globeandmail.com : Board Games 2006

Corporate Governance Rankings 2006

Corporations

Rollover the column headings to learn which questions they refer to.
Rank	Company	1	2	3	4	5	6a	6b	7	8	9	BC	10a	10b	11a	11b	12	13	14a	14bi	14bii	14c	14d	SC	15a	15b	16a	16b	16c	17a	17b	18	SR	19	20	21	22a	22b	23	24a	24b	D	Total	5-Yr Rtn	2005
1	Manulife Financial Corp.	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	2	2	2	1	1	1	1	23	4	2	4	2	2	2	1	10	27	1	1	2	2	1	1	1	1	10	96	74	94
2	SNC-Lavalin Group Inc.	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	2	3	2	1	1	1	0	23	4	2	4	2	2	2	2	10	28	1	1	2	0	1	0	1	1	7	94	271	97
3	Toronto-Dominion Bank	8	4	4	3	5	0	2	1	3	3	33	4	4	2	3	2	3	2	1	1	1	0	23	4	2	4	2	2	2	2	10	28	1	1	1	2	1	1	1	1	9	93	71	94
4	Royal Bank of Canada	8	4	4	3	5	0	2	1	3	3	33	4	4	2	3	2	2	2	1	1	0	1	22	4	2	4	2	2	2	2	10	28	1	1	2	2	0	1	1	1	9	92	106	94
5	Bank of Montreal	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	1	3	2	1	1	0	0	21	4	2	2	2	2	2	2	10	26	1	1	2	2	0	1	1	0	8	91	72	96
6	Canadian Imperial Bank of Commerce	8	4	4	3	5	0	2	1	3	3	33	4	4	2	3	0	4	2	1	1	1	0	22	4	2	2	2	2	2	2	10	26	1	1	2	2	1	1	1	1	10	91	63	90
7	Sun Life Financial Inc.	8	4	4	3	5	0	0	1	3	3	31	4	3	2	3	2	4	2	1	1	1	1	24	4	2	2	2	2	2	1	10	25	1	1	2	2	1	1	1	1	10	90	45	89
7	Canadian Pacific Railway Ltd.	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	2	2	2	1	1	1	0	22	4	2	2	2	2	2	1	10	25	1	1	0	2	1	0	1	1	7	90	127	93
9	Potash Corp. of Saskatchewan	8	4	4	2	5	3	2	1	3	3	35	4	4	2	3	2	2	2	0	1	1	0	21	4	2	2	1	2	2	2	10	25	1	1	2	2	1	0	1	0	8	89	165	92
10	TransCanada Corp.	8	4	4	3	5	0	2	1	2	3	32	4	4	2	3	2	2	2	1	1	1	0	22	4	2	4	2	2	2	1	10	27	1	1	2	2	1	0	1	0	8	89	73	91
11	TSX Group Inc.	8	4	4	3	5	3	2	1	3	3	36	2	4	2	3	2	2	2	1	1	1	0	20	4	2	2	2	2	2	1	10	25	1	1	2	2	1	0	0	0	7	88	n/a	76
11	TransAlta Corp.	8	4	4	3	5	3	2	1	2	3	35	4	3	2	3	2	3	0	1	1	0	0	19	4	0	4	2	2	2	2	10	26	1	1	2	2	0	0	1	1	8	88	10	95
11	Nexen Inc.	8	4	4	3	5	3	2	0	3	3	35	4	4	2	3	2	3	2	1	1	1	0	23	4	0	2	1	2	2	0	10	21	1	1	2	1	1	1	1	1	9	88	292	87
11	Cameco Inc.	8	4	2	2	5	3	2	1	2	3	32	4	4	2	3	1	2	2	1	1	1	0	21	4	0	4	2	2	2	1	10	25	1	1	2	2	1	1	1	1	10	88	579	89
15	Agrium Inc.	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	2	3	2	1	1	1	0	23	4	0	2	0	2	2	0	10	20	1	1	2	2	1	0	1	1	9	87	98	92
15	Canadian National Railway Co.	8	4	2	3	5	3	2	1	3	3	34	2	4	2	3	2	3	2	1	1	1	0	21	4	2	2	2	2	2	1	10	25	1	1	1	2	1	0	1	0	7	87	133	94
15	Enbridge Inc.	8	4	4	2	5	3	2	1	3	3	35	4	4	2	3	2	1	2	1	1	1	0	21	4	0	2	2	2	2	1	10	23	1	1	0	2	1	1	1	1	8	87	70	93
15	Home Capital Group Inc.	8	4	4	3	5	3	2	1	2	3	35	4	3	2	3	2	3	0	1	1	0	0	19	4	2	2	2	2	2	1	10	25	1	1	2	2	0	1	1	0	8	87	663	80
19	MDS Inc.	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	2	1	2	1	1	1	0	21	4	0	2	1	2	2	0	10	21	1	1	2	2	1	0	1	1	9	86	2	88
19	Gildan Activewear Inc.	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	2	3	0	1	1	0	0	20	4	0	4	2	2	2	1	10	25	1	1	2	0	0	0	1	0	5	86	475	83
19	Bank of Nova Scotia	8	4	4	3	5	0	2	1	3	3	33	4	3	2	3	0	3	2	1	1	1	0	20	4	2	2	2	2	2	1	10	25	1	1	2	2	1	0	1	0	8	86	107	96
22	EnCana Corp.	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	2	2	0	1	1	0	0	19	4	0	2	2	2	2	1	10	23	1	1	2	2	0	0	1	0	7	85	176	91
23	Suncor Energy Inc.	8	2	4	3	5	3	2	1	3	3	34	4	4	2	3	2	4	2	1	1	0	0	23	4	0	2	2	2	0	1	10	21	1	1	2	1	0	0	1	0	6	84	265	96
23	Rothmans Inc.	8	4	4	3	5	3	2	1	3	3	36	4	2	2	3	2	0	0	0	0	1	0	14	4	0	4	2	2	2	2	10	26	1	1	2	2	1	0	1	0	8	84	51	95
23	National Bank of Canada	8	4	4	3	5	0	2	1	2	3	32	4	4	2	3	0	4	2	1	1	0	0	21	4	2	0	2	2	2	1	10	23	1	1	2	2	0	1	1	0	8	84	118	87
23	Methanex Corp.	8	4	4	3	3	3	2	1	3	3	34	4	3	2	3	2	3	0	1	0	0	0	18	4	2	4	2	2	2	1	10	27	1	1	2	0	0	0	1	0	5	84	253	92
27	Inmet Mining Corp.	8	4	4	3	2	3	2	0	3	3	32	4	4	2	2	1	1	2	1	1	0	0	18	4	2	4	2	2	2	2	10	28	1	1	1	2	0	0	0	0	5	83	1654	90
28	Finning International Inc.	8	4	4	3	5	3	2	0	2	1	32	4	4	2	3	2	4	0	1	1	0	0	21	4	0	4	2	2	2	0	10	24	1	1	2	0	0	0	1	0	5	82	104	95
29	Maple Leaf Foods Inc.	8	4	4	3	3	3	2	1	2	3	33	4	3	2	3	2	2	2	0	1	0	0	19	4	2	0	1	2	2	2	10	23	1	1	2	0	0	0	1	1	6	81	1	74
29	Petro-Canada	8	4	4	3	5	0	2	1	3	3	33	4	3	2	3	1	3	2	1	0	0	0	19	4	0	2	2	2	2	2	10	24	1	1	2	0	0	0	1	0	5	81	131	93
31	Industrial Alliance Insurance and Financial	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	1	4	0	1	1	0	0	20	4	0	2	2	2	2	0	10	22	1	1	0	0	0	0	1	0	3	80	56	92
31	Emera Inc.	8	4	4	3	5	3	2	1	1	3	34	4	4	2	3	2	2	0	0	0	0	0	17	4	0	2	2	2	2	0	10	22	1	1	2	2	0	0	1	0	7	80	23	85
31	Canfor Corp.	8	4	4	3	5	3	2	0	3	3	35	4	4	2	0	2	1	0	1	1	0	0	15	4	0	4	2	2	2	1	10	25	1	1	2	0	0	1	0	0	5	80	34	91
31	Alcan Inc.	8	4	4	2	3	3	2	1	3	3	33	4	2	0	3	2	1	2	1	1	0	0	16	2	0	2	2	2	2	1	10	21	1	1	2	2	1	1	1	1	10	80	5	90
35	BCE Inc.	8	4	4	2	5	0	2	1	2	3	31	4	4	2	3	2	1	0	1	0	0	0	17	4	2	2	2	2	2	2	10	26	0	1	2	2	0	0	0	0	5	79	-12	90
35	Russel Metals Inc.	8	4	4	3	5	3	2	1	2	3	35	2	4	2	3	2	2	0	1	1	1	0	18	4	2	2	0	0	2	0	10	20	1	1	2	1	1	0	0	0	6	79	718	73
42	Shell Canada Ltd.	4	4	2	2	3	0	0	1	2	3	21	4	4	2	3	2	3	2	1	1	1	0	23	4	0	2	2	2	2	2	10	24	1	1	2	2	1	1	1	1	9	78	133	81
37	Saskatchewan Wheat Pool	8	4	4	3	5	3	2	0	0	3	32	4	4	0	3	2	1	0	1	1	0	0	16	4	0	4	2	2	2	1	10	25	1	1	2	0	0	1	0	0	5	78	n/a	0
