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Public equities and private debt were top contributors to absolute performance

VICTORIA, BC – June 27, 2024 – British Columbia Investment Management Corporation (BCI) today announced an annual combined pension plan return¹ of 7.5 per cent. The combined pension plan return represents the performance of BCI’s six largest pension clients by assets under management (AUM).

Gross AUM² grew from $233.0 billion last year to $250.4 billion for the fiscal year ended March 31, 2024, a year-over-year increase of $17.4 billion or 7.5 per cent. Net AUM totalled $229.5 billion, with investment gains contributing $16.5 billion net of all fees to this AUM growth.

“We delivered solid absolute results even through challenged markets this year,” said Gordon J. Fyfe, BCI’s Chief Executive Officer and Chief Investment Officer. “This was not a coincidence. Rather, it speaks to our team’s diligent risk approach and prudent liquidity management, which provided us with resilience and capability to capture market dislocations and deploy capital. Our investment teams continue to build a diversified portfolio, emphasizing direct and unique deals around the globe.”

All asset classes generated positive returns apart from real estate equity, where sustained market headwinds affected valuations. Liquidity management was a key focus, including $1.25 billion in capital raised from BCI’s inaugural bond issuance, with an additional $1 billion raised in the subsequent reopening of the same series. Asset classes focused on rebalancing across strategies to pursue opportunities in a muted deal environment. More than 10 direct deals were executed, further diversifying BCI’s portfolio with entry into new sectors and geographies complementing our strong Canadian footprint. Opportunities in infrastructure debt increased, and three transactions were closed, increasing European exposure. Private debt deployments were substantial at US$2 billion, focusing on differentiated opportunities in the middle and lower middle markets and expanding the program to Asia. Within the infrastructure & renewable resources and private equity programs, an increasing focus on asset management boosted portfolio valuations and created $17.6 billion in value over five years and returned $31.1 billion in cash distributions to clients.

Long term, BCI continues to deliver consistent annualized results, returning 7.5 per cent over a five-year period, representing a cumulative value add³ of $2.2 billion. As a result, BCI’s combined pension clients, with investment horizons extending many years, maintain a healthy position with funding ratios ranging from 103 to 133 per cent.

“Generating consistent long-term performance is imperative for our clients as they require greater cash flows for their obligations as pension plans mature,” added Fyfe. “Looking at our annualized 10-year return, for our combined pension plan clients, we outperformed the benchmark by 0.7 per cent, representing $8.3 billion of value add, consistently exceeding our clients’ nominal and real actuarial discount rates.”

“Our one-year relative performance lagged the benchmark this fiscal. This was no surprise as the exponential growth of the ‘Magnificent Seven’ tech stocks resulted in a very strong combined pension plan benchmark hurdle. We build portfolios that provide clients with the risk-adjusted returns they require over the long term, and that’s where we will continue to focus on adding value.”

RETURN SUMMARY FOR THE COMBINED PENSION PLAN CLIENTS

HIGHLIGHTS
Corporate

• Expanded our total employees to 770, growing the global team year-over-year by 8.3 per cent, including 34 professionals in the London and New York offices, strengthening our physical presence in these financial centres.
• Moved to fully embed ESG into corporate reporting, including alignment with the IFRS Sustainability Disclosure Standards, and began development of an internal ESG data platform.

Public Markets

• Exceeded $5 billion in cumulative participation in sustainable bonds.
• Launched an unsecured debt program with an inaugural $1.25 billion senior unsecured 10-year bond offering, and a subsequent $1 billion reopening of the same series, with the highest possible long-
  term credit ratings.
• Acted as an anchor investor in Overland Advantage, a direct lending platform established by Centerbridge Partners in partnership with Wells Fargo, which will also yield co-investment opportunities.
• Executed $2.7 billion of deployments in Absolute Return Strategies, which delivered strong one-year performance exceeding 12 per cent.
• Deployed net US$2.0 billion for the Principal Credit Fund and achieved the strongest one-year performance since the fund launched with a 13.3 per cent annual return for fiscal 2024.

