is an independent lead director (although only one mark if the lead director is related.)
One mark if they are split, but the chairperson is a member of management.
Zero marks if the roles are not split and there is no lead director.

6. a) Do two or more directors sit together on two or more boards of S&P/TSX companies, creating the potential for a close-knit block of directors? (In 2003, ROB marked whether three or more directors sat on any other corporate board.)
Three marks if no.
Zero marks if yes.

6. b) Do any directors sit on six or more S&P/TSX company boards? (In 2003, ROB marked whether directors sat on eight or more boards of any public company.)
Two marks if no.
Zero marks if yes.

7. Are there any women on the board?
Two marks if one-third of the board or more are women.
One mark if there is at least one woman on the board.
Zero marks if there are no women.

8. Does the board have a system to evaluate its performance?
Four marks if there is a formal board evaluation and a formal individual director evaluation, with detailed disclosure of what sort of process is used for both.
Three marks if there is a formal board evaluation, but no individual director review, or only informal individual director review.
One mark if there is only a cursory mention of evaluation with no detailed disclosure of the process, or if the company says it only has informal evaluations.
Zero marks if there is no evaluation.

9. Do independent directors meet without management?
Three marks if they meet without management at every board meeting.
Two marks if there are regular meetings without management.
One mark if it happens occasionally.
Zero marks if there is no mention or if there are no meetings without management.

Company 1 2 3 4 5 6a 6b 7 8 9 Board
                      Composition
                                          Maximum mark 8 6 4 3 5 3 2 2 4 3 40
Manulife Financial 8 6 4 3 5 3 2 1 4 3 39
Bank of Nova Scotia 8 6 4 3 5 3 2 1 4 3 39
Sun Life Financial Inc. 8 6 4 3 5 3 2 1 4 3 39
Placer Dome Inc. 8 6 4 3 5 3 2 1 4 3 39
TransAlta Corp. 8 6 4 3 5 3 2 1 4 3 39
Rothmans Inc. 8 6 4 3 5 3 2 1 4 3 39
SNC-Lavalin Group 8 6 4 3 5 3 2 1 4 3 39
Hudson's Bay Company 8 6 4 3 5 3 2 1 4 3 39
Fortis Inc. 8 6 4 3 5 3 2 1 4 3 39
Finning International 8 6 4 3 5 3 2 0 4 3 38
Canfor Corporation 8 6 4 3 5 3 2 1 3 3 38
MacDonald, Dettwiler 8 6 4 3 5 3 2 0 4 3 38
IPSCO Inc. 8 6 4 3 5 3 2 1 4 2 38
Laurentian Bank 8 6 4 3 5 3 2 1 4 2 38
Torstar Corporation 8 6 4 3 5 3 2 1 3 3 38
Agricore United 8 6 4 3 5 3 2 1 3 3 38
Gildan Activewear Inc. 8 6 4 3 5 3 2 0 4 3 38
Miramar Mining 8 6 4 3 5 3 2 1 3 3 38
CCL Industries 8 6 4 3 5 3 2 0 4 3 38
Bank of Montreal 8 6 4 3 5 3 0 1 4 3 37
Canadian National 8 6 2 3 5 3 2 1 4 3 37
