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Jim Pittman and Industry Leaders Discuss the Path Forward for the Private Equity Sector at the 2025 Milken Conference

The Milken Institute Global Conference is renowned for convening experts and innovators shaping the future of finance, business, technology, health, industry, and society. At this year’s event, the panel “Private Equity Transformed: Access, Strategy, and Innovation” brought together leading voices in private equity, including Jim Pittman, EVP, Global Head of Private Equity at BCI, alongside executives from KKR, General Atlantic, and Thoma Bravo. The discussion focused on evolving trends in deal flow, performance, value creation, talent, and sector appetite.

Trends in Private Equity Investment Exits

A central theme of the panel discussion was the shifting dynamics in private equity exits. BCI’s Jim Pittman highlighted that while 2021 saw a record US$1.2 trillion in deals sold, 2024’s figure plummeted to just US$250 billion, pointing to a confluence of factors including inflation, geopolitical risk, and supply chain disruptions. All panelists agreed: “Nothing kills M&A activity more than uncertainty.”

After several years marked by sluggish distributions and a backlog of aging portfolio companies, 2025 is showing signs of renewed activity. Panelists expressed cautious optimism that, as volatility decreases, the IPO market could see significant improvement. Strategic corporate buyers are also showing early signs of renewed M&A interest. This optimism is supported by industry data, with global exit values rising 34% year-over-year and exit counts up 22%, according to a recent Bain report, signaling that pent-up demand is beginning to translate into real deal flow.

Pittman’s commentary reflected a broader industry push to unlock liquidity for limited partners (LPs) after several lean years. He pointed to the growing relevance of the secondary market and continuation funds as alternative paths for exits. GPs are also looking at other ways of unlocking liquidity through “componentized sales” – selling off portions of their holdings to unlock liquidity. One GP emphasized the importance of considering multiple exit strategies: “Less than 20 per cent of [their] realisations now come from IPOs. Over 50 per cent come from some type of strategic sale, such as large corporate buyers.”

The panel also highlighted a healthy pipeline of investments at attractive valuations. “I’m super excited about the buyer’s market. We’re buying things 50% off or more-pricing we haven’t seen since the global financial crisis,” remarked one panelist.

Pittman reinforced that BCI is actively seeking opportunities in sectors with strong fundamentals and operational value creation potential. He noted that BCI remains active, having sold three companies and acquired three others in the past eight months. In the past year, BCI Private Equity unlocked C$2.8 billion of capital through asset sales, successfully generating liquidity and securing strong realized returns as a result of the program’s focus on active portfolio management. The sale of BCI’s majority stake in Hayfin Capital and the announced sale of our investment in Ziply Fiber are two recent examples, in addition to secondary fund sales.

Rethinking Private Equity Returns and Value Creation

The panel also addressed how to best model and interpret expected returns in today’s environment. Pittman cautioned against relying solely on historical benchmarks of internal rates of return (IRRs), noting that high returns in recent years were often fuelled by leverage and favourable market cycles. “If we secured 25 per cent returns in the past, we should be able to get that in the future – but the reality is changing,” Pittman explained. “The longer assets sit, the lower those IRRs go – unless you have great value creation activities or other triggers you can pull.”

As the industry sees IRR dropping below historical averages, Pittman and other panellists stressed the need for more nuanced performance metrics, especially as hold periods lengthen and exit routes become more complex. The dispersion of returns in private equity is significant: top-quartile GPs vastly outperform the median, often by leveraging in-house value-creation talent. Rather than focusing solely on headline performance, a more detailed approach-disclosing the sources of returns, such as leverage, growth, or multiple arbitrage – is helping LPs understand which levers are driving GP performance.

The group also discussed AI as a value creation tool, particularly for unlocking productivity savings and revenue enhancement at portfolio companies. Most benefits from AI were seen in enhanced productivity and operating efficiencies, though some companies are using it to drive revenue growth. As one panelist put it, “the playbooks are repeatable.”

Recognizing the value AI will play in future private equity investments and business processes at large, BCI has already implemented AI as part of its value creation toolkit – to drive innovation, streamline processes, and unlock new analytical capabilities. BCI Private Equity’s Venture and Growth team is also actively investing in and sourcing new opportunities to partner with companies that could benefit from AI implementation, or are in AI-adjacent industries, such as FinTech, cybersecurity, development platforms, logistics, insurance or quantum computing.

Talent: A differentiating factor for Private Equity Performance

Talent emerged as a critical driver of private equity performance, especially as returns increasingly depend on value creation. Panelists discussed the growing complexity and importance of these activities, advocating for a shift from transactional workforce management to long-term, in-house talent development. Investing in human capital and operational expertise delivers significant benefits.