Private Markets

• Concluded the take-private of Costa Group, Australia’s largest produce supplier of fresh fruit and vegetables.
• Closed on three infrastructure debt investments, increasing capital deployment in high-conviction sectors that benefit from decarbonization and digitization in the U.S. and Europe.
• Committed US$300 million to Cube Highways Trust, the largest road platform in India consisting of 18 toll and annuity assets and made a separate commitment to the Cube Highways growth platform, CH5, which targets further investments in India’s transportation sector.
• Closed an investment in A2 Motorway, a leading European public-private partnership motorway.
• Participated in an additional financing round for British Columbia-based Photonic Inc., a quantum computing company, positioning BCI as one of their largest shareholders.
• Committed a total of $2.9 billion to the private equity program, including $2.2 billion to fund investments, reinforcing strategic relations with existing managers, and allocated the remaining $700 million to private equity direct investments, including additional investment to support the growth of our existing companies.
• Deployed $3.3 billion in the real estate equity program to high conviction and growth sectors such as data centres, student housing, residential, and industrial globally.
• Committed $3.2 billion in real estate debt investments, including Verve, an off-campus student housing and apartment, and a cold storage distribution facility.

The 2023-2024 Corporate Annual Report is available at BCI.ca.

All figures are in Canadian dollars unless otherwise stated.

ABOUT BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross AUM as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its 29 British Columbia public sector clients.

With a global outlook, BCI integrates ESG factors into investment decisions and activities that convert savings into productive capital to meet clients’ risk and return requirements over time. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act. For more information, visit BCI.ca or LinkedIn.

CONTACT
Olga Petrycki
media@bci.ca

Except as otherwise indicated, returns are time-weighted rates of return (TWRR) as at March 31, 2024. All returns are net of all costs and fees. Investments are reported by the program within the asset classes as set out in the clients' Statement of Investment Policies & Procedures (SIPP). Benchmarks represent a weighted combination of multiple indices specified in the clients' SIPP. The indices may vary over time.

¹ The combined pension plan clients reflect the investments of BCI's six largest pension clients: BC Hydro Pension Plan, College Pension Plan, Municipal Pension Plan, Public Service Pension Plan, Teachers' Pension Plan, and WorkSafeBC Pension Plan.
² Gross assets under management exclude market values for The Funding Program, which are clients’ investment liabilities achieved through government bond repurchase agreements and unsecured bond issuance.
³ Cumulative value-add is the additional dollar return that BCI generated for clients in excess of client benchmarks through active investments, excluding the impact of the centralized currency management program after all costs and fees.
⁴ The Funding Program includes clients’ investment liabilities achieved through government bond repurchase agreements and unsecured bond issuance.

BCI recognizes the value of diverse boards for better decision-making and long-term performance.

We have long advocated for at least 30 per cent female representation and encourage companies to set diversity targets for both boards and executive management. Since 2016, BCI has been a member of the 30% Club Canada, which aims to achieve a minimum level of 30 per cent of women on boards in Canada.

We use a range of tactics to pursue our board and management diversity objectives. These include proxy voting, direct engagement, policy advocacy, collaborative engagement, and strategic escalation when we see no sign of progress over time.

As chair of the 30% Club Canada Investor Group, BCI and fellow investors determined that U.S. broadband company Charter Communications Inc. lagged its peers with only one woman on the board, well below our expectations of at least 30 per cent representation.

Case Study: Charter Communications
BCI has consistently voted against the chair of Charter Communications’ nominating committee due to inadequate gender diversity at the board level. In 2023, BCI collaborated with U.K. and European members of the 30% Club to engage Charter Communications on the board’s 8 per cent female representation.

After sending an initial letter, the group escalated our action. We filed a shareholder proposal late in 2023 for consideration at the company’s 2024 annual general meeting, seeking commitments to improve diversity through a board gender diversity policy and transparent director recruitment processes. BCI was the lead filer; our co-filers were Brunel Pension Partnership, Nest Corp, and UBS Asset Management.

As lead filer, BCI met with the company to discuss our proposal. In early 2024, Charter Communications nominated a new female director with relevant experience to replace an outgoing male director and reaffirmed its dedication to considering gender and other forms of diversity in ongoing recruitment efforts. In light of the progress, and on the condition that a description of the engagement would be added to the company’s proxy circular, we agreed to withdraw the proposal prior to the annual meeting.

