Category: Uncategorised

MONTREAL, Jan. 14, 2021 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX:WSP) (“WSP” or the “Corporation”) is pleased to announce that at the special meeting (the “Special Meeting”) of the shareholders of Enterra Holdings Ltd., the holding company of Golder Associates (“Golder”), held on January 13, 2021, the plan of arrangement under Section 130 of the Companies Act (Nova Scotia) provided in the arrangement agreement dated December 2, 2020 (the “Arrangement Agreement”) pursuant to which the previously announced acquisition (the “Acquisition”) of all of the issued and outstanding shares of Golder is expected to be completed, was approved by approximately 99.3% of the votes cast by Golder shareholders, voting as a single class at the Special Meeting. Golder shareholders representing approximately 95.1% of the votes entitled to be cast at the Special Meeting voted, either in person or by proxy.

The Acquisition remains subject to certain customary closing conditions, including receipt of Court approval and applicable regulatory approvals. The Acquisition is expected to be completed in the first half of the second quarter of 2021.

CLOSING OF PRIVATE PLACEMENTS

WSP is also pleased to announce that it has closed today its previously announced private placement subscription receipt financings.

The Corporation issued an aggregate of 3,333,898 subscription receipts (the “Subscription Receipts”) from treasury at a price of C$92.98 per Subscription Receipt by way of a private placement to each of GIC Pte. Ltd. (“GIC”) and British Columbia Investment Management Corporation (“BCI”), for aggregate gross proceeds of approximately C$310 million (the “Private Placements”).

WSP will use the proceeds of the Private Placements, together with funds to be obtained from previously announced new credit facilities, to fund a portion of the purchase price and related transaction costs payable in connection with the Acquisition.

The gross proceeds from the Private Placements will be held in escrow pending the completion of the Acquisition. Upon completion of the Acquisition, the escrowed funds and the interest earned thereon will be released to WSP, and each of GIC and BCI will receive, from or on behalf of WSP on the closing of the Acquisition, without payment of additional consideration or further action, one common share of WSP (a “Common Share”) for each Subscription Receipt held, plus an amount per Common Share equal to any dividend payable by WSP on the Common Shares between the date of issuance of the Subscription Receipts and the closing of the Acquisition. If the closing of the Acquisition does not occur on or prior to 5:00 p.m. (Montreal Time) on May 31, 2021 (as such date may be extended pursuant to the Arrangement Agreement), the Arrangement Agreement is terminated in accordance with its terms prior to such time for any reason or WSP announces to the public that it does not intend to proceed with the Acquisition, the holders of Subscription Receipts will be entitled to have the full purchase price of the Subscription Receipts returned, plus their pro rata share of the interest earned on the escrowed funds during the term of the escrow, less applicable withholding taxes.

AVAILABILITY OF DOCUMENTS

Copies of related documents, such as the subscription agreements, the subscription receipt agreements and the Arrangement Agreement regarding the Acquisition are available under WSP’s profile on SEDAR at www.sedar.com, and on WSP’s website at www.wsp.com.

ABOUT WSP

As one of the world’s leading professional services firms, WSP provides engineering and design services to clients in the Transportation & Infrastructure, Property & Buildings, Environment, Power & Energy, Resources and Industry sectors, as well as offering strategic advisory services. WSP’s global experts include engineers, advisors, technicians, scientists, architects, planners, environmental specialists and surveyors, in addition to other design, program and construction management professionals. Our talented people are well positioned to deliver successful and sustainable projects, wherever clients need us. For more information about WSP, please visit www.wsp.com.

ABOUT GOLDER

Founded in 1960 and headquartered in Mississauga, Ontario, Golder is a private, employee-owned engineering and consulting firm with 60 years of experience in the geo-sciences sector; an engineering niche focused on earth and environmental conditions. Golder provides engineering, remediation, regulatory & compliance, design and environmental services to clients in the mining, manufacturing, oil & gas, power and infrastructure industries. Golder operates in 155 offices with approximately 7,000 employees across more than 30 countries globally.

ABOUT GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.

ABOUT BCI

With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. For more information about BCI, please visit www.bci.ca.

FORWARD-LOOKING STATEMENTS

This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this press release release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to the Corporation, an affiliate of the Corporation or the combined firm following the Acquisition, are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, those information and statements related to the Acquisition, the Private Placements, the underwritten bank financing, the use of proceeds of the Private Placements and the underwritten bank financing, the expected timing of completion and benefits of the Acquisition and the conditions precedent to the closing of the Acquisition. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements, including risks and uncertainties relating to the following: the possible failure to realize anticipated benefits of the Acquisition, the integration of Golder’s business, the loss of certain key personnel of Golder, the possible failure to achieve the anticipated synergies, the failure to close the Acquisition or change in the terms of the Acquisition, failure to obtain Court approval, failure to obtain the regulatory approvals in a timely manner, or at all, increased indebtedness, transitional risk, the fact that WSP does not currently own Golder, potential undisclosed costs or liabilities associated with the Acquisition, the absence of a financing condition in the Arrangement Agreement, the reliance on information provided by Golder, change of control and other similar provisions and fees, the nature of acquisitions, the exchange rate on the closing date of the Acquisition, the fact that the combined firm will continue to face the same risks that the Corporation currently faces, potential litigation and other factors discussed or referred to in the “Risk Factors” section of WSP’s Management’s Discussion and Analysis for the year ended December 31, 2019, and WSP’s Management’s Discussion and Analysis for the third quarter and nine-month period ended September 26, 2020 (together, the “MD&As”), which are available under WSP’s profile on SEDAR at www.sedar.com. The foregoing list is not exhaustive and other unknown or unpredictable factors could also have a material adverse effect on the performance or results of WSP or Golder. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For additional information on this cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP’s actual or projected results, reference is made to the MD&As, which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and except as required under applicable securities laws, WSP does not undertake to update or revise these forward-looking statements, whether written or verbal, that may be made from time to time by itself or on its behalf, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements.