Agrium Inc. 8 6 4 3 5 3 2 1 3 2 37
Cameco Corporation 8 6 2 3 5 3 2 1 4 3 37
National Bank of Canada 8 6 2 3 5 3 2 2 4 2 37
DOFASCO INC.  8 6 4 3 5 3 0 1 4 3 37
Creo Inc. 8 6 4 3 5 3 2 0 3 3 37
Esprit Exploration Ltd. 8 6 4 2 5 3 2 0 4 3 37
TELUS Corporation 8 6 4 3 5 3 0 1 4 3 37
Manitoba Telecom 8 6 4 3 5 3 2 1 4 1 37
Stratos Global 8 6 4 3 5 3 2 1 3 2 37
Compton Petroleum 8 6 4 3 5 3 2 0 3 3 37
Suncor Energy 8 6 4 3 5 0 2 1 4 3 36
Enbridge Inc. 8 6 4 3 5 3 2 1 3 1 36
Industrial Alliance 8 6 4 3 5 3 2 1 1 3 36
MDS Inc. 8 6 4 3 2 3 2 1 4 3 36
Domtar Inc. 8 6 4 3 5 3 2 1 1 3 36
Zarlink Semiconductor 8 6 4 3 5 3 2 0 3 2 36
Western Oil Sands Inc. 8 6 4 3 5 3 0 0 4 3 36
Canadian Western Bank 8 6 4 3 5 3 2 1 1 3 36
Maple Leaf Foods Inc. 8 6 4 3 2 3 2 1 4 3 36
QLT Inc. 8 6 4 3 5 3 2 1 1 3 36
Terasen Inc. 8 6 4 3 5 0 2 1 4 2 35
Abitibi-Consolidated Inc. 8 6 2 2 5 3 2 1 3 3 35
ATS Automation 8 6 4 3 5 3 2 0 4 0 35
Nova Chemicals 8 6 4 3 5 0 2 1 3 3 35
BCE Emergis 8 6 4 3 5 3 2 0 1 3 35
Cambior Inc. 8 6 2 2 5 3 2 0 4 3 35
Gennum Corporation 8 6 4 3 5 3 2 0 1 3 35
CFM Corporation 8 6 4 3 2 3 2 0 4 3 35
Cogeco Cable Inc. 8 6 4 3 5 3 2 1 1 2 35
Inmet Mining Corporation 8 6 4 3 5 3 2 0 1 3 35
ONEX Corp. 8 6 4 3 2 3 2 1 4 2 35
Patheon Inc. 8 6 4 3 5 3 2 0 1 3 35
Talisman Energy 8 6 4 3 5 3 2 1 1 2 35
Wescast Industries Inc. 8 6 4 3 2 3 2 1 3 3 35
Open Text Corporation 8 6 4 3 2 3 2 0 4 3 35
Canadian Tire 8 6 2 2 5 3 2 1 4 2 35
Sierra Wireless 8 6 4 3 2 3 2 1 4 2 35
Royal Bank of Canada 8 6 4 3 5 0 0 1 4 3 34
CIBC 8 6 2 2 5 3 2 1 3 2 34
Toronto-Dominion Bank 8 6 4 3 5 0 0 1 4 3 34
Nexen Inc. 8 6 2 2 5 3 2 0 3 3 34
CP Ships Limited 8 6 4 3 2 3 2 0 3 3 34
TransCanada Corp. 8 6 4 3 5 0 0 1 4 3 34
Methanex Corporation 8 6 4 3 2 3 2 1 3 2 34
Agnico-Eagle Mines 8 6 4 3 5 3 2 1 1 1 34
Ballard Power 4 6 4 2 5 3 2 1 4 3 34
Fairmont Hotels 8 6 2 3 5 3 0 1 4 2 34
Kingsway Financial 8 6 4 3 2 3 2 0 4 2 34
Vasogen Inc. 8 6 4 3 5 3 2 0 1 2 34
Tembec Inc. 8 6 4 3 5 3 2 1 1 1 34
Geac Computer 8 6 4 3 5 3 2 0 1 2 34
Eldorado Gold 8 6 4 0 5 3 2 0 4 2 34
Canadian Pacific Railway 8 6 4 3 5 0 2 1 1 3 33
Petro-Canada 8 6 4 3 5 0 0 1 4 2 33
Vincor International Inc. 8 6 4 3 5 3 2 0 1 1 33
CAE Inc. 8 6 2 3 5 3 2 0 1 3 33
Emera Incorporated 8 6 4 3 5 0 2 1 1 3 33
Husky Injection 8 6 4 3 5 3 2 1 1 0 33
Masonite International 8 6 4 3 5 0 2 0 4 1 33
ID Biomedical 8 6 4 2 5 3 2 0 1 2 33
Axcan Pharma Inc. 8 6 4 3 0 3 2 0 4 3 33
CHC Helicopter 8 6 4 3 2 3 2 0 3 2 33
Enerflex Systems Ltd. 8 6 4 3 2 3 2 1 1 3 33
BCE Inc. 8 6 2 2 5 0 2 1 3 3 32
Aliant Inc. 4 6 2 3 5 3 2 1 3 3 32
Kinross Gold  4 6 4 2 5 3 2 0 4 2 32
ZENON Environmental  8 6 4 3 2 3 0 0 3 3 32
Glamis Gold Ltd. 8 6 4 0 5 3 2 0 1 3 32