Many private equity firms are generating value through operational improvement playbooks that in-house value creation teams can consistently apply across investments. As one panelist said: “If you have best-in-class [value creation] talent to bring to the table, you can have a reliable source of alpha. It’s a playbook that you can execute on.”

The panel also advocated for transparent alignment structures and broad-based ownership to drive behaviours and accelerate growth. When all stakeholders share goals and incentives, and you have very transparent KPIs, you’re likely to see a higher rate of change, and that often leads to higher rate of growth.

Talent is always top of mind at BCI. BCI Private Equity recently welcomed several investment professionals – growing both in-house value creation capabilities and sector expertise within its high-performing team.

Sector and Sourcing Focus: Appetite and Opportunity

Industrials remain a key sector for some GPs, who emphasized “local-for-local” supply chains as a unique opportunity amid shifting global trade. Pittman noted that industrial assets make up about 18 per cent of BCI Private Equity’s portfolio, with a large portion held as co-investments. He acknowledged the unique nature of industrial investments, describing them as “capex heavy” and requiring proactive M&A and trend anticipation. Other panelists preferred asset-light businesses in today’s unpredictable market.

Private equity deal sourcing has also shifted. The number of companies private equity teams meet with has significantly increased – to nearly 10x the number of firms they met with a decade ago, and meeting companies early is critical to not missing out on opportunities. Panelists also acknowledged a shift in where opportunities are currently being sourced, with several mentioning that most of the recent opportunities they have sourced are located outside of the U.S., whereas just a few years ago the majority were sourced within it. Europe is a key geography, with many opportunities emerging from family-owned private businesses. These companies need a partner to help them be best in class, and they need a partner to help them through succession, digitization and automation trends.

BCI Private Equity has already recognized the opportunity in Europe, and proactively expanded to include a new London-based team.

Key Takeaways

The insights from Pittman and fellow panelists underscore several key trends for global private equity investors:

• The exit window is reopening, with IPOs and strategic sales gaining momentum as market volatility eases.
• IRR remains a key metric, but is under more pressure due to longer hold periods. This is prompting a shift toward more holistic performance metrics and longer-term value creation activities to retain solid returns.
• Talent is a core driver of private equity success, with alignment and engagement critical to outperformance.
• Appetite for capex-heavy investments is mixed, though attractive valuations are presenting rare buying opportunities.
• A growing proportion of investment opportunities are now being sourced outside of the U.S.

The future of private equity, as seen through the panelists’ lens, will be defined by adaptability, operational discipline, and a broader perspective around creating portfolio liquidity. As Jim Pittman put it: “The art of the deal is both the buy and the sell”.

Watch a recording of the panel discussion here:

It’s National Volunteer Week in Canada, and this year’s theme Volunteers Make Waves highlights that every contribution, big or small, builds momentum and has the power to create ripples of positive change.

Last April, we made waves by issuing an ambitious challenge for BCI employees, one aiming to double the 860 hours contributed the year before. The idea was simple: collectively volunteer 2,000 hours – the equivalent of having one BCI employee dedicated full time to giving back – over just 12 months. Thanks to the incredible commitment and passion of our people, we not only achieved but surpassed this goal, contributing more than 2,300 hours in support of nearly 100 non-profits and causes.

Across our global offices, over 380 employees stepped up, using their 14 hours of paid volunteer time to give back individually and as teams. From teaching students about financial literacy with JA British Columbia and preparing Camp Shawnigan for summer programs to serving meals at Rainbow Kitchen, sorting donations at The Greater Vancouver Food Bank and Our Place Society, and everything in between.

Kudos to these champions for supporting healthy and vibrant communities, fostering a culture of caring, and positively contributing to the places where we live and work. We’re excited to continue the momentum!

Learn more about how we give back at BCI.ca/community  

Preparing Camp Shawnigan for summer programs  

Sorting clothing donations at Our Place Society 

 
A day of volunteering at the Greater Vancouver Food Bank

Food security is one theme BCI’s Infrastructure & Renewable Resources (I&RR) team continues to see as an opportunity – for both the communities served by the food producers, and the investors backing their growth and innovation. Costa Group is a great example of how high-quality produce farming can be combined with leading edge harvesting and distribution innovations to ensure peak production and global reach.

In 2024, BCI’s I&RR program made a significant investment in Costa Group – a leading global grower, packer, and marketer of fresh fruits and vegetables, based in Australia. The take private transaction completed by a consortium formed by BCI, Paine Schwartz Partners and Driscoll’s, valued Costa at approximately A$2.5 billion and reflects BCI’s continued strategy of geographic and sector diversification. Costa Group, with over 120 years of history, has established itself as an integral part of Australia’s produce industry, particularly known for its contributions to berry production and innovative plant varietals.