NO OFFER OR SOLICITATION

THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF WSP, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE US SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION THEREFROM.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Alain Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317

Victoria, British Columbia – BCI has a proud record of investing on behalf of British Columbia’s public sector for more than two decades and providing the returns that secure our clients’ financial futures.

In early 2020, BCI completed a multi-year project to replace our existing investment management platform. The largest undertaking of its kind in our history, the new system went live in March 2020.

The new investment management platform replaced a legacy system and allows BCI to be more efficient, reduce overall operational risk, and produce deeper insight into our portfolios, all to the ultimate benefit of BCI and our clients.

BCI has identified a process error associated with the transition. The error impacted the calculation of our real estate program returns, managed by QuadReal Property Group, from March 1, 2020 to August 4, 2020. As a result, the previously reported Combined Pension Plan total return for fiscal 2020 has been recalculated to reflect a 0.08 per cent adjustment from 3.03 per cent to 2.95 per cent. The recalculation also results in an adjustment to the cumulative 10-year return, which now stands 8.4 per cent instead of the previously reported 8.5 per cent. There is no change in the reported cumulative five, 15 and 20-year returns. BCI’s previously reported net asset values (NAVs) are also all correct.

The Combined Pension Plan total return is also a factor in the calculation of Annual Incentive Pay (AIP) and Long-Term Incentive Pay (LTIP) for BCI’s permanent employees. The adjustment means a recalculation of the amounts paid in remuneration as part of the incentive programs for fiscal 2020, money which was fully recuperated by the end of the 2020 calendar year.

BCI’s 2019-2020 Corporate Annual Report has been updated with the inclusion of an erratum to identify the recalculations to our previously reported returns and remuneration figures, including the value drivers for the AIP and the LTIP. The BCI corporate website has also been updated accordingly.

BCI has conducted a thorough review and engaged a third party to provide an independent lens on the steps taken to ensure they are comprehensive and correct.  Although no other errors have been detected, we have introduced additional internal controls to further mitigate the risk of future misstatements.  We are confident in our processes and in the integrity of our financial reporting.

BCI’s actions taken in addressing this matter reflect our core values of accountability, integrity, and transparency.

Contact

Ben O’Hara-Byrne, Senior Manager, External Stakeholder Engagement (communication@bci.ca)

Employees have raised more than $1.1 million for the local community

Victoria, BC – British Columbia Investment Management Corporation (BCI) is celebrating its 20^th anniversary this year. Along with investing on behalf of the province’s public sector for the past two decades, BCI’s employees have always contributed to the local community. Since 2000, the corporation has run an annual employee giving program that has raised more than $1.1 million for the United Way of Greater Victoria (United Way).

This year, COVID-19 has required BCI to adapt its workplace giving campaign to be virtual, using innovative solutions to engage employees and create awareness. Its kickoff included a podcast with Mark Breslauer, the United Way’s CEO, about his organization’s response to COVID-19 and the United Way’s new areas of action and signature initiatives: Isolated Seniors – More than Meals program; Families in Need – Little Phoenix Daycare; and Mental Health & Addictions – outreach and counselling services.

United Way is proud of its long-standing partnership with BCI and applauds the generosity its employees have shown through the 20 years.

“With COVID-19, more people are living with uncertainty. There has been a toll on our mental health, our relationships, and our financial security,” said Mark Breslauer, CEO, United Way Greater Victoria. “We are extremely grateful for BCI’s corporate leadership and the generosity its employees have long demonstrated, especially as community needs have never been greater.”

What does a million dollars mean for the community? The contributions of BCI employees have helped fund meals and companionship programs for isolated seniors, counselling services for those struggling with mental health concerns, mentorship programs for youth looking for guidance, parenting programs for new mothers, employment and skill training workshops, financial literacy training, and respite care for family caregivers.

“Our values are more than just words, they’re a way of life. They are the glue that unites us and the principles that guide our company’s actions, and that extends to our local communities,” says Shauna Lukaitis, BCI’s Chief Operating Officer, who has also served as executive sponsor for the corporation’s United Way campaign committee for the past five years. “United Way is dedicated to helping those most vulnerable, especially during this time of uncertainty. BCI staff have truly shown their support over the years by raising over $1.1 million. I can’t express enough how proud I am.”

With support from organizations like BCI, United Way helped over 90,000 individuals across the Greater Victoria Area last year. For more information about the work United Way does or to make a donation, please visit uwbc.ca.

About United Way Greater Victoria

United Way is a trusted leader, influencer and catalyst for change. In response to COVID-19, we are focusing our efforts on urgent community needs such as mental health outreach services and counselling, meals and companionship for isolated seniors, and essentials for families in need. United, we accelerate change to improve the lives of our neighbours who need it most, making our local community stronger. We believe everyone in Greater Victoria should have the opportunity to reach their potential. Our vision is to build a safe and resilient community where happiness and belonging connect us. Last fiscal year United Way raised $4.7 million thanks to over 7,000 donors and over 250 workplaces running employee giving programs.