37	Nortel Networks Corp.	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	1	1	2	1	1	0	0	19	4	0	0	1	2	2	0	10	19	1	1	1	0	0	0	1	1	5	78	-71	84
37	Goldcorp Inc.	8	4	4	3	5	3	2	1	2	3	35	4	4	0	3	2	0	2	1	1	0	0	17	4	2	2	1	0	2	0	10	21	1	1	0	2	0	1	0	0	5	78	188	76
37	Cognos Inc.	8	4	4	3	3	3	2	1	2	3	33	4	4	2	3	2	2	0	0	0	0	0	17	4	2	0	0	2	2	0	10	20	1	1	2	2	0	1	1	0	8	78	79	78
37	Agnico-Eagle Mines Ltd.	8	4	4	3	5	3	2	1	3	3	36	4	3	2	3	1	2	0	1	1	0	0	17	4	0	2	2	0	0	0	10	18	1	1	2	0	0	1	1	1	7	78	111	82
42	ATI Technologies Inc.	8	4	4	2	5	3	2	0	3	3	34	4	4	2	3	2	2	0	1	1	1	0	20	4	0	0	0	2	2	0	10	18	1	1	2	0	1	0	0	0	5	77	92	71
42	CAE Inc.	8	4	2	3	5	3	2	0	1	3	31	4	4	2	3	2	0	0	0	0	1	0	16	4	2	4	2	2	2	1	10	27	1	0	0	0	1	0	1	0	3	77	-2	93
42	Stantec Inc.	8	4	4	3	5	3	2	1	1	3	34	4	4	0	3	2	3	0	1	1	0	0	18	4	0	0	2	2	2	0	10	20	1	1	2	0	0	1	0	0	5	77	287	0
46	IPSCO Inc.	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	0	1	0	0	0	0	0	14	0	0	4	2	2	2	2	10	22	1	1	2	0	0	0	1	0	5	76	397	84
46	Enerflex Systems Ltd.*	8	4	4	3	2	3	2	1	3	3	33	4	4	2	3	2	1	2	1	1	0	0	20	4	0	0	1	2	0	1	10	18	1	1	1	0	0	1	0	1	5	76	41	71
46	Domtar Inc.	8	4	4	3	5	3	2	1	0	3	33	4	4	0	3	1	0	0	1	0	0	0	13	4	2	4	2	2	2	1	10	27	1	1	0	0	0	0	0	1	3	76	-43	91
46	Cambior Inc.	8	4	4	3	5	3	2	0	3	3	35	4	4	0	3	2	0	0	0	0	0	0	13	4	0	2	2	2	2	0	10	22	1	1	2	0	0	1	1	0	6	76	336	81
50	Thomson Corp.	4	4	2	2	3	3	2	1	3	3	27	4	3	2	3	2	2	0	0	1	0	0	17	4	0	2	2	2	2	1	10	23	1	1	2	2	0	0	1	1	8	75	-1	84
50	TELUS Corp.	8	4	4	3	5	3	2	1	3	3	36	4	4	2	3	2	2	0	1	1	1	0	20	4	0	0	2	2	2	0	4	14	1	1	2	0	0	0	1	0	5	75	233	85
50	Emergis Inc.	8	4	4	3	5	0	0	0	2	3	29	4	3	2	2	2	3	2	1	1	0	0	20	2	0	0	2	2	2	1	10	19	1	1	2	2	0	0	1	0	7	75	-82	80
50	Catalyst Paper Corp.	8	4	4	3	5	3	2	1	2	3	35	4	4	0	0	2	2	0	1	1	0	0	14	4	0	4	1	2	2	0	10	23	1	0	1	0	0	0	0	1	3	75	-45	75
54	Laurentian Bank of Canada	8	4	4	3	5	3	2	1	2	1	33	4	4	0	0	0	3	0	1	0	0	0	12	4	0	4	2	2	2	1	10	25	1	1	2	0	0	0	0	0	4	74	-1	82
54	Toromont Industries Ltd.	4	4	4	3	3	3	2	0	2	3	28	4	4	2	3	2	4	2	1	1	0	0	23	2	0	0	2	2	0	0	10	16	1	0	2	2	0	1	1	0	7	74	144	84
56	Talisman Energy Inc.	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	2	1	0	0	0	0	0	16	4	0	0	0	2	2	0	10	18	1	0	2	0	0	1	0	0	4	73	204	93
56	Manitoba Telecom Services Inc.	8	2	2	3	5	3	2	1	2	3	31	2	4	0	3	2	2	0	0	0	0	0	13	4	2	4	1	2	2	1	10	26	0	1	1	0	0	1	0	0	3	73	35	84
56	Imperial Oil Ltd.	4	4	4	3	2	3	2	1	2	3	28	4	3	2	3	2	0	0	0	0	0	0	14	4	0	4	2	2	2	2	10	26	1	1	2	0	0	0	1	0	5	73	163	86
56	Glamis Gold Ltd.	8	4	4	3	5	3	2	0	2	3	34	0	4	0	3	2	0	0	1	1	0	0	11	4	0	4	2	0	0	0	10	20	1	1	2	2	0	1	1	0	8	73	647	71
56	Celestica Inc.	8	4	4	3	5	3	2	0	2	3	34	4	4	2	3	2	2	2	1	1	0	0	21	4	0	0	2	2	2	1	0	11	1	1	2	0	1	1	1	0	7	73	-72	74
56	Calfrac Well Services Ltd.	8	4	4	2	5	3	2	0	2	3	33	4	4	0	3	2	0	0	1	1	0	0	15	0	0	4	2	2	2	1	10	21	1	0	2	0	0	1	0	0	4	73	633	72
56	ATS Automation Tooling Systems Inc.	8	4	4	3	5	3	2	0	0	3	32	4	4	2	3	2	1	0	0	0	0	0	16	4	0	0	2	2	2	0	10	20	1	1	2	0	0	1	0	0	5	73	-15	79
63	Western Oil Sands Inc.	8	4	4	3	3	3	2	0	3	3	33	4	2	0	3	2	1	0	1	1	0	0	14	0	0	4	2	2	2	0	10	20	1	1	2	0	0	1	0	0	5	72	464	79
63	Linamar Corp.	4	4	4	3	1	3	2	1	3	3	28	4	1	2	3	2	3	0	1	1	0	0	17	0	0	4	2	2	2	0	10	20	1	1	2	0	0	1	1	1	7	72	-7	79
63	Ivanhoe Mines Ltd.	4	4	4	3	2	3	2	0	2	3	27	4	3	2	3	2	4	0	1	1	0	0	20	4	0	4	2	0	0	0	10	20	1	0	2	1	0	1	0	0	5	72	341	72
66	MacDonald Dettwiler & Associates Ltd.	8	4	4	3	5	3	2	0	2	3	34	4	2	2	3	2	0	0	1	1	0	0	15	0	0	0	2	2	2	2	10	18	1	1	1	0	0	1	0	0	4	71	56	87
66	Gerdau Ameristeel Corp.	4	4	4	3	3	3	2	0	0	3	26	4	4	2	3	2	2	0	0	0	0	0	17	2	0	4	2	2	2	1	10	23	1	1	0	2	0	0	1	0	5	71	290	71
66	Gabriel Resources Ltd.	8	4	4	3	5	3	2	0	3	1	33	0	3	0	3	2	4	0	1	1	0	0	14	4	0	2	0	0	0	0	10	16	1	1	2	1	0	1	1	1	8	71	15	0
66	Fortis Inc.	8	4	4	3	5	3	2	1	0	3	33	4	4	2	3	0	0	0	1	0	0	0	14	0	0	0	2	2	2	0	10	16	1	1	2	2	0	0	1	1	8	71	134	85
66	Cogeco Cable Inc.	8	4	4	3	5	3	2	1	2	3	35	2	3	2	3	2	4	0	1	1	0	0	18	0	0	2	2	2	2	1	4	13	1	1	2	0	0	0	0	1	5	71	5	83
71	Ballard Power Systems Inc.	4	4	4	2	5	3	2	1	3	3	31	4	0	2	3	2	1	0	1	1	0	0	14	4	0	0	2	2	2	0	10	20	1	1	0	2	0	0	0	1	5	70	-79	80
71	Compton Petroleum Corp.	8	4	4	3	5	3	2	0	3	3	35	4	4	2	3	2	1	0	1	1	0	0	18	0	0	0	0	2	0	0	10	12	1	1	2	0	0	0	1	0	5	70	272	73
71	ING Canada Inc.	4	4	2	3	3	3	2	2	2	3	28	0	4	0	3	2	1	0	0	0	0	0	10	4	0	4	2	2	2	2	10	26	1	1	0	2	0	1	1	0	6	70	n/a	0
71	Kinross Gold Corp.	8	4	4	3	5	3	2	1	2	1	33	2	3	0	3	2	2	0	0	0	0	0	12	0	0	4	2	2	2	0	10	20	1	1	2	0	0	0	0	1	5	70	205	0
75	Novelis Inc.	8	4	4	3	0	3	2	1	2	3	30	4	0	0	3	2	3	0	1	1	0	0	14	2	0	0	2	2	2	1	10	19	1	1	2	0	0	0	1	1	6	69	n/a	0
75	Nova Chemicals Corp.	8	4	4	3	5	3	2	1	2	3	35	4	4	2	3	1	2	0	0	0	0	0	16	2	0	0	2	0	0	0	10	14	1	1	2	0	0	0	0	0	4	69	33	86
75	Canadian Tire Corp. Ltd.	8	4	4	2	5	3	2	1	3	3	35	4	2	2	3	2	2	2	1	1	1	0	20	0	0	4	2	2	2	0	0	10	0	1	0	0	1	1	1	0	4	69	192	77
78	West Fraser Timber Co. Ltd.	8	2	4	2	2	3	2	1	1	0	25	4	3	2	3	2	1	0	0	0	0	0	15	2	0	2	2	0	2	0	10	18	1	1	2	2	1	1	1	1	10	68	37	76
78	Shoppers Drug Mart Corp.	8	4	4	3	2	3	2	2	0	3	31	4	3	0	3	1	1	0	0	0	0	0	12	4	0	2	2	2	0	1	10	21	1	1	2	0	0	0	0	0	4	68	n/a	66