“BCI’s preference is always constructive dialogue and, in this case, the combination of progress and openness to engage warranted the withdrawal. This proves that engagement can get results. We do not see the matter as closed, and look forward to further discussions with the company.”
– Jennifer Coulson, Senior Managing Director and Global Head, ESG at BCI

Additional Action on Diversity
Other facets of our engagement approach include contributing to policy and regulatory discussions and voting our shares according to our proxy voting guidelines.

• Policy: We have submitted proposals to Canadian regulatory bodies for years, advocating for ambitious yet attainable targets for female representation on boards. In September 2023, we endorsed the CSA’s initiative to augment diversity disclosure for Canadian companies and provided our views on the disclosure options presented.
• Voting: We expect boards to adopt and disclose a formal diversity policy that includes targets and timelines to increase diversity at both the board and senior management level. Our proxy voting guidelines are reviewed and updated regularly. In 2022, we broadened our approach beyond gender diversity to encompass racial and ethnic diversity of directors, starting with the U.S. and expanding to Canada the next year. In 2023, BCI voted against 46 directors at 34 companies for lack of ethnic and racial diversity.

Learn more about our approach to engagement.

BCI has long supported the First Nations Finance Authority’s (FNFA) financing programs, having invested in its debentures since 2014 and commercial paper since 2021.

The FNFA was created in 2005 by First Nations Chiefs and councillors to establish borrowing capacity for member First Nations and provide loans for Indigenous social and economic projects, including infrastructure, rental housing, business ownership, and power projects.

BCI has long contributed to supporting market access for FNFA and its members. Through 10 primary market offerings, we’ve invested $150 million in the FNFA bond program and are one of the largest supporters of its short-term commercial paper program.

“These investments provide our clients with reliable returns, as well as exposure to positive social outcomes like infrastructure projects and job creation. We are proud to support access to affordable financing for First Nations governments and their community members.”
– Chris Weitzel, Senior Managing Director, Fixed Income & Foreign Exchange at BCI

The FNFA’s Impact
As a not-for-profit organization, FNFA provides First Nations governments with low-rate loans, as well as investment management services and capital planning advice for the social and economic benefit of community members.
Proceeds of FNFA’s 11th debenture, which helped to create just under 600 jobs, were used to support projects including:

• Renewable energy such as equity ownership in a wind farm in Ontario and a hydro project in British Columbia.
• Access to basic infrastructure such as road and internet in Manitoba.
• Access to essential services such school construction in Alberta.
• Affordable housing in Saskatchewan.
• Employment generation through small and medium sized enterprise financing in support of the fisheries, forestry, hospitality and other sectors across the country.

The FNFA has a current loan portfolio of over $2 billion in support of First Nations-led projects across Canada, having historically supported the creation of over 22,500 jobs. British Columbia has the largest number of FNFA members and community loans in place.

With an A+ credit rating from S&P and Aa3 from Moody’s, FNFA offers fixed-income opportunities that deliver predictable returns for BCI and its clients, while allowing First Nations borrowing members to obtain financing on terms that are similar to those of Canadian municipalities.

After opening its doors less than two years ago, BCI’s private equity group has doubled the size of its New York office to 20,000 square feet. The expanded office will be home to more than 50 private equity team members as well as those from other growing asset classes across BCI, including public markets.

“Our larger footprint in New York comes at an opportune time for the private equity program, as we continue to grow our portfolio and thoughtfully scale our investment and operations teams, while increasing our focus on value creation,” said Jim Pittman, Executive Vice President & Global Head, Private Equity. “We have a laser focus on deploying capital into direct and strategic investments and look forward to reinforcing key relationships with existing partners, as well as building new ones, in New York and around the globe.”

BCI’s New York office opened its doors in 2022 to welcome its first team outside of Canada and Jim Pittman, BCI’s Executive Vice President & Global Head of Private Equity, relocated to New York in late 2023 to lead a team of more than 70 investment professionals in New York and Victoria B.C., BCI’s headquarters.

Scaling up in New York enables the team to allocate capital directly and optimally manage its existing investments through strengthened value creation activities. More than 50 per cent of BCI’s private equity portfolio is held in the U.S., investing in sectors including business services, consumer, financial services, healthcare, industrials, and technology, media & telecommunications.

Learn more about BCI’s diverse private equity portfolio, comprising nearly $30 billion in directs, co-investments, and funds.