About British Columbia Investment Management Corporation (BCI)

With $171.3 billion of managed assets, British Columbia Investment Management Corporation (BCI) is the leading provider of investment management services for British Columbia’s public sector and one of the largest asset managers in Canada.

We invest globally on behalf of British Columbia’s public sector. Our clients include 12 public sector pension plans, three insurance funds, and various special purpose funds. BCI’s investment activities help our clients secure the pensions of nearly 630,000 plan members in our six largest pension plans alone, while 2.5 million British Columbian workers and more than three million drivers depend on our clients’ returns. This year, BCI celebrates the 20^th anniversary of investing on behalf of our clients and creating meaningful financial futures for British Columbians.

Media Contact

Heather Skydt

United Way Greater Victoria

Director Marketing and Communications

heather@uwbc.ca

Mobile: 250-686-3606

Office: 250-984-2269

Ben O’Hara-Byrne

BCI
Sr. Manager, External Stakeholder Engagement

communication@bci.ca

• Strategic Environment platform uniquely positioned to capitalize on ESG trends and the related US$1.25 trillion Environmental market⁽¹⁾.
• Earth sciences and Environmental consulting services to represent c. 25% or $2 billion of WSP’s total $8 billion pro forma net revenues⁽²⁾, achieving a key milestone of its 2019-2021 Global Strategic Plan.
• Enhances proportion of net revenues⁽³⁾ from strategic advisory services to approximately half of WSP’s total net revenues⁽³⁾.
• Immediately increases adjusted EBITDA margin⁽³⁾ (pre-synergies) toward the higher end of its 2021 strategic ambitions.
• Highly complementary service offering and customer base provides significant cross-selling opportunities across all of WSP’s end-markets.
• Establishes long-term relationships with GIC, one of the world’s largest sovereign wealth funds with an established global network, and British Columbia Investment Management Corporation, one of Canada’s largest institutional investors.
• Transaction overwhelmingly supported by Golder’s Partners.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA.

MONTREAL, Dec. 03, 2020 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX:WSP) (“WSP” or the “Corporation”) is pleased to announce that it has reached another significant milestone of its journey by entering into an arrangement agreement (the “Arrangement Agreement”) providing for the acquisition (the “Acquisition”) of all of the issued and outstanding shares of Enterra Holdings Ltd., the holding company of Golder Associates (“Golder”). Under the terms of the Arrangement Agreement, WSP will acquire Golder for an aggregate cash consideration of US$1.14 billion (approximately C$1.5 billion) (the “Purchase Price”) representing 10.4x Golder’s 2020 pre-IFRS 16 adjusted EBITDA or 8.4x post-synergies^(2,4).

“Together we will create the leading Global Environmental Consulting Firm with approximately 14,000 of our 54,000 professionals dedicated to accelerating the world’s green transition. The combination ideally positions WSP to capitalize on the rapidly growing ESG trends driving demand for environmental services and sustainable infrastructure development”, commented Alexandre L’Heureux, President and Chief Executive Officer of WSP. “WSP looks forward to welcoming Golder’s employees and joining forces with such a well-respected environmental consulting brand. Golder is a global leader in earth sciences and environmental services. This acquisition directly contributes to the realization of the goals we laid out in our 2019-2021 Global Strategic Plan and is expected to contribute to both strategic growth and value creation for many years to come. Furthermore, the strategic relationships with GIC and BCI mark another important milestone for WSP to actively continue our acquisition strategy”, he added.

Also commenting on the Acquisition, Dr. Hisham Mahmoud, Global President and Chief Executive Officer of Golder said, “Over the last 60 years, Golder has been on a journey where we have built one of the most successful and respected brands in the industry. Combining Golder’s industry-leading expertise with WSP’s impressive world-class platform and highly complementary services will provide long-term benefits for our people and help create greater value for our clients. This view is echoed and confirmed by the overwhelming support of our Partners for the transaction. I believe that the compatible cultures and values of WSP and Golder will facilitate a successful integration.”

FINANCIAL HIGHLIGHTS

• Acquisition of Golder for an enterprise value of US$1.14B (approx. CAD$ 1.5B) representing 10.4x Golder’s 2020 pre-IFRS 16 adjusted EBITDA or 8.4x post-synergies^(2,4).
• Immediately accretive⁽²⁾ to WSP’s adjusted earnings per share⁽³⁾, with accretion⁽²⁾ increasing to the mid-teens once synergies are fully realized⁽⁴⁾.
• Annual cost synergies of approximately $35 million expected to be achieved over a 24-month period with 50% to be realized within the first twelve months after the closing date. Costs required to realize such annual cost synergies estimated not to exceed $35 million in the aggregate⁽⁴⁾.
• Private placements of C$310 million of subscription receipts (at a price of $92.98 per subscription receipt) supported by a C$260 million investment by GIC Private Limited (“GIC”), one of the world’s largest sovereign wealth funds, with an established global network, and a C$50 million investment by British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors with a global portfolio of more than C$170 billion.
• Remaining portion of the acquisition funded from a new US$960 million (approximately C$1.2 billion) underwritten bank financing, expected to result in an estimated 1.3x pro forma net debt to adjusted EBITDA ratio^(2,4) upon closing, remaining within WSP’s targeted leverage range of 1.0x to 2.0x.
• Acquisition expected to be completed in the first half of the second quarter of 2021.