78	Saputo Inc.	4	4	4	3	3	0	2	1	3	3	27	2	2	2	3	2	3	0	1	1	0	0	16	4	0	0	2	2	2	0	10	20	1	1	2	1	0	0	0	0	5	68	65	83
78	Norbord Inc.	4	4	2	2	3	0	2	1	3	3	24	4	3	2	3	2	2	0	1	1	0	0	18	4	0	2	2	2	0	0	10	20	1	1	2	2	0	0	0	0	6	68	47	80
78	Canadian Western Bank	8	4	4	3	5	3	2	1	3	3	36	2	4	2	3	2	1	0	0	0	0	0	14	0	0	0	0	2	2	0	10	14	1	1	0	0	0	1	1	0	4	68	221	84
78	Brookfield Properties Corp.	4	4	2	3	2	0	2	1	2	3	23	4	0	2	3	1	1	0	1	1	0	0	13	4	0	4	2	2	2	1	10	25	1	1	2	2	0	1	0	0	7	68	122	71
84	FirstService Corp.	8	4	4	3	5	3	2	0	3	3	35	4	4	2	3	0	3	2	1	1	0	0	20	0	0	2	1	0	2	0	0	5	1	1	2	2	0	1	0	0	7	67	50	67
84	Kingsway Financial Services Inc.	8	4	2	2	2	3	2	0	3	3	29	4	3	0	3	2	0	0	1	1	0	0	14	4	0	2	2	2	0	0	10	20	1	1	2	0	0	0	0	0	4	67	64	85
84	Meridian Gold Inc.	8	4	4	3	5	3	2	0	2	3	34	0	1	0	3	2	1	0	0	0	0	0	7	0	0	4	2	2	2	0	10	20	1	1	2	0	0	0	1	1	6	67	62	73
84	Transat AT Inc.	8	4	4	3	0	3	2	1	1	3	29	4	2	2	3	2	1	0	1	0	0	0	15	0	0	2	2	2	2	0	10	18	1	1	2	0	0	0	1	0	5	67	316	77
88	SXR Uranium One Inc.	8	4	4	3	5	3	2	0	2	3	34	2	3	0	3	2	1	0	1	1	0	0	13	4	0	0	0	0	0	0	10	14	1	1	2	0	0	1	0	0	5	66	145	0
88	FNX Mining Co. Inc.	8	4	4	3	2	3	2	0	0	3	29	2	2	2	3	2	1	0	1	1	0	0	14	4	0	2	1	2	0	0	10	19	1	1	0	2	0	0	0	0	4	66	1503	72
88	Abitibi-Consolidated Inc.	8	4	2	2	5	3	2	1	3	3	33	4	0	2	0	0	2	0	0	0	0	0	8	0	0	4	2	2	2	1	10	21	1	0	2	0	0	1	0	0	4	66	-72	80
91	WestJet Airlines Ltd.	8	4	4	3	2	3	2	0	0	3	29	2	4	0	3	2	3	0	1	1	0	0	16	0	0	0	0	2	2	0	10	14	1	1	2	0	0	1	1	0	6	65	36	67
91	UTS Energy Corp.	8	4	2	2	2	3	2	0	0	3	26	4	4	2	3	2	0	0	1	1	0	0	17	0	0	4	2	2	2	0	10	20	1	1	0	0	0	0	0	0	2	65	221	57
91	QLT Inc.	8	4	2	2	5	3	2	1	2	3	32	4	0	0	3	0	3	0	1	1	0	0	12	4	0	0	0	0	0	2	10	16	1	1	2	0	0	0	1	0	5	65	-65	67
91	Metro Inc.	8	4	4	3	5	3	2	1	3	1	34	4	4	2	3	2	1	0	0	0	0	0	16	0	0	4	2	2	2	0	0	10	1	1	0	2	0	0	1	0	5	65	86	68
91	Iamgold Corp.	8	4	4	2	3	3	2	0	3	3	32	4	3	0	3	2	0	0	1	1	0	0	14	0	0	2	2	2	2	0	10	18	0	0	0	0	0	1	0	0	1	65	186	63
91	George Weston Ltd.	4	4	2	2	2	3	2	1	1	1	22	4	4	2	3	2	0	0	1	1	0	0	17	0	0	4	2	2	2	1	10	21	1	1	0	2	0	0	1	0	5	65	-32	74
91	Barrick Gold Corp.	8	4	4	3	1	3	2	0	2	3	30	2	0	2	0	1	0	0	1	1	0	0	7	2	0	4	2	2	2	0	10	22	1	1	2	0	0	0	1	1	6	65	24	70
91	Astral Media Inc.	8	4	4	3	2	3	2	1	2	3	32	4	1	2	3	2	2	0	0	0	0	0	14	4	0	0	2	2	2	2	0	12	1	1	1	2	0	1	1	0	7	65	82	72
99	Transcontinental Inc.	4	4	4	3	2	3	2	1	2	3	28	4	3	2	2	2	2	0	1	1	0	0	17	0	0	2	2	2	2	1	2	11	1	1	2	2	0	1	0	1	8	64	63	66
99	Sobeys Inc.	4	2	2	2	5	0	2	1	2	3	23	4	2	0	3	0	0	0	0	0	0	0	9	4	0	4	2	2	2	2	10	26	1	1	0	2	0	0	1	1	6	64	40	69
99	Sherritt International Corp.	8	4	4	3	1	3	2	1	0	3	29	0	4	0	3	2	0	0	1	1	0	0	11	2	0	2	2	2	2	0	10	20	1	0	2	0	0	1	0	0	4	64	175	62
99	Miramar Mining Corp.	8	4	4	3	5	3	2	1	1	3	34	0	3	0	2	2	0	0	0	1	0	0	8	4	0	4	0	0	0	0	10	18	1	0	2	0	0	1	0	0	4	64	387	0
99	Brookfield Asset Management Inc.	4	4	4	3	2	0	2	0	2	3	24	4	2	2	3	0	1	2	1	1	0	0	16	4	2	2	1	2	2	1	3	17	1	1	2	2	0	1	0	0	7	64	324	76
99	Bombardier Inc.	4	4	4	3	2	3	2	1	2	1	26	4	1	2	3	2	1	0	1	1	0	0	15	4	0	2	2	2	2	2	3	17	1	1	0	2	0	0	1	1	6	64	-70	74
99	Biovail Corp.	4	4	4	3	1	3	2	0	2	3	26	4	2	2	2	2	0	0	1	1	0	0	14	4	0	0	1	2	2	0	10	19	1	1	2	0	0	0	1	0	5	64	-77	81
106	Torstar Corp.	4	4	4	2	5	3	0	1	2	3	28	4	3	2	3	2	3	0	0	1	1	0	19	0	0	0	2	2	2	2	0	8	1	1	0	2	1	1	1	1	8	63	15	78
106	Silver Wheaton Corp.	8	4	4	3	3	3	2	0	3	1	31	0	4	0	3	2	0	0	1	1	0	0	11	4	0	2	2	0	0	0	10	18	1	1	0	0	0	1	0	0	3	63	n/a	0
106	Loblaw Cos. Ltd.	4	4	2	2	2	0	2	1	1	1	19	4	4	2	3	2	1	0	1	1	1	0	19	0	0	4	2	2	2	0	10	20	1	1	0	2	0	0	1	0	5	63	-12	75
106	Husky Energy Inc.	4	4	2	3	3	3	2	1	1	3	26	4	0	0	2	2	1	0	1	1	0	0	11	4	0	4	2	2	0	0	10	22	1	1	2	0	0	0	0	0	4	63	303	56
106	Fairfax Financial Holdings Ltd.	8	4	4	3	2	3	2	0	2	1	29	4	4	2	3	1	4	0	1	1	0	0	20	0	0	4	2	2	0	0	0	8	1	1	2	0	0	1	1	0	6	63	-28	58
106	Ensign Energy Services Inc.	8	4	4	3	0	3	2	1	2	3	30	4	4	2	3	2	0	0	1	1	0	0	17	0	0	0	0	2	0	0	10	12	1	0	0	2	0	1	0	0	4	63	234	76
106	Angiotech Pharmaceuticals Inc.	8	4	4	3	5	3	2	0	2	1	32	0	3	0	3	2	0	0	1	1	0	0	10	4	0	0	1	2	0	0	10	17	1	1	2	0	0	0	0	0	4	63	-42	64
113	TLC Vision Corp.	4	4	4	2	3	3	2	0	2	3	27	0	4	0	3	2	0	0	1	1	0	0	11	2	0	2	2	2	0	0	10	18	1	1	2	0	0	1	1	0	6	62	43	69
113	Tesco Corp.	8	4	4	3	5	3	2	0	2	3	34	0	3	0	3	2	2	0	1	1	0	0	12	0	0	0	0	2	0	0	10	12	1	0	2	0	0	1	0	0	4	62	94	52
113	Rogers Communciations Inc.	4	4	4	3	3	3	2	1	2	3	29	4	3	2	3	2	2	0	1	0	0	0	17	4	0	2	2	2	0	1	0	11	1	1	0	2	0	0	1	0	5	62	203	65
113	CCL Industries	8	4	4	3	5	3	2	1	2	3	35	2	0	2	3	0	3	2	0	0	0	0	12	2	0	0	2	2	2	1	0	9	1	1	2	2	0	0	0	0	6	62	129	73
117	Aber Diamond Corp.	4	4	4	3	2	3	2	1	1	3	27	2	3	0	3	2	0	0	1	1	0	0	12	0	0	4	2	2	2	0	10	20	1	1	0	0	0	0	0	0	2	61	148	67
117	Canadian Natural Resources Ltd.	4	4	2	3	1	3	2	1	2	3	25	2	4	0	0	2	0	0	1	1	0	0	10	4	0	2	1	2	2	0	10	21	1	0	2	0	0	1	1	0	5	61	426	75
117	Onex Corp.	8	4	4	3	2	3	2	1	2	3	32	4	4	2	3	2	0	0	1	1	0	0	17	0	0	0	2	2	2	1	0	7	1	1	0	0	0	1	1	1	5	61	26	71
117	RONA Inc.	4	4	4	3	3	0	2	1	2	3	26	0	4	0	3	1	2	0	1	1	0	0	12	0	0	2	2	2	0	2	10	18	1	1	2	0	0	0	1	0	5	61	n/a	65
121	Tanzanian Royalty Exploration Corp.	4	4	4	0	0	3	2	1	0	1	19	0	2	0	3	2	4	0	1	1	0	0	13	4	0	4	2	2	2	2	10	26	1	0	0	0	0	1	0	0	2	60	n/a	0