BCI selectively engages external partners and managers, where appropriate, to create value for our clients by increasing access to opportunities. We evaluate every external firm’s ESG practices before allocating or increasing capital to its funds.

Our in-house, proprietary ESG External Manager Framework was established in 2020 to provide consistency and coordination for how we assess external firms across all asset classes. We updated the framework in 2023 to ensure it stays relevant to our investment strategies and reflects how ESG integration and stewardship practices are evolving.

The framework provides clear definitions and guidelines, covers holistic ESG matters such as equity, diversity, and inclusion (EDI) at the management firm, and collects information that improves reporting and practices at BCI.

The Framework
Our framework has multiple dimensions. We assess the extent of ESG integration into the firm’s investment processes, the resources and tools provided to staff, and whether the firm’s ESG stewardship practices are aligned with BCI’s corporate engagement priorities. This can include the firm’s formal ESG policies, who is accountable and who oversees ESG matters, and concrete examples of how ESG risks and opportunities are evaluated and considered. We also pay attention to the firm’s internal EDI policies and commitments.

We conclude by categorizing our external manager and partners’ ESG practices into one of the following groups:

• Immaterial: ESG may not be applicable to some managers due to very short holding periods, the type of asset they hold, or strategy they pursue.
• Developing: managers that recently launched an ESG program, and are building resources and processes.
• Committing: managers with established policies and procedures, dedicated ESG resources, and internal training.
• Advancing: managers or strategies seeking positive outcomes in pre-identified ESG themes, such as clean energy.

Using the Results
In fiscal 2024, we conducted 23 reviews using the updated framework, reflecting all new external partners and managers, to ensure our standards extend beyond our in-house activities. Following the assessment, we selectively engage with our external partners and managers to promote continued improvement over time and may make specific requests for improvements.

For example, BCI’s Managing Director, ESG dedicated to private equity engaged with more than 50 per cent of our private equity fund portfolio general partners, based on assets under management, in fiscal 2024 on ESG and climate-related opportunities to align expectations, exchange expertise, and enhance performance. Key highlights include organizing educational sessions and assisting our general partners in adopting our industry-leading ESG frameworks and engagement practices, with an emphasis on financial linkages.

BCI has been an active participant in Climate Action 100+ (CA100+), the largest investor-led engagement initiative on climate change, since it was formed in 2017. We continue to support this global group and engage with its target companies based on the progress to date.

CA100+ brings together 700 investor signatories from 33 countries, representing more than US$68 trillion in assets under management. It works to ensure that 170 of the world’s largest corporate greenhouse gas emitters take necessary action on climate change.

The fundamental principle of CA100+ is that climate risk is financial risk. Its three main goals are to:

• Improve board oversight of material climate-related issues.
• Reduce greenhouse gas emissions in the real economy.
• Improve corporate climate-related disclosures.

BCI stands out as one of the few large Canadian investors taking a lead role with high emitters through the initiative. During the first phase of CA100+, our public markets team led or co-led engagement with four companies and actively supported engagements with six other companies in the mining, oil and gas, and utility industries in North America. Over that time, we saw many companies make improvements to their climate strategies, governance, and disclosure.

Progress To Date
Through CA100+, global investors have communicated to high-emitting companies the urgency and practicality of making emissions-reduction commitments, as well as the importance of board-level involvement and better disclosure.

The initiative’s 2023 Net Zero Company Benchmark assessment results showed that, while more companies on the focus list have pledged to achieve net-zero emissions by 2050 or earlier, they are not moving fast enough to align corporate actions with the goals of the Paris Agreement.

For example, 77 per cent of focus companies had pledged to achieve net-zero emissions by 2050 or earlier (up from 75 per cent in 2022) and 93 per cent implemented board committee oversight of climate change risks and opportunities (up from 91 per cent in 2022). Still, only 59 per cent disclosed decarbonization actions to meet their greenhouse gas reduction goals. Overall, incremental progress on company ambition and long-term targets was not matched by progress on short-term targets, decarbonization strategy and capital allocation.

Phase 2
Noting that the period leading up to 2030 is critical, CA100+ launched the second phase of its work in June 2023 with a focus on moving from words to action. The three main goals were renewed and evolved, with the third goal updated to include a focus on implementing net-zero transition plans.