_____________________________

^{(1) Per Environmental Business International, Inc. Environmental Industry Study.
(2) Non-IFRS measures. These measures are defined in the “Non-IFRS measures” disclaimer below.
(3) Non-IFRS measures. These measures are defined in section 19, “Glossary of non-IFRS measures and segment reporting measures” of the Corporation’s Management’s Discussion & Analysis for the third quarter and nine-month period ended September 26, 2020. Please refer to “Non-IFRS measures” disclaimer below.
(4) Forward looking statements. Please refer to the “forward-looking statements” disclaimer below.}

ACQUISITION FINANCING

The Acquisition and other related transaction costs are to be funded by C$310 million private placements (the “Private Placements”) of subscription receipts to two new global long-term investors and a new US$960 million (approximately C$1.2 billion) fully committed bank financing with up to a 4-year tenor. Canadian Imperial Bank of Commerce and National Bank of Canada are acting as joint bookrunners with respect to the bank financing. The subscription receipts will be issued at a price of C$92.98 and will convert automatically into common shares of WSP upon closing of the Acquisition.

Arjun Khullar, Head of GIC’s Integrated Strategies Group, shared, “GIC is thrilled to partner with WSP, a true market leader with a strong management team and robust track record of creating value for all of its stakeholders. As a long-term investor, we firmly believe in the strategic merits of this transaction and are confident the sector will continue to flourish as businesses increasingly look to improve their sustainability practices. We look forward to future opportunities to expand our relationship with WSP as it continues to pursue its strategic ambitions.”

“We are impressed with WSP’s world class global and environmental advisory platform and look forward to supporting its expansion”, said Jean-René Adam, Vice President, Active Portfolio Management, Public Markets, BCI. “This is a strong company for our clients’ public markets portfolio and is aligned with our strategy for seeking value-add opportunities from ESG.”

CONDITIONS TO THE ACQUISITION

The Acquisition, which is expected to be completed through a plan of arrangement, remains subject to certain customary closing conditions, including (i) Court approval, (ii) shareholder approval by not less than 75% of the votes cast by shareholders, voting as a single class, at a special meeting of Golder shareholders, and (iii) applicable regulatory approvals. The special meeting of the Golder shareholders to consider and vote on the Acquisition is expected to be held on or about January 13, 2021 (the “Special Meeting”). The Acquisition is expected to be completed in the first half of the second quarter of 2021 (the “Acquisition Closing Date”).

Approximately 99% of Golder’s Partners in conjunction with Golder Employee shareholder Trust, which hold together approximately 82.8% of all Golder shares outstanding, have entered into voting and support agreements with WSP to vote in favour of and support the Acquisition.

The Arrangement Agreement provides for a customary non-solicitation covenant on the part of Golder, which is subject to customary “fiduciary out” provisions in effect before the Special Meeting and a right in favour of WSP to match any superior proposal. WSP will receive a termination fee of US$25 million should Golder support any superior proposal.

FINANCIAL AND LEGAL ADVISORS

National Bank Financial Inc. is acting as sole financial advisor to WSP on the Acquisition. Legal advice is being provided to WSP by Stikeman Elliott LLP, Hogan Lovells US LLP in the United States and Stewart McKelvey in Nova Scotia. Legal advice is being provided to Golder by Osler, Hoskin & Harcout LLP, and Cox & Palmer LLPin Nova Scotia.

CONFERENCE CALL

WSP will host a conference call to discuss the Acquisition today, December 3, 2020 at 11:00 a.m. (Eastern Standard Time). To participate in the conference call, dial 1-647-427-2309 or 1-866-521-4907 (toll free). A live webcast of the conference call will also be available at www.wsp.com/investors. For those unable to attend, a replay will be available within 24 hours following the call.

ABOUT WSP

As one of the world’s leading professional services firms, WSP provides engineering and design services to clients in the Transportation & Infrastructure, Property & Buildings, Environment, Power & Energy, Resources and Industry sectors, as well as offering strategic advisory services. WSP’s global experts include engineers, advisors, technicians, scientists, architects, planners, environmental specialists and surveyors, in addition to other design, program and construction management professionals. Our talented people are well positioned to deliver successful and sustainable projects, wherever clients need us. For more information about WSP, please visit wsp.com.

ABOUT GOLDER

Founded in 1960 and headquartered in Mississauga, Ontario, Golder is a private, employee-owned engineering and consulting firm with 60 years of experience in the geo-sciences sector; an engineering niche focused on earth and environmental conditions. Golder provides engineering, remediation, regulatory & compliance, design and environmental services to clients in the mining, manufacturing, oil & gas, power and infrastructure industries. Golder operates in 155 offices with approximately 7,000 employees across more than 30 countries globally.