121	Eldorado Gold Corp.	8	4	4	3	5	3	2	0	2	1	32	0	0	0	2	2	0	0	1	1	0	0	6	4	0	2	2	0	0	0	10	18	1	1	2	0	0	0	0	0	4	60	1286	71
121	Cott Corp.	4	4	4	2	3	3	2	1	2	3	28	2	0	2	3	2	0	0	1	1	0	0	11	2	0	2	0	2	0	2	10	18	1	1	0	0	0	0	1	0	3	60	-19	67
124	Trican Well Service Ltd.	4	4	2	2	0	3	2	0	0	1	18	2	4	0	3	2	1	2	1	1	0	1	17	4	0	0	0	2	2	0	10	18	1	1	2	1	0	0	1	0	6	59	737	53
124	Savanna Energy Services Corp.	8	4	2	2	3	3	2	0	2	3	29	0	4	0	3	2	0	0	1	1	0	0	11	4	0	0	0	2	0	0	10	16	0	0	2	0	0	1	0	0	3	59	n/a	55
124	OPTI Canada Inc.	4	4	4	3	5	0	2	0	2	3	27	0	2	0	3	2	0	0	1	1	0	0	9	4	0	0	2	2	0	0	10	18	1	1	2	0	0	1	0	0	5	59	n/a	56
124	Mega Brands Inc.	8	4	4	3	3	3	2	1	1	3	32	0	2	2	3	2	0	0	0	0	0	0	9	2	0	0	2	2	0	0	10	16	1	1	0	0	0	0	0	0	2	59	n/a	62
124	Four Seasons Hotels Inc.	8	4	2	2	2	3	0	1	2	3	27	4	4	2	3	0	1	0	1	1	0	0	16	0	0	0	2	2	2	0	2	8	1	1	2	2	0	0	1	1	8	59	21	62
124	Empire Co. Ltd.	4	2	2	2	3	0	2	1	2	3	21	4	4	2	3	0	2	0	0	0	0	0	15	0	0	4	2	2	2	2	4	16	1	1	0	2	1	1	0	1	7	59	126	59
124	Corus Entertainment Inc.	4	4	4	3	2	3	2	2	2	3	29	4	4	2	3	0	1	0	1	1	1	0	17	0	0	0	1	2	0	1	0	4	1	1	2	2	1	1	1	0	9	59	64	70
124	Centerra Gold Inc.	0	4	2	2	5	3	2	0	2	0	20	4	2	2	3	2	3	0	1	1	0	0	18	0	0	0	2	2	2	1	10	17	1	1	2	0	0	0	0	0	4	59	n/a	72
124	CanWest Global Communications Corp.	8	4	4	3	5	3	2	1	0	3	33	4	0	2	3	1	2	0	0	0	0	0	12	0	0	0	1	2	2	1	4	10	1	1	2	0	0	0	0	0	4	59	-14	76
133	Southwestern Resources Corp.	4	4	4	3	5	3	2	0	0	1	26	0	3	0	3	2	4	0	1	1	0	0	14	4	0	0	0	0	0	0	10	14	1	0	2	0	0	1	0	0	4	58	557	68
133	Real Resources Inc.	8	4	4	3	5	3	2	0	0	3	32	0	4	0	3	2	0	0	1	1	0	0	11	0	0	0	0	2	0	0	10	12	1	0	2	0	0	0	0	0	3	58	536	59
133	Open Text Corp.	8	4	4	3	2	3	2	1	3	3	33	0	2	0	3	2	2	0	1	1	0	0	11	0	0	0	0	0	0	0	10	10	1	1	2	0	0	0	0	0	4	58	17	69
133	Great Canadian Gaming Corp.	8	4	4	3	2	3	2	0	2	1	29	0	3	2	3	2	0	0	1	1	0	0	12	4	0	0	0	0	0	0	10	14	1	0	0	2	0	0	0	0	3	58	n/a	60
133	First Calgary Petroleums Ltd.	8	4	4	3	5	3	2	0	0	1	30	0	3	0	3	2	0	0	1	1	0	0	10	0	0	2	0	0	0	0	10	12	1	1	2	2	0	0	0	0	6	58	1462	54
133	AUR Resources Inc.	4	4	4	3	5	3	2	0	0	3	28	0	4	0	3	2	1	0	0	0	0	0	10	0	0	4	0	0	0	0	10	14	1	1	2	0	0	1	1	0	6	58	626	68
133	AGF Management Ltd.	4	4	4	3	2	3	2	0	2	3	27	4	4	2	3	2	2	2	1	1	0	0	21	0	0	2	0	2	2	0	0	6	1	1	2	0	0	0	0	0	4	58	12	49
140	Quebecor World Inc.	4	4	4	3	3	0	2	1	3	3	27	4	3	2	3	2	3	0	0	0	0	0	17	0	0	0	0	2	2	1	4	9	1	0	2	0	0	1	0	0	4	57	-71	70
140	Patheon Inc.	4	4	4	3	5	3	2	0	1	3	29	0	2	0	3	2	0	0	0	0	0	0	7	0	0	2	2	2	0	0	10	16	1	1	2	1	0	0	0	0	5	57	-41	74
140	CGI Group Inc.	4	4	4	3	2	3	2	1	2	1	26	4	4	2	3	2	0	0	1	1	0	0	17	4	0	0	1	2	0	0	0	7	1	1	1	0	1	1	1	1	7	57	-19	66
140	Cardiome Pharma Corp.	8	4	4	3	5	3	2	1	0	1	31	0	0	0	3	2	0	0	1	1	0	0	7	4	0	0	0	2	0	0	10	16	1	0	0	1	0	1	0	0	3	57	455	0
140	Axcan Pharma Ltd.	8	4	4	3	1	3	2	1	2	1	29	0	0	0	3	2	1	0	1	1	0	0	8	4	0	0	0	2	0	0	10	16	1	1	2	0	0	0	0	0	4	57	-10	63
145	Teck Cominco Ltd.	4	4	4	3	3	3	2	1	1	0	25	4	4	0	3	2	2	0	0	1	0	0	16	0	0	4	2	2	2	0	0	10	1	1	2	0	0	0	1	0	5	56	551	72
145	Sino-Forest Corp.	4	4	4	3	0	3	2	0	1	1	22	2	3	0	3	2	4	0	1	1	0	0	16	0	0	2	1	2	0	0	10	15	1	1	0	0	0	1	0	0	3	56	336	55
145	Northbridge Financial Corp.	4	4	4	3	3	3	2	0	2	1	26	0	1	0	3	2	0	0	1	0	0	0	7	0	0	4	2	2	0	0	10	18	1	1	2	0	0	1	0	0	5	56	n/a	51
145	LionOre Mining International Ltd.	4	4	4	3	1	3	2	0	0	3	24	0	3	0	3	1	3	0	1	1	0	0	12	0	0	0	2	2	0	0	10	14	1	1	2	1	0	1	0	0	6	56	326	56
145	First Quantum Minerals Ltd.	4	4	4	3	2	3	2	0	2	3	27	0	3	0	3	2	0	0	1	1	0	0	10	4	0	0	1	2	0	0	10	17	1	0	1	0	0	0	0	0	2	56	2032	61
145	Extendicare Inc.	8	4	4	2	3	3	2	1	1	1	29	4	2	0	3	2	1	0	0	0	0	0	12	4	0	0	2	2	0	0	3	11	1	1	2	0	0	0	0	0	4	56	223	70
151	Shaw Communications Inc.	8	4	4	3	2	3	0	1	2	3	30	4	4	2	3	0	0	0	1	0	0	0	14	0	0	2	2	2	0	0	0	6	1	1	0	2	0	0	1	0	5	55	5	67
151	Research In Motion Ltd.	4	4	4	3	0	3	2	0	0	1	21	0	3	0	3	2	4	0	1	1	0	0	14	0	0	2	2	2	0	0	10	16	1	1	2	0	0	0	0	0	4	55	802	62
151	Pason Systems Inc.	8	2	2	3	0	3	2	1	2	3	26	0	4	2	3	2	0	0	1	1	0	0	13	0	0	0	0	2	0	0	10	12	1	0	2	0	0	1	0	0	4	55	844	59
151	PAN American Silver Corp.	4	4	4	3	2	3	2	0	0	3	25	0	2	0	2	2	0	0	1	1	0	0	8	4	0	0	2	2	0	0	10	18	1	0	2	0	0	1	0	0	4	55	233	63
151	NuVista Energy Ltd.	0	4	2	2	3	3	2	0	0	3	19	4	4	0	3	2	4	0	1	1	0	0	19	0	0	0	0	2	2	0	10	14	0	0	2	0	0	1	0	0	3	55	n/a	49
151	Dorel Industries Inc.	4	4	4	3	2	3	2	1	0	3	26	4	4	2	3	2	0	0	1	1	0	0	17	0	0	0	2	2	0	0	2	6	1	1	1	2	0	1	0	0	6	55	-11	62
151	Connacher Oil and Gas Ltd.	8	4	4	2	2	3	2	0	3	0	28	0	3	0	3	2	0	0	1	1	0	0	10	0	0	0	0	2	0	0	10	12	1	1	2	0	0	1	0	0	5	55	n/a	0
158	ShawCor Ltd.	4	4	4	2	3	3	2	1	2	0	25	4	1	2	3	2	1	0	0	0	0	0	13	4	0	0	2	2	0	1	3	12	1	1	2	0	0	0	0	0	4	54	33	71
158	Quebecor Inc.	4	4	4	2	3	0	2	1	3	3	26	4	1	2	3	2	3	0	0	0	0	0	15	0	0	0	2	2	2	0	4	10	1	1	0	0	0	1	0	0	3	54	42	71
158	Petrobank Energy & Resources Ltd.	8	4	4	0	5	3	2	0	0	3	29	0	4	0	3	2	0	0	1	1	0	0	11	0	0	0	0	2	0	0	10	12	1	0	0	0	0	1	0	0	2	54	965	0
158	Niko Resources Ltd.	8	4	4	3	0	3	2	0	0	0	24	0	4	0	3	2	2	0	1	1	0	0	13	0	0	0	0	2	0	0	10	12	1	1	2	0	0	0	1	0	5	54	726	53
158	Golden Star Resources Ltd.	4	2	2	2	3	3	2	0	0	3	21	0	3	0	3	2	0	0	1	1	0	0	10	4	0	2	1	0	0	0	10	17	1	1	2	0	0	1	1	0	6	54	108	66
158	Cascades Inc.	4	4	4	3	3	3	2	1	2	1	27	0	0	2	3	2	1	0	1	1	0	0	10	0	0	0	2	0	0	0	10	12	1	1	0	2	0	1	0	0	5	54	54	65