BCI remains committed to taking a leadership role and leveraging our influence to support its increased expectations, which align with our Climate Action Plan. BCI currently leads the engagements with Suncor Energy Inc., Canadian Natural Resources Limited and Teck Resources Limited, and contributes to those with Exxon Mobil Corporation, Duke Energy Corporation, The Southern Company, Chevron Corporation, POSCO Holdings Inc., Samsung Electronics Company, Ltd. and UltraTech Cement Ltd. These 10 companies reflect an expansion of our participation to include new sectors and regions.

“We share the heightened sense of urgency with CA100+ and can attest that collaborative engagement is effective. We’re pleased to continue as a lead and contributing investor because we recognize the risk that climate change presents in our portfolio.”
– Jennifer Coulson, Senior Managing Director & Global Head, ESG at BCI

Our work with CA100+ aligns with our commitment to use our influence to support the global goal of net zero by 2050. Read our Climate Action Plan.

Kelly Chaplin, Senior Managing Director, Private Equity recently spoke at BCI’s 2024 Investor Day, where he shared insights on the current private equity landscape, the advantages of direct investing, our approach to managing liquidity, and the benefits of BCI’s global expansion.

Are there any silver linings related to recent market volatility?

Private equity has weathered a couple challenges recently, particularly with interest rates and inflation. This environment has caused privately-owned companies to adapt, evolve, and overall become more efficient. As the market and economy continue to improve and interest rates decline, these companies usually come out stronger on the other side. For us, the long-term focus of our portfolio provides an advantage in volatile markets, as we can make more significant commitments during these times and can negotiate for better deals.

What are the benefits of direct investing in the current environment?

Direct investing offers two main advantages in volatile markets. First, it allows us to actively monitor and influence decisions through representation on the boards of our investment companies, enabling us to address issues like inflation, higher interest rates, and cash flow preservation. Second, direct investing allows for quicker reactions to market shifts where we can take advantage of specific opportunities.

If you only focus on funds, it can take longer to adapt and invest in new areas. With a direct program and coverage of different sub-strategies across private equity, we can work with our partners to target more value-oriented investments.

What is your approach to managing liquidity?

For the past few years, we’ve been using the secondary market to sell funds that we consider to be lower performing, and not meeting the strategic or performance benchmarks. Using secondaries sales helps us generate immediate liquidity and redeploy capital into higher returning opportunities. Over the last seven years, we have sold more than $5 billion of our fund investments and redeployed that capital into new deals, strategic partners, and our direct investing program.

How has the New York office impacted the private equity program?

Having team members in New York City is invaluable to the success of the private equity program. Opening this office allowed us to hire and retain people that we may not have been able to otherwise. It has also brought us closer to our investment partners in the private equity world, increasing the quality of our interactions and giving us better access to deals that contribute to our direct portfolio growth.

Learn more about our diverse private equity portfolio, comprising nearly $30 billion in directs, co-investments, and funds.

Daniel Garant, Executive Vice President & Global Head of Public Markets recently spoke at BCI’s 2024 Investor Day, where he provided insights on the launch of our Funding Program, the importance of diversification, managing default risk, and how artificial intelligence (AI) is being used in our public markets portfolio.

How was BCI’s first debt issuance received by the market?

We received a top-tier, long-term credit rating of AAA from major global rating agencies, signifying BCI’s strong financial standing, excellent creditworthiness, and low risk for investors. There was strong demand for our inaugural bond issuance leading to a second offering, to which both were oversubscribed.

We are now at 89 per cent leverage through repurchase agreements and 11 per cent unsecured debt. Over time, we expect to bring it closer to a 50/50 split, which means bond issuance of about $1.5 to $2.0 billion annually depending on market appetite and conditions.

What is your current view on public markets?

Despite long-term valuation impacts, public markets have shown resilience, resulting in strong performance over the year. We have been able to adapt our active management strategies and maintain a diversified portfolio to navigate challenging markets, and we continue to focus on long-term growth within the global markets.

Can you mitigate default risk in a rising rate environment?

Our strategic approach has been to navigate the rising rate environment while maintaining a nimble and agile credit strategy. We’ve successfully sourced opportunistic deals, leveraging our expertise to investments that align with our long-term objectives.