ABOUT GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com

ABOUT BCI

With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. For more information about BCI, please visit www.bci.ca

FORWARD-LOOKING STATEMENTS

This press release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this press release release, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to the Corporation, an affiliate of the Corporation or the combined firm following the Acquisition, are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, those information and statements related to the Acquisition, the Private Placements, the underwritten bank financing, the use of proceeds of the Private Placements and the underwritten bank financing, the expected timing of completion and benefits of the Acquisition, the conditions precedent to the closing of the Acquisition and the Corporation’s future growth, results of operations, performance business, prospects and opportunities, the expected synergies to be realized and certain expected financial ratios. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements, including risks and uncertainties relating to the following: the possible failure to realize anticipated benefits of the Acquisition, the integration of Golder’s business, the loss of certain key personnel of Golder, the possible failure to achieve the anticipated synergies, the failure to close the Acquisition or change in the terms of the Acquisition, failure to obtain the required Golder shareholder approval or Court approval, failure to obtain the regulatory approvals in a timely manner, or at all, increased indebtedness, transitional risk, the fact that WSP does not currently own Golder, potential undisclosed costs or liabilities associated with the Acquisition, the absence of a financing condition in the Arrangement Agreement, the reliance on information provided by Golder, change of control and other similar provisions and fees, the nature of acquisitions, the exchange rate on the closing date of the Acquisition, the fact that the combined firm will continue to face the same risks that the Corporation currently faces, potential litigation and other factors discussed or referred to in the “Risk Factors” section of WSP’s Management’s Discussion and Analysis for the year ended December 31, 2019, and WSP’s Management’s Discussion and Analysis for the third quarter and nine-month period ended September 26, 2020 (together, the “MD&As”), which are available under WSP’s profile on SEDAR at www.sedar.com. The foregoing list is not exhaustive and other unknown or unpredictable factors could also have a material adverse effect on the performance or results of WSP or Golder. WSP’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. For additional information on this cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect WSP’s actual or projected results, reference is made to the MD&As, which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and except as required under applicable securities laws, WSP does not undertake to update or revise these forward-looking statements, whether written or verbal, that may be made from time to time by itself or on its behalf, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements.

NON-IFRS MEASURES

The Corporation reports its financial results in accordance with IFRS. In this press release, the following non-IFRS measures are used by the Corporation: net revenues; adjusted EBITDA; adjusted EBITDA margin; adjusted net earnings; adjusted net earnings per share; and net debt to adjusted EBITDA ratio. Additional details for these non-IFRS measures can be found in WSP’s MD&A for the third quarter and nine-month period ended September 26, 2020, which is posted on WSP’s website at www.wsp.com, and filed on SEDAR at www.sedar.com

The following non-IFRS measures are also used by the Corporation and defined as follows: “Pro forma net revenue” is defined as net revenue as if the net revenues of Golder were included for the entire period. “Accretion” or “accretive” is defined as the expected change in WSP’s adjusted net earnings per share after giving effect to the Acquisition and any Acquisition related adjustments. “Pre-IFRS 16 adjusted EBITDA” means the adjusted EBITDA of Golder minus lease payments as included in the cash flow statements. “Pro forma adjusted EBITDA” means the aggregate adjusted EBITDA of WSP and Golder. “Pro forma net debt” means net debt after giving effect to the Acquisition, the Private Placements, the underwritten bank financing and any Acquisition related adjustments. “Pro forma net debt to adjusted EBITDA ratio” is calculated using pro forma net debt to the pro forma adjusted EBITDA. “Pro forma adjusted EBITDA margin” is defined as the aggregate adjusted EBITDA of WSP and Golder expressed as a percentage of pro forma net revenues after giving effect to the Acquisition and any Acquisition related adjustments.

The non-IFRS financial measures used in this news release do not have a standardized meaning as prescribed by IFRS. Management of the Corporation believes that these non-IFRS measures provide useful information to investors and analysts for analyzing the transaction. These non-IFRS measures are not recognized under IFRS and may differ from similarly-named measures as reported by other issuers, and accordingly may not be comparable. These measures should not be viewed as a substitute for the related financial information prepared in accordance with IFRS.

NO OFFER OR SOLICITATION

THIS PRESS RELEASE IS NOT INTENDED TO AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR BUY, OR THE SOLICITATION OF AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR PROXY FROM ANY PERSON. THE SUBSCRIPTION RECEIPTS WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Alain Michaud
Chief Financial Officer
WSP Global Inc.
alain.michaud@wsp.com
Phone: 438-843-7317

Cinven, an international private equity firm, and British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announce that they have reached an agreement to acquire Compre, a specialist global consolidator of closed books of non-life insurance policies, from CBPE Capital LLP. Financial details of the transaction are not disclosed.

Compre is focused on the acquisition and management of discontinued (also known as ‘run-off’) non-life insurance portfolios and has operations in the UK, Bermuda, Finland, Germany, Malta and Switzerland. The global non-life insurance run-off market is growing steadily, driven by insurers’ increasing focus on balance sheet optimisation, capital efficiency and disposals of non-core business lines. Compre has a proven track record of acquiring portfolios from major institutions including Allianz, Generali, HSBC and Swiss Re. Founded in 1991, Compre employs c. 80 people at its offices in the UK, Continental Europe, and Bermuda.

Cinven and BCI believe that Compre is an attractive investment opportunity based on:

• Compre’s high-quality, cash and capital-generative business model, that delivers highly predictable long-term profits, with significant downside protection;
• Its strong and established market position in the European non-life insurance legacy market and, more recently, its growing market position in the US market through its Bermuda platform, with further ambitions to enter the Lloyd’s market going forward;
• Its track record of acquiring and managing non-life legacy businesses over more than 30 years, comprising 11 company acquisitions and 39 portfolio transactions across various jurisdictions across Continental Europe, the UK and the US;
• Its proven financial track record of steady and consistent growth in recent years, delivering robust performance through the COVID-19 pandemic and prior downturns;
• The significant opportunity to capitalise on the increasing demand for legacy solutions and offer its products to a broader range of international clients; and
• An exceptional management and leadership team, led by CEO, Will Bridger, with significant expertise across its specialist areas.