Costa Group’s operations are extensive, spanning approximately 8,000 planted hectares of farmland, 40 hectares of glasshouse facilities, and three mushroom growing facilities across Australia. The company’s international presence includes majority-owned joint ventures in Morocco and Asia, covering about 750 planted hectares. With a workforce of over 10,000 employees, Costa Group has positioned itself as a leader in five core categories: berries, mushrooms, glasshouse-grown tomatoes, citrus, and avocados.

The Investment Opportunity

BCI sees many opportunities for Costa to continue its growth trajectory by capitalizing on the company’s expanding international footprint, leadership in high-value crop production, and use of innovative farming practices. Importantly, Costa’s geographic and product diversification reduces weather and climate related risks, ensuring more stable production and supply chains. BCI also sees significant potential in Costa’s partnerships with Driscoll’s Inc., the world’s largest berry marketer. This collaboration supports Costa’s rapidly expanding international berry operations through joint ventures in Australia, Asia and the Americas. By investing in Costa, BCI has strategically expanded its portfolio of Australian and renewable resource investments, while supporting a company that exemplifies innovation and resilience in agriculture.

Innovation in Practice

Costa Group’s success is underpinned by its focus on innovation and technology. The company has implemented artificial intelligence across several of its berry crop farms, measuring 14 variables such as rain, light, wind, temperature, and soil in real-time. This AI-driven system creates localized predictions of berry production and optimized harvesting dates, allowing Costa to better manage labour and logistics costs. Used in covered agricultural poly tunnels, this technology enables Costa to create ideal growing conditions for optimal crop yields.
The company’s commitment to innovation extends to its harvesting methods. Costa is also exploring the use of smart robots for berry harvesting, which can detect ripeness and pick berries at optimal times, ensuring the freshest products with minimal waste. These robots are capable of harvesting berries as fast as, or faster than, traditional methods.

Costa Group’s forward-thinking approach is further exemplified by its recently launched Innovation Centre at its glasshouse facility in New South Wales. This 4,000 square metre facility is currently testing nearly 30 new types and varieties of produce, including popular items like cucumbers and innovative new fruit and vegetable varieties. This investment in research and development underscores Costa’s commitment to diversifying and extending its product offerings, promising exciting developments for both domestic and export markets in the future.
Costa has also been recognized for its move towards more sustainable food packaging, and has won numerous awards for packing innovation. This includes for their recycled paper grape packaging, which uses a paper mesh front, allowing people to see the fruit inside the bag from all angles without the use of plastic. And through the use of unique QR codes, Costa now enables its end customers to trace the precise farm avocados were harvested from, and receive tips on storage and recipes.

As Costa Group continues to evolve, its focus on innovation and technology will remain an important part of its growth strategy. With ongoing partnerships and investments in cutting-edge farming solutions, BCI believes the company is well-positioned to continue growing its operating footprint and global reach.

On April 10, 2025, BroadStreet Partners (the “Company”) announced that BCI, Ethos Capital, and White Mountains Insurance Group, Ltd. will acquire a co-control ownership position in the Company, alongside current investor, Ontario Teachers’ Pension Plan.

“BroadStreet is a marquee insurance brokerage platform with a differentiated agency partnership strategy that drives sustainable long-term growth with entrepreneurial ‘Core Partners’ across North America,” said Derrick Estes, Senior Managing Director, Private Equity at BCI. “BCI’s investment demonstrates our confidence in the BroadStreet strategy, their experienced management team, and the organic and inorganic growth opportunities ahead. We’re pleased to co-invest alongside our partner, Ethos Capital, and prominent insurance specialist, White Mountains, to support BroadStreet in driving future growth.”

Learn more about this investment in the BroadStreet news release.

“BCI is pleased to support Blackstone through partially funding their equity investment in the new Rogers Communications joint venture subsidiary holding backhaul network infrastructure,” said Daniel Garant, Executive Vice President & Global Head, Public Markets, at BCI. “Rogers is a longstanding and respected Canadian company, with a strong network of telecommunications infrastructure. Blackstone’s equity investment will ultimately enable Rogers to unlock greater value from their existing assets.”

Read more about the consortium’s investment in Rogers here.

At BCI, we integrate ESG across our total portfolio and asset classes, recognizing its vital role in shaping strategies and driving sustainable growth. As a leader in engagement, we are committed to fostering meaningful dialogue and collaboration across our portfolio.

In February 2025, BCI Private Equity’s inaugural ESG Value Creation Conference, hosted by Evan Greenfield, Managing Director of ESG for Private Equity, was a resounding success. BCI brought together key investment partners and portfolio companies for a day of education, dialogue, and sharing of best-in-class value creation practices attributable to sustainability. The event spotlighted BCI’s approach to ESG integration, from due diligence to exit, and showcased the tangible benefits on financial returns from active ESG engagement.