158	Algoma Steel Inc.	4	4	4	3	5	3	2	1	0	1	27	0	0	0	3	2	0	0	0	0	0	0	5	0	0	4	2	2	0	0	10	18	1	1	2	0	0	0	0	0	4	54	n/a	61
165	Oilexco Inc.	8	4	4	3	0	3	2	0	0	3	27	0	3	0	3	2	0	0	1	1	0	0	10	0	0	0	0	0	0	0	10	10	1	1	2	1	0	1	0	0	6	53	n/a	0
165	Northern Orion Resources Inc.	4	4	4	3	3	3	2	0	0	1	24	0	3	0	3	2	0	0	1	1	0	0	10	4	0	0	0	0	0	0	10	14	1	0	2	1	0	1	0	0	5	53	780	41
165	Jean Coutu Group Inc.	4	4	2	2	0	3	2	1	0	3	21	0	2	2	3	2	1	0	1	1	0	0	12	0	0	4	2	2	2	0	4	14	1	1	2	2	0	0	0	0	6	53	-10	68
165	HudBay Minerals Inc.	8	4	4	3	5	3	2	0	0	3	32	0	3	0	0	2	0	0	0	0	0	0	5	2	0	0	0	0	0	0	10	12	1	0	2	0	0	1	0	0	4	53	n/a	0
169	Forzani Group Ltd.	4	4	2	2	2	3	2	0	1	3	23	2	4	0	3	2	0	0	1	1	0	0	13	0	0	0	0	0	2	1	10	13	1	1	0	0	0	1	0	0	3	52	112	66
169	Highpine Oil & Gas Ltd.	8	4	2	2	0	3	0	0	0	3	22	0	4	2	3	2	0	0	1	1	0	0	13	0	0	0	0	2	0	0	10	12	1	1	2	0	0	1	0	0	5	52	n/a	0
169	Neurochem Inc.	8	2	4	2	2	3	2	0	3	1	27	0	0	2	3	2	0	0	1	1	0	0	9	0	0	0	2	2	0	0	10	14	1	0	0	0	0	0	1	0	2	52	456	45
172	Shore Gold Inc.	4	4	4	2	5	3	2	0	0	3	27	0	4	0	3	2	0	0	1	1	0	0	11	0	0	0	0	0	0	0	10	10	1	1	0	0	0	1	0	0	3	51	n/a	0
172	Power Financial Corp.	4	4	4	0	1	0	0	1	0	1	15	4	4	0	3	2	0	0	1	0	0	0	14	0	0	4	2	2	2	0	10	20	1	1	0	0	0	0	0	0	2	51	95	64
172	InterOil Corp.	0	4	4	3	2	3	2	0	2	1	21	0	4	0	3	2	0	0	1	1	0	0	11	4	0	2	0	0	0	0	10	16	1	1	0	0	0	1	0	0	3	51	n/a	60
172	Centurion Energy International Inc.	4	4	4	2	2	3	2	0	2	3	26	0	4	0	3	2	0	0	1	1	0	0	11	0	0	0	0	0	0	0	10	10	1	0	2	0	0	1	0	0	4	51	1613	56
172	Alimentation Couche Tard Inc.	4	4	4	3	2	3	2	1	2	1	26	4	4	2	3	2	0	0	0	0	0	0	15	0	0	0	2	0	2	0	4	8	1	1	0	0	0	0	0	0	2	51	449	66
177	St. Lawrence Cement Group Inc.	4	4	2	2	3	3	0	1	2	1	22	2	0	0	3	0	2	0	1	1	0	0	9	4	0	2	2	2	2	1	4	17	1	1	0	0	0	0	0	0	2	50	52	60
177	Novagold Resources Inc.	8	4	2	3	0	3	2	0	0	0	22	0	4	0	3	0	0	0	1	1	0	0	9	4	0	0	0	0	0	0	10	14	1	1	2	0	0	1	0	0	5	50	711	52
177	Alliance Atlantis Communications Inc.	4	2	2	2	2	3	2	1	3	3	24	4	4	2	3	2	2	0	1	1	0	0	19	0	0	0	1	2	0	0	0	3	1	1	0	1	0	0	1	0	4	50	124	60
177	Alamos Gold Inc.	4	4	2	3	3	3	2	0	0	3	24	0	2	0	3	2	0	0	1	1	0	0	9	4	0	0	0	0	0	0	10	14	1	0	0	1	0	1	0	0	3	50	n/a	0
181	ACE Aviation Holdings Inc.	8	4	2	2	2	3	2	0	2	0	25	2	1	0	3	2	2	0	0	0	0	0	10	0	0	2	2	0	2	0	4	10	0	1	2	0	0	0	0	1	4	49	n/a	47
181	Magna International Inc.	4	4	2	2	1	3	2	0	2	3	23	4	2	0	3	0	1	0	1	1	0	0	12	2	0	4	2	0	0	1	0	9	1	1	2	0	0	0	1	0	5	49	11	56
183	Yamana Gold Inc.	4	2	4	2	3	3	2	0	2	3	25	0	1	0	3	2	0	0	1	1	0	0	8	0	0	0	1	0	0	0	10	11	1	1	1	0	0	1	0	0	4	48	146	48
183	Silver Standard Resources Inc.	4	2	2	2	3	3	2	0	0	1	19	0	3	0	3	2	0	0	1	1	0	0	10	4	0	0	0	0	0	0	10	14	0	1	2	0	0	1	1	0	5	48	n/a	0
183	CHC Helicopter Corp.	4	4	4	3	2	3	2	1	2	3	28	2	0	2	3	0	3	0	0	0	0	0	10	0	0	0	2	2	2	0	0	6	1	1	0	0	0	1	1	0	4	48	223	72
186	Gammon Lake Resources Inc.	4	4	4	3	2	3	2	0	0	1	23	0	3	0	3	0	0	0	1	1	0	0	8	0	0	0	2	2	0	0	10	14	1	0	0	0	0	1	0	0	2	47	2261	49
186	International Uranium Corp.	0	4	2	2	3	3	2	1	0	3	20	0	4	0	3	2	0	0	1	1	0	0	11	0	0	2	2	0	0	0	10	14	1	0	0	0	0	1	0	0	2	47	1853	51
186	Paramount Resources Ltd.	4	4	0	3	2	0	2	1	2	1	19	0	4	2	3	2	0	0	1	1	0	0	13	0	0	0	0	2	0	0	10	12	1	1	0	0	0	1	0	0	3	47	444	62
189	Sears Canada Inc.	0	0	0	0	3	3	2	0	2	0	10	4	4	0	3	2	2	0	1	0	0	0	16	0	0	4	2	0	0	0	10	16	1	1	2	0	0	0	0	0	4	46	66	70
189	IGM Financial Inc.	0	4	2	2	3	0	0	1	0	1	13	4	2	0	3	0	0	0	0	0	0	0	9	0	0	2	2	2	2	1	10	19	1	1	2	0	0	1	0	0	5	46	138	56
189	Eurozinc Mining Corp.	4	2	2	2	5	3	2	0	2	0	22	0	0	0	2	2	0	0	1	1	0	0	6	4	0	0	0	2	0	0	10	16	1	0	0	1	0	0	0	0	2	46	n/a	0
189	Crystallex International Corp.	4	4	4	3	2	3	2	0	0	1	23	0	3	0	0	2	0	0	1	1	0	0	7	0	0	0	2	0	0	0	10	12	1	2	0	0	0	1	0	0	4	46	67	50
193	Rider Resources Ltd.	4	4	2	0	5	3	0	0	0	1	19	0	4	0	3	2	0	0	1	1	0	0	11	0	0	0	0	2	0	0	10	12	0	0	2	0	0	1	0	0	3	45	n/a	46
193	Tenke Mining Corp.	0	4	2	2	3	3	2	0	0	0	16	0	4	0	3	2	0	0	1	1	0	0	11	4	0	0	2	0	0	0	10	16	1	0	0	0	0	1	0	0	2	45	1927	0
195	Great-West Lifeco Inc.	0	4	2	2	3	0	0	1	0	1	13	4	2	0	3	2	0	0	0	0	0	0	11	2	0	4	2	2	2	1	4	17	1	1	0	0	0	1	0	0	3	44	91	57
195	Uex Corp.	4	2	2	2	0	3	2	0	0	0	15	0	3	0	3	2	0	0	1	1	0	0	10	4	0	0	2	0	0	0	10	16	0	0	2	0	0	1	0	0	3	44	n/a	0
197	Cyries Energy Inc.	4	4	2	2	2	0	2	1	0	1	18	0	4	0	3	2	1	0	1	1	0	0	12	0	0	0	0	0	0	0	10	10	1	1	0	0	0	1	0	0	3	43	n/a	57
198	Canadian Utilities Ltd.	4	4	2	2	3	0	2	1	0	1	19	2	0	2	3	2	0	0	0	0	0	0	9	0	0	2	2	2	0	0	4	10	1	1	2	0	0	0	0	0	4	42	63	50
199	Duvernay Oil Corp.	0	2	0	2	3	3	2	0	0	1	13	0	4	0	3	2	0	0	1	1	0	0	11	0	0	0	0	2	0	0	10	12	1	0	2	0	0	1	0	0	4	40	n/a	39
200	Atco Ltd.	4	4	2	2	3	0	0	1	1	1	18	2	2	2	3	2	0	0	0	0	0	0	11	0	0	2	2	2	2	0	0	8	1	1	0	0	0	0	0	0	2	39	87	48
201	Power Corp. of Canada	4	4	4	0	0	0	0	1	0	1	14	4	1	2	3	2	0	0	0	0	0	0	12	0	0	4	2	2	2	0	0	10	1	1	0	0	0	0	0	0	2	38	81	51
202	Bema Gold Corp.	4	4	2	0	0	3	2	0	0	0	15	0	0	0	0	0	0	0	1	1	0	0	2	4	0	0	1	0	0	0	10	15	1	0	2	2	0	0	0	0	5	37	539	49
203	Aastra Technologies Ltd.	4	4	0	0	0	3	2	0	0	0	13	0	2	0	3	1	0	0	0	0	0	0	6	0	0	0	0	2	0	0	10	12	1	1	2	1	0	0	0	0	5	36	180	47
204	Reitman's Canada Ltd.	0	4	2	2	2	3	2	0	0	1	16	0	3	2	3	0	0	0	0	0	0	0	8	0	0	2	2	2	0	0	0	6	0	0	2	0	0	1	0	0	3	33	718	35