The Compre transaction represents the second investment from Cinven’s new financial services sector-focused strategy, which will be focused on similar long-term investment opportunities across Europe.

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK; Eurovita in Italy; and Viridium in Germany. Cinven recently announced an agreement to acquire Miller, a specialist insurance broker. Other financial services investments by the Cinven Funds include Partnership Assurance, NewDay, Avolon and Premium Credit.

BCI has made a number of investments in financial services companies, including Hayfin Capital Management, Verifone, and BMS Group.

Luigi Sbrozzi, Partner of Cinven, commented:

“Cinven is delighted to be investing in Compre alongside BCI. Over the last 30 years Compre has built a proven platform in the highly specialised insurance and reinsurance run-off market, and a reputation amongst its clients for consistently creating and realising value. Compre is extremely well placed to access new growth markets, such as the US and Lloyd’s, and to broaden its client offering further. We look forward to working with Compre’s management team to deliver these growth opportunities, drawing on the deep expertise of the Cinven team in the insurance sector.”

Jim Pittman, Executive Vice President & Global Head, Private Equity, BCI, said:

“We are impressed by the quality of the platform built by Will Bridger and his team and are excited to partner alongside Cinven to support the continued growth of the business. BCI’s investment in Compre follows as a result of our proactive, sector focused origination strategy and relationship building efforts with the company. We look forward to supporting Compre in its development and in turn providing attractive and stable long-term risk-adjusted returns for our pension plan and insurance fund clients.”

Will Bridger, CEO, Compre, added:

“We are also delighted to be partnering with Cinven and BCI as we embark upon our next phase of growth. This has been a historic year for Compre. We completed our first US transaction, launched our Bermudian reinsurer and now, subject to regulatory approval, have new shareholders supporting further growth of the business. This was made possible through the commitment of everyone at Compre and our drive and determination for what we do. The legacy market is on an exciting trajectory and, together with our new shareholders, we will be best placed to deliver the ambitious plan we have for Compre.”

The transaction is expected to complete in Q2 2021 and is subject to regulatory approvals.

Cinven and BCI advisors included: Macquarie Capital (M&A); Allen & Overy and Latham & Watkins (Legal); PwC (Commercial, Financial, Actuarial, Operations, IT); FTI Consulting (Actuarial, Operations, IT, Communications); Deloitte (Tax, Structuring) and Marsh (Insurance).

Management advisers were Liberty Corporate Finance (Financial Advisor) and DLA Piper (Legal and Tax).

Media Contacts

Cinven

Vanessa Maydon                          Tel. +44 (0) 7802 961 902

Email. vanessa.maydon@cinven.com

Peter Folland                                  Tel. +44 (0)787 099 2924

Email. peter.folland@cinven.com

FTI

Paul Harris                                      Tel: 07971 098 045

Email: paul.harris@fticonsulting.com

BCI

Ben O’Hara-Byrne                         Tel: +1 778-410-7310

Email: communication@bci.ca

Compre

Richard Adams                               Tel: 07545926987

Email: richard.adams@haggie.co.uk

About Cinven

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey, Luxembourg and Hong Kong.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Partners LLP, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.

In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/

About BCI

With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds.

BCI’s private equity program, with C$17.9 billion of assets under management, is a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 30 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors.

For more information about BCI, please visit www.bci.ca.

About Compre

Compre is a leading legacy specialist with over 30 years of experience in the acquisition and management of discontinued and legacy non-life insurance and reinsurance business. We have experience of acquiring most classes of direct and reinsurance business, including general liability, marine and motor liability, and US APH. Compre has operations in Finland, Germany, Malta, Switzerland, Bermuda and the UK.

Our track record includes the acquisition of companies in run-off, transfers of legacy business portfolios, the provision of reinsurance solutions and the subsequent management and closure of run-off liabilities. Solutions are tailored to meet the specific requirements of the vendor in relation to their legacy portfolios and cover economic, legal and administrative finality.

Compre is independent and privately owned. It is managed by its Executive Directors: Will Bridger, CEO; Mark Lawson, Group Actuarial Director; Dr Hubertus Labes, Managing Director – Germany and Austria; Simon Hawkins, COO, Eleni Iacovides, Chief Development Officer and Ian Patrick, Group CFO (subject to regulatory approval).

www.compre-group.com

Victoria, British Columbia – BCI is honoured to be recognized as one of Canada’s Top 100 Employers again this year. The award recipients from this nationwide competition were announced today in a special feature published in the Globe and Mail together with key reasons for selection.

Being named to this list for the second consecutive year is a testament to BCI’s continued work to become a workplace of choice that attracts, retains, and promotes talented professionals. As an active in-house asset manager, BCI depends on the specialized skills and expertise of its people to successfully execute its world-class investment strategies and fulfill client needs.

“Empowering employees is everything in the highly competitive, knowledge-intensive world of investment management,” said Norine Hale, BCI’s executive vice president, human resources.

“We are thrilled that BCI’s efforts to build a culture of excellence in the continuous pursuit of sustainable success for our clients puts us among Canada’s leading employers again this year.”

Being selected for Canada’s Top 100 Employers this year also serves as acknowledgement of BCI’s unwavering commitment to the health and well-being of our employees while responding to the COVID-19 pandemic. In March, BCI took initiative to protect our workforce by transitioning almost 550 employees from our corporate offices to work remotely.

“We are constantly looking for new and innovative ways to support our employees – personally and professionally. The significant uncertainty and need to adapt quickly at the outset of the pandemic tested how we deliver a great workplace,” said Hale.