Four Seasons Hotels Inc. 8 6 2 2 2 3 2 1 3 3 32
Forzani Group Ltd., The 8 6 4 3 2 3 2 0 3 1 32
Celestica Inc. 8 6 2 2 5 3 2 0 1 3 32
Toromont Industries 4 6 4 3 2 3 2 0 4 3 31
Inco Limited 8 6 4 3 2 3 0 1 1 3 31
Potash Corporation 8 2 2 2 5 3 2 1 3 3 31
Saputo Inc. 4 6 4 3 2 3 2 1 4 2 31
Intrawest Corporation 8 6 4 3 2 3 2 0 1 2 31
Ensign Resource 8 6 4 3 1 3 2 0 1 3 31
ATI Technologies Inc. 8 6 4 2 2 3 2 0 1 3 31
GSI Lumonics Inc. 8 6 4 3 5 3 2 0 0 0 31
Meridian Gold Inc. 8 6 4 3 5 3 2 0 0 0 31
Angiotech 8 6 4 3 5 3 2 0 0 0 31
Dundee Bancorp Inc. 8 6 2 2 2 3 2 0 3 3 31
Bennett Environmental 8 6 4 3 5 3 2 0 0 0 31
Teck Cominco Ltd. 4 6 4 2 2 3 2 0 4 3 30
Metro Inc. 4 2 4 3 5 3 2 1 4 2 30
Iamgold Corp. 8 6 4 2 2 3 2 0 1 2 30
Biovail Corporation 8 6 4 3 2 3 2 0 0 2 30
AGF Management Ltd. 8 6 4 3 2 3 2 0 1 1 30
TSX Group Inc. 4 6 2 2 2 3 2 1 4 3 29
Goldcorp Inc. 8 6 4 3 2 3 2 0 0 1 29
Precision Drilling 8 6 4 3 0 3 2 0 1 2 29
Aber Diamond 4 6 4 3 2 3 2 1 1 3 29
Aur Resources Inc. 4 6 4 3 5 3 2 0 0 2 29
Linamar Corporation 4 6 4 3 1 3 2 1 3 2 29
Shaw Communications 8 6 4 3 1 3 0 1 3 0 29
Northgate Minerals 4 6 4 3 2 3 2 0 3 2 29
Transcontinental Inc. 8 6 4 2 2 3 2 1 1 0 29
MI Developments Inc. 8 6 4 3 2 3 2 0 1 0 29
PetroKazakhstan Inc. 8 6 4 3 0 3 2 0 3 0 29
Alcan Inc. 8 2 4 2 2 0 2 1 4 3 28
Thomson Corporation 4 6 2 2 2 3 2 1 3 3 28
WestJet Airlines Ltd. 8 6 4 0 2 3 2 0 0 3 28
Home Capital Group Inc. 8 2 2 2 5 3 2 1 1 2 28
International Forest 4 6 2 3 2 3 2 0 3 3 28
FirstService Corporation 4 6 4 3 2 3 2 0 1 3 28
Sherritt International Corp. 8 6 4 3 1 3 2 0 1 0 28
Dorel Industries Inc. 4 6 4 3 2 3 2 1 0 3 28
Ivanhoe Mines Ltd 4 6 4 3 2 3 2 0 1 3 28
CGI Group Inc. 4 6 2 3 2 3 2 1 4 1 28
Imperial Oil Limited 4 6 4 3 0 3 2 1 1 3 27
Norbord Inc. 4 6 2 2 5 0 0 1 4 3 27
Barrick Gold Corporation 4 6 4 3 2 3 2 0 1 2 27
Cott Corporation 4 6 2 3 2 3 2 1 1 3 27
Husky Energy Inc. 4 6 2 3 2 3 2 1 1 3 27
Magna International Inc. 4 6 4 2 1 3 2 0 3 2 27
SouthernEra Resources 8 6 2 0 2 3 2 0 1 3 27
FNX Mining Company Inc. 8 6 4 3 0 3 0 0 1 2 27
Gabriel Resources Ltd 8 6 4 3 0 3 2 0 1 0 27
Rio Narcea Gold Mines 8 6 4 3 1 3 2 0 0 0 27
Brascan Corporation 4 6 4 3 2 0 0 1 3 3 26
George Weston Limited 4 6 2 2 2 3 2 1 1 3 26
Bombardier Inc. 4 6 4 3 2 0 2 1 1 3 26
Alimentation Couche-Tard 4 6 4 3 2 3 2 1 1 0 26
Jean Coutu Group 4 6 2 2 1 3 2 2 3 1 26
CORUS Entertainment Inc. 4 6 0 2 1 3 2 2 4 2 26
Extendicare Inc. 8 6 2 2 2 3 2 0 0 1 26
ShawCor Ltd. 4 6 2 2 2 3 2 1 1 3 26
Astral Media Inc. 4 6 4 3 2 3 0 1 0 3 26
Paramount Resources 4 6 0 3 2 3 2 1 4 1 26
Nevsun Resources Ltd. 8 6 4 3 0 3 2 0 0 0 26
Tesco Corp. 8 6 2 2 2 3 2 0 1 0 26
Van Houtte Inc. 4 6 4 3 2 3 2 1 0 1 26
Encana Corporation 8 6 2 2 2 0 0 1 1 3 25