Board Games 2006

Explanation

Question: Overall
Definition: The Report on Business marking system rates Canada’s corporate boards against a demanding set of criteria designed to go far beyond the minimum mandatory requirements imposed by regulators. These are based on the recommendations of major institutional investors, academics and industry associations, and are revised each year to ensure they keep pace with shifting standards of excellence.
How is it calculated: See the methodology below for complete details

Explanation

Question: Board composition
Definition
How is it calculated: 37 marks out of 100

Explanation

Question: Shareholding and compensation
Definition
How is it calculated: 25 marks out of 100

Explanation

Question: Disclosure issues
Definition
How is it calculated: 10 marks out of 100

Explanation

Question: 1. What percentage of the company’s directors are fully independent?
Definition: That means directors who are not management, relatives of management, former members of management within the previous five years, or people whose firms do business with the company — including, for example, lawyers, accountants, suppliers, 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.
How is it calculated: 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.

Explanation

Question: 2. What percentage of the audit committee is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 3. What percentage of the compensation committee — the committee that determines executive pay — is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 4. What percentage of the nominating committee — the committee responsible for recommending new directors to join the board — is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 5. Is the role of chairperson and CEO split?
Definition
How is it calculated: Five marks if the roles are split and there is a fully independent chairperson. Three 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.

Explanation

Question: 6. a) Do two or more directors sit together on two or more other boards of S&P/TSX companies, creating the potential for a close-knit block of directors? Or, do three or more directors sit on any other corporate board?
Definition
How is it calculated: Three marks if no, zero marks if yes.

Explanation

Question: 6 b) Do any directors sit on six or more S&P/TSX company boards?
Definition
How is it calculated: Two marks if no, zero marks if yes.

Explanation

Question: 7. Are there any women on the board?
Definition
How is it calculated: 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.

Explanation

Question: 8. Does the board have a system to evaluate its performance?
Definition
How is it calculated: Three marks if there is a formal board evaluation and a formal individual director evaluation including peer review, with detailed disclosure of what sort of process is used for both. Two marks if there is a formal board evaluation and director evaluation, but no peer review. One mark if there is a formal board assessment, but not an assessment of individual directors. Zero marks if there is no evaluation or there is only vague description of how it is done.

Explanation

Question: 9. Do independent directors meet without management?
Definition
How is it calculated: Three marks if they meet without management at every board meeting. One mark if it happens occasionally, but not at every board meeting. Zero marks if there is no mention or if there are no meetings without management.

Explanation

Question: 10. a) Are directors required to own shares or share units? (Stock options don’t count.)
Definition
How is it calculated: Four marks if the requirement is equal to at least three times the annual retainer paid to directors. Two marks if there is a requirement, but it is lower than three times retainer. Zero marks if there is no requirement.

Explanation

Question: 10 b) How many shares do directors own?
Definition
How is it calculated: Four marks maximum, but minus one mark for each director who owns less than three times the annual retainer. If a director has been on the board less than one year, the ownership requirement does not apply. If a director has been on the board one to two years, the required ownership level is reduced to one times the retainer. If the base retainer is over $100,000 a year (usually when companies have introduced flat-fee director compensation), the ownership requirement is 1.5 times retainer.

Explanation

Question: 11. a) Is the CEO required to own shares? (Stock options don’t count.)
Definition
How is it calculated: Two marks if there is a requirement, or if the CEO is the company’s controlling shareholder. Zero marks if there is no requirement.

Explanation

Question: 11 b) Does the CEO own shares?
Definition
How is it calculated: Three marks if the CEO owns shares worth at least double his or her base cash salary. Two marks if the CEO owns shares worth 1 to 2 times his or her base salary. Zero marks if the CEO owns shares worth less than 1 times his or her base salary. No ownership rule for CEOs on the job for less than one year.

Explanation

Question: 12. Does the company give loans to its senior executives?
Definition
How is it calculated: Two marks if there are no loans outstanding. One mark if loans are outstanding, but interest is charged and they are worth less than $500,000 in total. Zero marks if there are loans outstanding that are interest free or over $500,000.

Explanation

Question: 13. How well does the company disclose the compensation policies it applies when deciding CEO bonuses? Does it provide a percentage weighting of the factors that are considered in determining the CEO’s bonus? Does it provide details of the specific target amounts that have to be achieved in each area? And does the company explain the outcome of what actually happened with the performance goals and how the outcome affected the CEO’s bonus?
Definition
How is it calculated: Four marks if there is full disclosure based on each question above. Zero marks if none of the questions is directly answered. Partial marks if some information is missing.

Explanation

Question: 14. a) How much information does the company provide about CEO compensation? Is total compensation tallied and the tally includes the value of all bonuses, shares, share units, stock options and pension plan awards for the year?
Definition
How is it calculated: Two marks if yes, zero marks if not.

Explanation

Question: 14 b) i) Does the company disclose the estimated annual pension that will be paid to the CEO when he or she retires?
Definition
How is it calculated: One mark if yes, zero marks if not. (One mark if there is no defined benefit pension plan.)

Explanation

Question: 14. b) ii) Does the company disclose the accrued pension liability for the CEO?
Definition
How is it calculated: One mark if yes, zero marks if not. (One mark if there is no defined benefit pension plan.)

Explanation

Question: 14 c) Does the company disclose the total value of the CEO’s accumulated shares, DSUs or other equity holdings?
Definition: The company must provide the value, and not just number of units held.
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 14 d) Does the company disclose the total cost of compensation to the top executive team as a percentage of the total profit or total shareholder return for the year?
Definition
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 15. a) Does the company allow shareholders to vote for individual directors, or only the entire slate of nominees?
Definition
How is it calculated: Four marks if there is voting for individual directors with clear options beside each director’s name. Two marks if investors must cross out or write in the names of directors for which they are not voting. Zero marks if there is only slate voting.

Explanation

Question: 15 b) Does the company have a majority voting policy, asking directors to resign if they do not received a majority of votes in support?
Definition
How is it calculated: Two marks if yes, zero marks if not.

Explanation

Question: 16. a) Are stock options excessively dilutive?
Definition: For 2006, ROB once again assessed the dilution based on the number of options outstanding at the company’s fiscal year-end as well as the number of options approved for future issuance, expressed as a percentage of all shares outstanding. Where the company has more than one class of shares, dilution is measured for whichever class of shares is diluted by the outstanding options.
How is it calculated: Four marks if the dilution is less than five per cent of outstanding shares. Two marks if the dilution is between five per cent and eight per cent of outstanding shares. Zero marks if the dilution is over eight per cent. Also zero marks if the company has adopted an evergreen option plan that “reloads” the number of options available for issuance — even if the option dilution level falls within the guidelines listed above.

Explanation

Question: 16 b) Is the annual grant rate excessive?
Definition
How is it calculated: Two marks if the number of options granted in the last fiscal year was less than 1 per cent of all shares outstanding. One mark if the grant rate was between 1 per cent to 1.49 per cent. Zero marks if the grant rate exceeded 1.5 per cent annually.

Explanation

Question: 16 c) Is there a vesting period before options can be exercised?
Definition
How is it calculated: Two marks if yes. Zero marks if some options vest in less than 12 months after issuance, including director options.

Explanation

Question: 17. What are other option plan features?
Definition
How is it calculated: Four marks for 17a) and 17b) combined if there is no stock option plan. Zero marks if the company has repriced its stock options in the past fiscal year.

Explanation

Question: 17 a) Does the company award options to directors?
Definition
How is it calculated: Two marks if there are no options for directors. Zero marks if directors participate in the option plan.

Explanation

Question: 17 b) Has the company introduced performance hurdles for deferred share units (DSUs) or options? Are there holding periods for shares acquired on the exercise of options? Does the company require the CEO to hold shares for a period after leaving the company? Does the company disclose that it prohibits executives from monetizing their shares? Does the company require executives to predisclose share sales?
Definition
How is it calculated: Two marks if any two of these features are in place. One mark if just one is in place. Zero marks if company has none of these features.

Explanation

Question: 18. Are there non-voting or subordinate voting shares?
Definition
How is it calculated: Ten marks if there are no dual-class shares. ROB gave reduced marks depending on the gap between the percentage of votes controlled by the superior voting shares and the percentage of the company’s equity they represent, using the following guidelines: Four marks if the ratio is less than 3:1. Three marks if the ratio is between 3:1 and 4:1. Two marks if the ratio is between 4:1 and 5:1. Zero marks if the ratio is 5:1 or worse.

Explanation

Question: 19. Does the company provide a full explanation of which directors are related and unrelated and why?
Definition
How is it calculated: One mark if full disclosure. Zero marks if company does not disclose a director’s relationship in the proxy circular.

Explanation

Question: 20. Does the company disclose detailed biographies to explain directors’ qualifications to represent shareholders?
Definition
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 21. Did directors attend all meetings, and does the company remove directors with poor attendance?
Definition
How is it calculated: Two marks if all board and committee meeting attendance is disclosed and board members attended at least three-quarters of board and committee meetings. One mark if any board member has missed more than one-quarter of meetings and is not put up for re-election. Zero marks if board or committee attendance is not disclosed, or if a board member missed more than one-quarter of meetings and is put up for re-election.

Explanation

Question: 22. a) Does the company disclose the cash value of the total compensation paid to each director in the previous year in a chart format, including the cash value of meeting fees paid, plus the value of any share units, options or other equity grants?
Definition
How is it calculated: Two marks if yes, one mark if partial information is given, zero marks if no.

Explanation

Question: 22 b) Does the company disclose the total accumulated value (a dollar amount, not just number of units held) of directors’ equity holdings, including shares and share units?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 23. Does the company disclose the dollar value of fees paid to an outside compensation consultant?
Definition
How is it calculated: One mark if yes or if no consultant was used, zero marks if no.