“The resilience and resourcefulness of our people throughout this challenging time is the true indication of our success.”

Employees maintained access to existing programs and benefits that could be delivered remotely, while BCI adapted and advanced new initiatives to support well-being and performance from afar. Examples include access to a new virtual healthcare services app, mental health training and expanded online professional development opportunities.

Canada’s Top 100 Employers is operated by Mediacorp Canada Inc. – the nation’s largest publisher of employment periodicals, reaching over 15 million Canadians each year. This is the 21st anniversary of the award and the second time that BCI has applied.

Applicants are evaluated by the editors using eight criteria^[1] and are compared to other organizations in their field to identify those that lead their industries in offering the most forward-thinking programs and exceptional workplace cultures.

CONTACT

Ben O’Hara-Byrne, Manager, External Communication

778-410-7412 | communication@bci.ca

^[1] (1) Physical Workplace; (2) Work Atmosphere & Social; (3) Health, Financial & Family Benefits;  (4) Vacation & Time Off; (5) Employee Communications; (6) Performance Management; (7) Training & Skills Development; and (8) Community Involvement.

TORONTO – RBC Global Asset Management Inc. (“RBC GAM Inc.”) announced the second closing of the RBC Canadian Core Real Estate Fund (“The Fund”) on October 30, 2020, which attracted $805 million in equity commitments from Canadian institutional and individual investors, exceeding subscription targets. This follows the initial closing of $1.25 billion completed on October 31, 2019, bringing the total assets under management for the Fund to over $2 billion.

The Fund, created in partnership with British Columbia Investment Management Corporation (“BCI”) and QuadReal Property Group (“QuadReal”), provides investors with access to one of Canada’s largest, highest quality and most diversified commercial real estate portfolios with assets located in key cities across the country.

“We experienced exceptional interest from investors who recognize the long-term benefit of adding private market assets such as commercial real estate to their investment portfolio,” said Michael Kitt, Head, Private Markets and Real Estate Equity Investments at RBC Global Asset Management Inc. “We view the Fund as a potential stabilizing component for portfolios that can provide investors with consistent yield. Exceeding our subscription target against a backdrop of pandemic related uncertainty demonstrates the confidence investors have in both the Fund and its alignment with the deep and experienced team at BCI and QuadReal.”

This information is not intended to be an offer or solicitation to buy or sell securities. The Fund is offered by RBC GAM Inc. RBC GAM Inc. is a member of the RBC Global Asset Management group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.

Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the Fund is a suitable investment for them.

About RBC Global Asset Management

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $520 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

For more information, please contact:

Brandon Dorey, RBC GAM Corporate Communications, 416-955-7397

TORONTO –  Institutional investors managing more than $2.3 trillion in assets have signed the new Canadian Investor Statement on Diversity & Inclusion, an initiative coordinated by the Responsible Investment Association (RIA).

Signatories to the statement, which include some of the largest institutional investors in the country, acknowledge the existence of systemic racism and its impacts on Black and Indigenous communities and People of Colour, while further acknowledging the existence of inequities and discrimination based on other factors including, but not limited to, gender, sexual orientation, age, disability, religion, culture and socio-economic status.

The joint statement declares, “We all have a responsibility to ensure that the persistent inequities in business and our society are eliminated. As institutional investors, we can contribute to addressing these inequities in Canada by taking intentional steps to promote diversity and inclusion across our portfolios and within our organizations.”

The signatories will take steps to integrate diversity & inclusion (D&I) into their investment processes, for example by monitoring the D&I practices of Canadian public companies and conveying their expectations of improved D&I disclosures. The investors collectively state that they expect Canadian public companies to aim for the adoption of policies, targets and timelines to improve diversity on boards and in senior management, with the ultimate goal of being aligned with the racial and ethnic demography of Canada.

The signatories will also take concrete steps to strengthen D&I practices within their own institutions, such as providing training to foster inclusive cultures, collecting data to identify and address any barriers to the advancement of underrepresented groups, and seeking out underrepresented voices to inform D&I activities. The signatories commit to reporting on their efforts to promote D&I, and to reviewing and updating their practices as they learn from experience.

“Acknowledging the existence of systemic racism is a recognition that we have a lot of work to do to level the playing field in business and society,” said Dustyn Lanz, CEO of the RIA. “These investors are stepping up to do the work because it’s the right thing to do, and because there’s a strong business case for doing so,” said Lanz, pointing to a McKinsey study which found that more diverse companies tend to be more profitable.

The full statement is available online here. A list of institutional investor signatories is provided below. Institutional investors can become a signatory by completing this form.

The RIA would like to thank Michela Gregory, Laura McGee, Shannin Metatawabin, Alison Schneider, and Rosa van den Beemt for contributing to the development of the statement.

To complement the investor statement, the RIA is also hosting Diversity & Inclusion Week from October 26-30th – a week of dialogues and education for investment professionals to advance diversity and inclusion in their organizations and their portfolios. The week will kick off with a keynote speech from Wes Hall, Executive Chairman of Kingsdale Advisors and Founder of the BlackNorth Initiative.