Our risk management practices have been instrumental in maintaining a low default rate, reflecting the strength of our portfolio even amidst industry-wide challenges. We continue to prioritize diversification and rigorous economic analysis to inform our decisions and mitigate default risk. Our recent commitments to the Asia Pacific region is a strategic move that underscores our dedication to growth and innovation. By staying ahead of market trends and focusing on sustainable investment practices, we are well-equipped to mitigate risks and capitalize on new opportunities.

How is AI being considered in your investment strategies?

We are focused on carefully evaluating the risks and opportunities of AI and how it should be factored into investment decisions and our clients’ portfolios. Internally, BCI is already leveraging AI to enhance work processes and manage large sets of data more efficiently. We have seen the valuations of certain sectors like semiconductors and software grow substantially as a result of the proliferation of AI and expect these trends to continue to impact the market.

Learn more about our $138-billion public markets’ program.

Lincoln Webb, Executive Vice President of Infrastructure and Renewable Resources recently spoke at BCI’s 2024 Investor Day, where he shared his views on our international offices, investing globally, managing geopolitical risks, and the changing regulatory landscape.

Why did BCI open offices in New York and London?

Our international offices are a natural extension of our global business model. From a talent perspective, they allow us to have people on the ground in regions where we have key investments and partners. They are also important from a mindset perspective. These locations help staff think globally about the world outside of Canada and provide access to professional opportunities internationally. We were deliberate in establishing both offices to ensure they added value to BCI and our clients. We continue to expand our team in support of our investment strategies, and have increased our presence in Asia with a team member based in Mumbai, India, who directly supports the infrastructure & renewable resources program.

What do you consider when investing globally?

There are several key considerations when investing on a global scale. As a starting point, it is important to ensure a deep understanding of the local market. For example, does it align to our areas of expertise? Do we have existing partners in the region? It is also essential to do a thorough analysis of operational and regulatory practices early and work closely with management teams. The distinct regulatory environment of each country is a critical aspect to consider, and maintaining a long-term focus on sustainability is essential when investing in any international market.

How do you approach geopolitical issues and regulatory changes?

BCI’s infrastructure and renewables resources team oversees around $28 billion dollars of long-term capital invested in global companies, many providing essential services like electricity and water to communities. Having a diverse portfolio means operating in environments unique to each country and sector. It is crucial now more than ever to monitor political and regulatory developments, especially when investing in companies providing fundamental infrastructure and essential services.
The upcoming year will be eventful, with many European elections, the U.S. presidential elections, and a possible U.K. general election. We approach all risks with caution, remaining attentive, and stay current with global events.

How do you anticipate this market will evolve?

In the coming decades, countries across the world will require significant capital for infrastructure, driven primarily by energy transition and decarbonization. Substantial investments are necessary to meet green power demands, digitization needs, as well as agriculture and food security concerns. As a responsible, long-term global investor, we are well-positioned to explore opportunities aligned with our values. However, it is critical we select opportunities that align well with BCI’s risk-return requirements and ESG expectations while maintaining our client-first approach in all decisions.

Learn more about our infrastructure and renewable resources program.

GCT Global Container Terminals, a company held within BCI’s infrastructure & renewable resources (I&RR) portfolio, was recently named one of Canada’s Best Managed Companies for its excellence in business performance and innovation. The company’s focus on strategic investments in technology, infrastructure, and environmental initiatives were integral to achieving this award and helping to set new standards in their industry.

“We’re pleased to see GCT recognized for their dedication to innovation, as it was a key consideration in our decision to invest in them in 2018,” said Sebastian Griffin, Senior Director, Infrastructure & Renewable Resources. “GCT is a British Columbia success story, with its operations based at the Port of Vancouver. We’re honoured to support this local company as they continue to invest in the regional economy and innovate to meet their customers’ needs.”

GCT is a container terminal operator at the Port of Vancouver, with more than 100 years of history. Today, GCT operates two Green Marine certified gateway terminals: GCT Vanterm in Vancouver and GCT Deltaport in Delta, with the capacity to handle over 3 million TEUs (container units).

Canada’s Best Managed Companies program stands as a hallmark of business excellence, showcasing the outstanding achievements of Canadian-owned and managed businesses for their innovative business practices and outstanding commitment to performance. Since the launch of the program in 1993, hundreds of entrepreneurial companies have competed for this designation each year in a rigorous and independent process that evaluates their management skills and practices.

More information is available here.