Golden Star Resources 8 2 4 2 2 3 2 0 1 1 25
Mega Bloks Inc. 4 6 4 3 2 3 2 1 0 0 25
First Quantum Minerals 4 6 4 3 2 3 2 0 1 0 25
Royal Group 4 6 4 3 2 3 2 0 0 1 25
Cascades Inc. 4 6 0 3 2 3 2 1 3 1 25
Molson Inc. 4 6 4 2 2 3 0 0 1 3 25
Alliance Atlantis 4 2 2 2 2 3 2 1 4 3 25
ConjuChem Inc. 8 6 4 0 0 3 2 1 1 0 25
Norske Skog Canada 4 2 2 2 2 3 2 0 4 3 24
Shell Canada Ltd. 4 2 2 2 2 3 2 1 3 3 24
Canadian Natural 4 2 2 2 1 3 2 1 4 3 24
Noranda Inc. 4 6 2 2 2 0 0 1 4 3 24
CI Fund Management Inc. 4 2 2 2 2 3 2 0 4 3 24
Cognos Incorporated 4 6 2 2 1 3 2 0 1 3 24
Intertape Polymer Group 8 6 2 0 0 3 2 0 1 2 24
CanWest Global 4 6 4 0 5 3 0 1 0 1 24
RONA Inc. 4 2 4 2 5 0 2 1 3 1 24
Rogers Communications 4 2 2 2 2 3 2 1 3 3 24
West Fraser Timber 4 2 4 2 2 3 0 1 3 2 23
Sears Canada Inc. 4 2 2 3 2 3 0 1 3 3 23
Quebecor Inc. 4 6 2 3 2 0 2 1 1 2 23
Loblaw Companies 4 6 2 2 1 0 2 1 1 3 22
Penn West Petroleum 4 2 4 2 1 3 2 0 1 3 22
Pan American Silver 4 6 4 3 0 3 2 0 0 0 22
St. Lawrence Cement 0 6 2 2 2 3 2 1 4 0 22
ATCO Ltd. 4 6 2 2 2 3 0 1 1 1 22
Telesystem International 8 2 2 2 2 3 2 0 1 0 22
Quebecor World Inc. 4 6 4 0 2 0 2 1 1 1 21
Research In Motion  4 6 4 0 0 3 2 0 1 1 21
Tundra Semiconductor 4 2 4 3 2 3 2 0 0 1 21
Trican Well Service Ltd. 4 6 2 2 0 3 2 0 0 2 21
TVA Group Inc. 8 6 2 0 2 0 2 1 0 0 21
Brookfield Properties 4 6 2 3 2 0 0 0 0 3 20
Martinrea International 4 6 4 0 1 3 2 0 0 0 20
TLC Vision Corporation 4 2 4 2 0 3 2 0 1 2 20
Minefinders Corporation 8 6 0 0 0 3 2 0 0 1 20
Canadian Utilities Limited 4 2 2 2 2 3 2 1 1 1 20
Fairfax Financial Holdings 8 6 0 0 0 3 2 0 0 0 19
Rogers Wireless 0 2 2 2 2 3 2 1 3 2 19
Isotechnika Inc. 0 6 2 2 0 3 2 0 1 2 18
AEterna Zentaris Inc. 4 6 0 0 1 3 2 1 1 0 18
Sobeys Inc. 0 2 2 2 5 0 2 1 1 2 17
Empire Company Limited 0 2 2 2 2 3 2 1 1 2 17
Tesma International Inc. 0 2 2 2 2 3 2 0 3 1 17
Cinram International Inc. 0 6 2 2 2 3 2 0 0 0 17
Neurochem Inc. 4 2 2 2 1 3 2 0 1 0 17
Cequel Energy Inc. 4 6 0 0 0 3 2 1 1 0 17
Bema Gold Corporation 4 6 2 0 0 3 2 0 0 0 17
Power Financial 4 6 2 0 2 0 0 1 0 1 16
Ivanhoe Energy Inc. 0 2 2 2 1 3 2 0 1 3 16
Falconbridge Limited 0 2 2 2 2 0 0 1 3 3 15
LionOre Mining 4 2 2 0 1 3 2 0 0 1 15
Southwestern Resources 4 2 2 0 1 3 2 0 1 0 15
Hummingbird Ltd. 0 2 2 0 2 3 2 0 1 2 14
Shoppers Drug Mart Corp. 0 2 2 0 2 3 0 1 1 2 13
Niko Resources Ltd. 0 2 2 2 1 3 2 0 1 0 13
First Calgary Petroleums 4 2 0 2 0 3 2 0 0 0 13
Great-West Lifeco 4 2 2 0 2 0 0 1 1 0 12
Wheaton River Minerals 0 2 2 2 0 3 2 0 1 0 12
Power Corporation 4 2 2 0 1 0 0 1 0 1 11
Sino-Forest Corporation 4 0 0 0 0 3 2 0 0 0 9
IGM Financial Inc 0 2 2 0 2 0 0 1 1 0 8
Aastra Technologies 0 0 0 0 0 3 2 0 0 1 6
CoolBrands International 0 0 0 0 0 3 2 0 1 0 6