MEDIA QUOTES:

“The impacts of systemic racism and discrimination in our workplaces and society at large have long been felt by Black and Indigenous communities, and People of Colour. At BMO GAM, we work to recognize the value of D&I both internally and externally through measures including comprehensive diversity goals and active engagement with our Canadian holdings. We are encouraged by the collective efforts of the Canadian investor community to advance this critical issue.” – Kristi Mitchem, CEO, BMO Global Asset Management

As long-term investors, we have an important role to play in engaging our portfolio companies towards best practices in terms of diversity. It has been shown that diversity is a lever for improving performance, which is why CDPQ has positioned diversity and inclusion as a pillar of its sustainable investment strategy. Moreover, we understand how inclusion is closely related to equal opportunity and social justice. Therefore, we encourage our peers to make this subject a priority.” – Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing, Caisse de dépôt et placement du Québec (CDPQ)

“The efforts of the Responsible Investment Association are exactly the type of concrete actions that CCDI has been waiting to see. In order to affect the change to become anti-racist employers, we don’t need statements of support; we need tangible actions which can be measured that will ultimately hold companies to account.” – Michael Bach, Founder & CEO, Canadian Centre for Diversity & Inclusion (CCDI)

“CAUFP applauds RIA and the institutional investors who have committed to integrating diversity & inclusion as part of their investment processes. By monitoring the D&I practices of public companies and by conveying expectations for improved D&I disclosures, we can ensure that companies are encouraged to take the steps that are required to end systemic racism and create a corporate landscape that’s equitable for Canadians of all backgrounds.” – Meryl Afrika, President, Canadian Association of Urban Financial Professionals (CAUFP)

“Dismantling systemic racism, discrimination and barriers to senior roles for Black, Indigenous and people of colour demands action. Representation matters and institutional investors should reflect the diversity of the markets in which we invest. We can influence and create transformation by defining quantifiable measures today and over the long term. OPTrust is committed to putting in the work and holding ourselves accountable to realize greater equity.” – Peter Lindley, President and CEO of OPTrust

“Accelerating progress on diversity and inclusion within our organizations and investment portfolios requires a purposeful and collective effort on behalf of many investors. Together, we can build a more inclusive business and investment landscape in Canada.” – Kevin Uebelein, Chief Executive Officer, Alberta Investment Management Corporation

LIST OF INVESTOR SIGNATORIES

Founding Signatories are noted with an asterisk (*)

Addenda Capital*

AGF Investments*

Alberta Investment Management Corporation (AIMCo)*

Bâtirente

BMO Global Asset Management

British Columbia Investment Management Corporation (BCI)

Caisse de dépôt et placement du Québec (CDPQ)*

Canada Post Corporation Pension Plan

Central 1 Credit Union

CIBC Asset Management

Connor, Clark & Lunn Investment Management

Deetken Impact

Desjardins Group*

ELFEC

Gestion FÉRIQUE

Global Alpha Capital Management

IG Wealth Management

Jarislowsky Fraser Global Investment Management

Mackenzie Investments*

MD Financial Management Inc.

Montrusco Bolton Investments Inc.

NEI Investments*

OPSEU Pension Trust (OPTrust)*

PCJ Investment Counsel

Rally Assets Inc.

RBC Global Asset Management Inc.

Scheer, Rowlett & Associates Investment Management Ltd.

SEI Investments

Simon Fraser University

The United Church of Canada

University of Toronto Asset Management (UTAM)*

More Supporting Organizations can be found on the RIA’s website here.

ABOUT THE RESPONSIBLE INVESTMENT ASSOCIATION

The Responsible Investment Association (RIA) is Canada’s industry association for responsible investment. The RIA’s membership includes asset managers, asset owners, advisors, and service providers who support its mandate of promoting responsible investment in Canada’s retail and institutional markets. Learn more at www.riacanada.ca.

MEDIA ENQUIRIES

Nick Buccheri

Director of Operations, Responsible Investment Association

nick@riacanada.ca

+1(416) 461-6042 x5

Victoria, British Columbia – Today, November 22, the winners of Canada’s Top 100 Employers award were announced in a special feature published in the Globe and Mail. The award is a national competition to determine Canada’s leading employers and BCI is extremely honoured to be named to this year’s list.

“We are so proud of BCI for being named to this incredible list of Canada’s top employers,” says Norine Hale, executive vice president, human resources. “BCI’s culture is focused on empowering employees in the continuous pursuit of excellence and sustainable success for our clients. And underlying and supporting that culture are our corporate values, our people practices, and our workplace. We strive to create a work environment that supports our people and winning this award is a wonderful testament to that ongoing work.”

The investment industry is knowledge intensive and, at its core, it relies on people. The ability to attract and retain skilled individuals with specialized knowledge will continue to differentiate or limit organizations. Being named one of Canada’s Top 100 Employers is an acknowledgment of BCI’s work to become a progressive workplace of choice that continues to attract, retain, and promote talented professionals.

Canada’s Top 100 Employers is operated by Mediacorp Canada Inc. – the nation’s largest publisher of employment periodicals, reaching over 15 million Canadians each year. This is the 20th anniversary of the award and BCI’s first time applying and winning.

Applicants are evaluated by the editors of Canada’s Top 100 Employers using eight criteria[1] and are compared to other organizations in their field to identify those that lead their industries in offering the most forward-thinking programs and exceptional workplace cultures.

Contact

Ben O’Hara-Byrne, Manager, External Communication
778-410-7412 | communication@bci.ca

[1] (1) Physical Workplace; (2) Work Atmosphere & Social; (3) Health, Financial & Family Benefits; (4) Vacation & Time Off; (5) Employee Communications; (6) Performance Management; (7) Training & Skills Development; and (8) Community Involvement.