Explanation

Question: 24. a) Does the company disclose directors’ ages?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: b) Does the company disclose whether or not it has a retirement policy for directors, and what the details of the policies are?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 1. What percentage of the company’s trustees/directors are fully independent?
Definition: That means directors who are not management, relatives of management, former members of management within the previous five years, or people whose firms do business with the company - including, for example, lawyers, accountants, suppliers, 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. Directors who work for a company spun-off by the trust are considered related for five years after they left the predecessor company.
How is it calculated: 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.

Explanation

Question: 2. What percentage of the audit committee is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 3. What percentage of the compensation committee — the committee that determines executive pay — is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 4. What percentage of the nominating committee — the committee responsible for recommending new directors to join the board — is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 5. Is the role of chairperson and CEO split?
Definition
How is it calculated: Five marks if the roles are split and there is a fully independent chairperson. Three 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.

Explanation

Question: 6. a) Do two or more directors sit together on two or more other boards of S&P/TSX companies, creating the potential for a close-knit block of directors? Or, do three or more directors sit on any other corporate board?
Definition
How is it calculated: Three marks if no, zero marks if yes.

Explanation

Question: 6. b) Do any directors sit on six or more S&P/TSX company boards?
Definition
How is it calculated: Two marks if no, zero marks if yes.

Explanation

Question: 7. Are there any women on the board?
Definition
How is it calculated: 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.

Explanation

Question: 8. Does the board have a system to evaluate its performance?
Definition
How is it calculated: Three marks if there is a formal board evaluation and a formal individual director evaluation including peer review, with detailed disclosure of what sort of process is used for both. Two marks if there is a formal board evaluation and director evaluation, but no peer review. One mark if there is a formal board assessment, but not an assessment of individual directors. Zero marks if there is no evaluation or there is only vague description of how it is done.

Explanation

Question: 9. Do independent directors meet without management?
Definition
How is it calculated: Three marks if they meet without management at every board meeting. One mark if it happens occasionally, but not at every board meeting. Zero marks if there is no mention or if there are no meetings without management. Shareholding and compensation, worth 25 marks out of 100.

Explanation

Question: 10. a) Are directors required to own shares or share units? (Stock options don’t count.)
Definition
How is it calculated: Four marks if the requirement is equal to at least three times the annual retainer paid to directors. Two marks if there is a requirement, but it is lower than three times retainer. Zero marks if there is no requirement.

Explanation

Question: 10. b) How many shares do directors own?
Definition
How is it calculated: Four marks maximum, but minus one mark for each director who owns less than three times the annual retainer. If a director has been on the board less than one year, the ownership requirement does not apply. If a director has been on the board one to two years, the required ownership level is reduced to one times the retainer. If the base retainer is over $100,000 a year (usually when companies have introduced flat-fee director compensation), the ownership requirement is 1.5 times retainer.

Explanation

Question: 11. Does the company give loans to its senior executives?
Definition
How is it calculated: Two marks if there are no loans outstanding. 1 mark if loans are outstanding, but interest is charged and they are worth less than $500,000 in total. Zero marks if there are loans outstanding that are interest free or over $500,000.

Explanation

Question: 12. a) Is the CEO required to own shares? (Stock options don’t count.)
Definition
How is it calculated: Two marks if there is a requirement, or if the CEO is the company’s controlling shareholder. Zero marks if there is no requirement.

Explanation

Question: 12. b) Does the CEO own shares?
Definition
How is it calculated: Three marks if the CEO owns shares worth at least double his or her base cash salary. Two marks if the CEO owns shares worth 1 to 2 times his or her base salary. Zero marks if the CEO owns shares worth less than 1 times his or her base salary. No ownership rule for CEOs on the job for less than one year.

Explanation

Question: 13. a) How well does the company disclose the compensation policies it applies when deciding CEO bonuses?
Definition
How is it calculated: One mark if the company provides a percentage weighting of the factors that are considered in determining the CEO’s bonus. Zero marks if not.

Explanation

Question: 13. b) Does the company provide details of the specific target amounts that have to be achieved in each area?
Definition
How is it calculated: Two marks if yes, zero marks if not. (One mark for partial disclosure.)

Explanation

Question: 13. c) Does the company explain the outcome of what actually happened with the performance goals and how the outcome affected the CEO’s bonus?
Definition
How is it calculated: One mark if yes, zero marks if not. BUT minus four marks for all of question 13 a)b)c) if the trust converted from a corporation in the previous year, leading to a big payout to executives, or immediate vesting of all stock options, because the conversion triggered a “change of control” provision.

Explanation

Question: 14. a) How much information does the company provide about CEO compensation?
Definition
How is it calculated: Is total compensation tallied and the tally includes the value of all bonuses, shares, share units, stock options and pension plan awards for the year? Two marks if yes, zero marks if not.

Explanation

Question: 14. b) i) Does the company disclose the estimated annual pension that will be paid to the CEO when he or she retires?
Definition
How is it calculated: One mark if yes, zero marks if not. (One mark if there is no defined benefit pension plan.)

Explanation

Question: 14. b) ii) Does the company disclose the accrued pension liability for the CEO?
Definition
How is it calculated: One mark if yes, zero marks if not. (One mark if there is no defined benefit pension plan.)

Explanation

Question: 14. c) Does the company disclose the total value of the CEO’s accumulated shares, DSUs or other equity holdings? (The company must provide the value, and not just number of units held.)
Definition
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 14. d) Does the company disclose the total cost of compensation to the top executive team as a percentage of the total profit or total shareholder return for the year?
Definition
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 15. a) Does the company allow shareholders to vote for individual directors, or only the entire slate of nominees?
Definition
How is it calculated: Four marks if there is voting for individual directors with clear options beside each director’s name. Two marks if investors must cross out or write in the names of directors for which they are not voting. Zero marks if there is only slate voting.

Explanation

Question: 15. b) Does the company have a majority voting policy, asking directors to resign if they do not received a majority of votes in support?
Definition
How is it calculated: Two marks if yes, zero marks if not.

Explanation

Question: 16. a) Are stock options excessively dilutive?
Definition: For 2006, ROB once again assessed the dilution based on the number of options outstanding at the company’s fiscal year-end as well as the number of options approved for future issuance, expressed as a percentage of all shares outstanding. Where the company has more than one class of shares, dilution is measured for whichever class of shares is diluted by the outstanding options. Four marks if the dilution is less than five per cent of outstanding shares.
How is it calculated: Two marks if the dilution is between five per cent and eight per cent of outstanding shares. Zero marks if the dilution is over eight per cent. Also zero marks if the company has adopted an evergreen option plan that “reloads” the number of options available for issuance — even if the option dilution level falls within the guidelines listed above.

Explanation

Question: 16. b) Is the annual grant rate excessive?
Definition
How is it calculated: Two marks if the number of options granted in the last fiscal year was less than 1 per cent of all shares outstanding. One mark if the grant rate was between 1 per cent to 1.49 per cent. Zero marks if the grant rate exceeded 1.5 per cent annually.

Explanation

Question: 16. c) Is there a vesting period before options can be exercised?
Definition
How is it calculated: Two marks if yes. Zero marks if some options vest in less than 12 months after issuance, including director options.

Explanation

Question: 17. What are other option plan features? Four marks for 17a) and 17b) combined if there is no stock option plan. Zero marks if the company has re-priced its stock options in the past fiscal year.

Explanation

Question: 17 a) Does the company award options to directors?
Definition
How is it calculated: Two marks if there are no options for directors. Zero marks if directors participate in the option plan.

Explanation

Question: 17. b) Has the company introduced performance hurdles for deferred share units (DSUs) or options? Are there holding periods for shares acquired on the exercise of options? Does the company require the CEO to hold shares for a period after leaving the company? Does the company disclose that it prohibits executives from monetizing their shares? Does the company require executives to pre-disclose share sales?
Definition
How is it calculated: Two marks if any two of these features are in place. One mark if just one is in place. Zero marks if company has none of these features.

Explanation

Question: 18. Are there excessive related-party transactions with officers or directors of the trust? Did their value exceed one per cent of total revenue last year (a measure used by Governance Metrics internal-ational)?
Definition: Related-party transactions include loans, asset sales/purchases, discounted private placements, management contracts or other deals with officers or directors of the trust.
How is it calculated: Two marks if yes, zero if no.

Explanation

Question: 19. a) Can unitholders elect the whole board, or are some trustees appointed (by a shareholder or manager, for example) so that their names don’t appear on the proxy ballot?
Definition
How is it calculated: Five marks if all are elected, three marks if one trustee is appointed and not elected, two marks if more than one is appointed if not a majority, zero marks if a majority are appointed and not elected.

Explanation

Question: 19. b) Does any party — an administrator, manager or unitholder, for example — have rights unequal to ownership? Can any party nominate trustees out of proportion to ownership? Can anyone veto key issues — such as changes to senior management, or asset sales and purchases — without owning a majority of the trust units?
Definition
How is it calculated: Five marks if all rights are equal, three marks if a party has disproportionate rights compared to ownership stake, zero marks if a party has rights that have little or no relationship to ownership stake. Disclosure issues, worth 10 marks out of 100

Explanation

Question: 20. Does the company provide a full explanation of which directors are related and unrelated and why?
Definition
How is it calculated: One mark if full disclosure. Zero marks if company does not disclose a director’s relationship in the proxy circular.

Explanation

Question: 21. Does the company disclose detailed biographies to explain directors’ qualifications to represent shareholders?
Definition
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 22. Did directors attend all meetings, and does the company remove directors with poor attendance?
Definition
How is it calculated: Two marks if all board and committee meeting attendance is disclosed and board members attended at least three-quarters of board and committee meetings. One mark if any board member has missed more than one-quarter of meetings and is not put up for re-election. Zero marks if board or committee attendance is not disclosed, or if a board member missed more than one-quarter of meetings and is put up for re-election.

Explanation

Question: 23. a) Does the company disclose the cash value of the total compensation paid to each director in the previous year in a chart format, including the cash value of meeting fees paid, plus the value of any share units, options or other equity grants?
Definition
How is it calculated: Two marks if yes, one mark if partial information is given, zero marks if no.

