The Globe and Mail’s comprehensive ranking of Canada’s corporate boards

For the 18th year in a row, Report on Business has rated the work of Canada’s corporate boards using a rigorous set of governance criteria designed 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 companies and trusts in the S&P/TSX Composite Index to assess the quality of their governance practices.

The chart shows the total marks for 2019 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 companies valued the CEOs’ share holdings, and extended that methodology to directors’ holdings. Rules on share ownership requirements were extended to other executives named in companies’ proxy circulars.

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 who were members of the composite index through the end of September. Companies added to the index in the third quarter were not included.

See the full Board Games methodology for information on how each question was marked at tgam.ca/boardgames2019

Additional tables on company and director diversity and a full report card are available

Editor’s note: Due to an editing error, the individual scores for North West Company Inc. and Osisko Gold Royalties Inc. (both ranked 132) were transposed when this table was first published. Corrected figures appear below.

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