Explanation

Question: 23. b) Does the company disclose the total accumulated value (a dollar amount, not just number of units held) of directors’ equity holdings, including shares and share units?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 24. Does the company disclose the dollar value of fees paid to an outside compensation consultant?
Definition
How is it calculated: One mark if yes or if no consultant was used, zero marks if no.

Explanation

Question: 25. a) Does the company disclose directors’ ages?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 25. b) Does the company disclose whether or not it has a retirement policy for directors, and what the details of the policies are?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 1. What percentage of the company’s trustees/directors are fully independent?
Definition: That means directors who are not management, relatives of management, former members of management within the previous five years, or people whose firms do business with the company - including, for example, lawyers, accountants, suppliers, 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. Directors who work for a company spun-off by the trust are considered related for five years after they left the predecessor company.
How is it calculated: 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.

Explanation

Question: 2. What percentage of the audit committee is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 3. What percentage of the compensation committee — the committee that determines executive pay — is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 4. What percentage of the nominating committee — the committee responsible for recommending new directors to join the board — is fully independent?
Definition
How is it calculated: 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.

Explanation

Question: 5. Is the role of chairperson and CEO split?
Definition
How is it calculated: Five marks if the roles are split and there is a fully independent chairperson. Three 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.

Explanation

Question: 6. a) Do two or more directors sit together on two or more other boards of S&P/TSX companies, creating the potential for a close-knit block of directors? Or, do three or more directors sit on any other corporate board?
Definition
How is it calculated: Three marks if no, zero marks if yes.

Explanation

Question: 6. b) Do any directors sit on six or more S&P/TSX company boards?
Definition
How is it calculated: Two marks if no, zero marks if yes.

Explanation

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

Explanation

Question: 8. Does the board have a system to evaluate its performance?
Definition
How is it calculated: Three marks if there is a formal board evaluation and a formal individual director evaluation including peer review, with detailed disclosure of what sort of process is used for both. Two marks if there is a formal board evaluation and director evaluation, but no peer review. One mark if there is a formal board assessment, but not an assessment of individual directors. Zero marks if there is no evaluation or there is only vague description of how it is done.

Explanation

Question: 9. Do independent directors meet without management?
Definition
How is it calculated: Three marks if they meet without management at every board meeting. One mark if it happens occasionally, but not at every board meeting. Zero marks if there is no mention or if there are no meetings without management.

Explanation

Question: 10. a) Are directors required to own shares or share units? (Stock options don’t count.)
Definition
How is it calculated: Four marks if the requirement is equal to at least three times the annual retainer paid to directors. Two marks if there is a requirement, but it is lower than three times retainer. Zero marks if there is no requirement.

Explanation

Question: 10. b) How many shares do directors own?
Definition
How is it calculated: Four marks maximum, but minus one mark for each director who owns less than three times the annual retainer. If a director has been on the board less than one year, the ownership requirement does not apply. If a director has been on the board one to two years, the required ownership level is reduced to one times the retainer. If the base retainer is over $100,000 a year (usually when companies have introduced flat-fee director compensation), the ownership requirement is 1.5 times retainer.

Explanation

Question: 11. Does the company give loans to its senior executives?
Definition
How is it calculated: Two marks if there are no loans outstanding. 1 mark if loans are outstanding, but interest is charged and they are worth less than $500,000 in total. Zero marks if there are loans outstanding that are interest free or over $500,000.

Explanation

Question: 12. Does the company have an external management contract?
Definition
How is it calculated: Zero marks if yes, a deduction of four marks.

Explanation

Question: 13. a) Are full details provided in the proxy circular of who owns the management company?
Definition
How is it calculated: One mark if yes, zero if no.

Explanation

Question: 13. b) Are full details provided in the proxy circular of how much was paid to the management company last year?
Definition
How is it calculated: One mark if yes, zero if any details are missing (such as the extra amount paid under a performance or incentive clause).

Explanation

Question: 13. c) Is information provided in the proxy circular about how the top executive of the management company was paid in the previous year?
Definition
How is it calculated: Four marks if all details are provided, two marks if salary chart is given but there are details missing, such as payments earned from the individual’s personal ownership stake in the management company, zero marks if no information is provided.

Explanation

Question: 14. a) Are there performance features in the management contract that directly tie the interests of the manager to increasing cash distributions?
Definition
How is it calculated: One mark if yes, zero marks if there is only a flat fee cash payment or if incentive fees are based only on the value of assets under management or for completing acquisitions.

Explanation

Question: 14. b) Are full details provided in the proxy circular about the cost of cancelling the external management contract?
Definition
How is it calculated: Two marks if yes, zero if no.

Explanation

Question: 14. c) Are unitholders locked in to a long-term management contract?
Definition
How is it calculated: Two marks if the current contract has a term of less than three years, one mark if the contract term is 3 to 10 years, zero marks if the contract term is over 10 years.

Explanation

Question: 15. a) Does the company allow shareholders to vote for individual directors, or only the entire slate of nominees?
Definition
How is it calculated: Four marks if there is voting for individual directors with clear options beside each director’s name. Two marks if investors must cross out or write in the names of directors for which they are not voting. Zero marks if there is only slate voting.

Explanation

Question: 15. b) Does the company have a majority voting policy, asking directors to resign if they do not received a majority of votes in support?
Definition
How is it calculated: Two marks if yes, zero marks if not.

Explanation

Question: 16. a) Are stock options excessively dilutive?
Definition: For 2006, ROB once again assessed the dilution based on the number of options outstanding at the company’s fiscal year-end as well as the number of options approved for future issuance, expressed as a percentage of all shares outstanding. Where the company has more than one class of shares, dilution is measured for whichever class of shares is diluted by the outstanding options. Four marks if the dilution is less than five per cent of outstanding shares.
How is it calculated: Two marks if the dilution is between five per cent and eight per cent of outstanding shares. Zero marks if the dilution is over eight per cent. Also zero marks if the company has adopted an evergreen option plan that “reloads” the number of options available for issuance - even if the option dilution level falls within the guidelines listed above.

Explanation

Question: 16. b) Is the annual grant rate excessive?
Definition
How is it calculated: Two marks if the number of options granted in the last fiscal year was less than 1 per cent of all shares outstanding. One mark if the grant rate was between 1 per cent to 1.49 per cent. Zero marks if the grant rate exceeded 1.5 per cent annually.

Explanation

Question: 16. c) Is there a vesting period before options can be exercised?
Definition
How is it calculated: Two marks if yes. Zero marks if some options vest in less than 12 months after issuance, including director options.

Explanation

Question: 17. What are other option plan features?
Definition
How is it calculated: Four marks for 17a) and 17b) combined if there is no stock option plan. Zero marks if the company has repriced its stock options in the past fiscal year.

Explanation

Question: 17 a) Does the company award options to directors?
Definition
How is it calculated: Two marks if there are no options for directors. Zero marks if directors participate in the option plan.

Explanation

Question: 17. b) Has the company introduced performance hurdles for deferred share units (DSUs) or options? Are there holding periods for shares acquired on the exercise of options? Does the company require the CEO to hold shares for a period after leaving the company? Does the company disclose that it prohibits executives from monetizing their shares? Does the company require executives to predisclose share sales?
Definition
How is it calculated: Two marks if any two of these features are in place. One mark if just one is in place. Zero marks if company has none of these features.

Explanation

Question: 18. Are there excessive related-party transactions with officers or directors of the trust? Did their value exceed one per cent of total revenue last year (a measure used by Governance Metrics internal-ational)?
Definition: Related-party transactions include loans, asset sales/purchases, discounted private placements, management contracts or other deals with officers or directors of the trust.
How is it calculated: Two marks if yes, zero if no.

Explanation

Question: 19. a) Can unitholders elect the whole board, or are some trustees appointed (by a shareholder or manager, for example) so that their names don’t appear on the proxy ballot?
Definition
How is it calculated: Five marks if all are elected, three marks if one trustee is appointed and not elected, two marks if more than one is appointed if not a majority, zero marks if a majority are appointed and not elected.

Explanation

Question: 19. b) Does any party — an administrator, manager or unitholder, for example — have rights unequal to ownership? Can any party nominate trustees out of proportion to ownership? Can anyone veto key issues — such as changes to senior management, or asset sales and purchases — without owning a majority of the trust units?
Definition
How is it calculated: Five marks if all rights are equal, three marks if a party has disproportionate rights compared to ownership stake, zero marks if a party has rights that have little or no relationship to ownership stake.

Explanation

Question: 20. Does the company provide a full explanation of which directors are related and unrelated and why?
Definition
How is it calculated: One mark if full disclosure. Zero marks if company does not disclose a director’s relationship in the proxy circular.

Explanation

Question: 21. Does the company disclose detailed biographies to explain directors’ qualifications to represent shareholders?
Definition
How is it calculated: One mark if yes, zero marks if not.

Explanation

Question: 22. Did directors attend all meetings, and does the company remove directors with poor attendance?
Definition
How is it calculated: Two marks if all board and committee meeting attendance is disclosed and board members attended at least three-quarters of board and committee meetings. One mark if any board member has missed more than one-quarter of meetings and is not put up for re-election. Zero marks if board or committee attendance is not disclosed, or if a board member missed more than one-quarter of meetings and is put up for re-election.

Explanation

Question: 23. a) Does the company disclose the cash value of the total compensation paid to each director in the previous year in a chart format, including the cash value of meeting fees paid, plus the value of any share units, options or other equity grants?
Definition
How is it calculated: Two marks if yes, one mark if partial information is given, zero marks if no.

Explanation

Question: 23. b) Does the company disclose the total accumulated value (a dollar amount, not just number of units held) of directors’ equity holdings, including shares and share units?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 24. Does the company disclose the dollar value of fees paid to an outside compensation consultant?
Definition
How is it calculated: One mark if yes or if no consultant was used, zero marks if no.

Explanation

Question: 25. a) Does the company disclose directors’ ages?
Definition
How is it calculated: One mark if yes, zero marks if no.

Explanation

Question: 25. b) Does the company disclose whether or not it has a retirement policy for directors, and what the details of the policies are?
Definition
How is it calculated: One mark if yes, zero marks if no.