Portfolio Representation

Nearly 50 participants across investment partners, GPs and BCI portfolio companies took part with attendees spanning six sectors. The 14 GPs in attendance represented nearly $10.2 billion in exposure¹ and four BCI portfolio companies were represented with approximately $1.5 billion in net assets value².

¹Total exposure as of Q3-24, includes Fund and Direct investments covered under GP relationships.

²Net assets value as of Q3-24.

Background and Outcomes

The event featured presentations, fireside chats, and case studies underscoring the financial drivers attributable to ESG in BCI’s PE portfolio. Key portfolio companies and GPs connected to learn about BCI’s ESG framework, highlighted by examples of tangible, results driven portfolio company engagements, and quantifiable return impacts from BCI’s approach to ESG integration.

Recent examples of our active ESG engagement in the portfolio includes partnering with PS Logistics management team to support the establishment of the company’s ESG credentials and tying ESG practices to financial outcomes and engaging with BMS Group to develop sustainability and climate-related value-creation initiatives.

Key takeaways from our portfolio companies that surfaced in discussions were the value that BCI brings as an investment partner including:

• Aiding management in innovating through new business line creation
• Quantifying ESG-related business drivers
• Connecting them with complementary BCI portfolio companies, GPs, or best-in-class resources to enhance their business positioning

The event underscored BCI’s commitment to active ESG engagement and ESG integration. Overall, this event enabled BCI Private Equity to further reinforce our program to our GPs, and encourage a movement to link ESG to returns, paving the way for future opportunities focused on ESG value creation.

Impact and Feedback

We are thrilled at the feedback we received following the event and look forward to further engaging with our partners around value creation!

“Wonderful session with our Partners at BCI highlighting how stakeholder capitalism can create measurable value for employees, customers, vendors, communities, and shareholders. Thank you, Evan Greenfield, for organizing and leading such an informative and valuable event!”

– Erik Brooks, Ethos Capital

“This enlightening event featured insightful sessions and presentations from some of the industry’s leading experts. Each guest speaker shared innovative approaches and distinctive perspectives on Environmental, Social, and Governance (ESG) issues, emphasizing the advantages for investors in this rapidly evolving market.”

– Cory McGraw, Valence Surface Technologies

“BCI brought together a diverse group of companies from their investment portfolio, including BMS, as well as representatives from numerous private equity firms. The event’s agenda offered insightful thought leadership and reinforced the idea that an ESG-driven approach to product development and innovation will result in positive outcomes and value creation for all involved.”

– BMS Group

Settlement fund will support the revitalization of language, culture, heritage, and well-being for Indigenous communities over the long term

The Four Pillars Society, a not-for-profit organization representing 325 First Nations across Canada, has selected British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, as an investment manager to support its nationwide mandate.

Established through a class-action lawsuit settlement by the Canadian Government for the loss of culture and language rights of Indigenous communities due to Residential Schools, The Four Pillars Society is responsible for administering the funds to advance the revitalization and protection of the four pillars of Indigenous language, culture, heritage, and well-being.

“This marks a momentous milestone in the stewardship of these settlement funds and the management of Indigenous capital in Canada,” said Cliff Fregin, Executive Director, The Four Pillars Society. “Through this unprecedented partnership, we have entrusted BCI as an investment manager to help to grow and safeguard our collective assets, ensuring that we can continue to empower Indigenous communities to preserve what matters most.”

Following a competitive review, The Four Pillars Society chose BCI to manage the majority of the funds based on its total portfolio approach, in-house asset management capabilities, responsible investment leadership, and cost recovery model emphasizing equity, accuracy, and transparency, among other factors.

“We are deeply honoured to be awarded this significant investment mandate, and for the trust placed in us by The Four Pillars Society to manage these settlement funds, which will have a lasting, positive impact on Indigenous people and communities for many generations. With gratitude, we look forward to building a strong partnership with The Four Pillars Society, working together to achieve their goals,” said Gordon J. Fyfe, Chief Executive Officer/Chief Investment Officer, BCI.

With $250 billion in gross assets under management, BCI has a proven track record as a leading global investor serving a range of British Columbia pension fund and institutional clients. The partnership with The Four Pillars Society represents BCI’s first client mandate extending beyond British Columbia.

ABOUT THE FOUR PILLARS SOCIETY 

The Four Pillars Society is a not-for-profit organization created for the sole purpose of investing and distributing a $2.8 billion settlement fund granted by the Government of Canada to 325 Band Class members that signed onto the class action lawsuit. The settlement fund is governed by The Four Pillars Society Board of Directors and focuses on building the language, culture, heritage, and well-being of Indigenous communities. For more information, visit FPS-LCHW.ca. 

ABOUT BCI 

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$250.4 billion in gross assets under management, as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York City, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional 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. For more information, visit BCI.ca.

Victoria, British Columbia – The Private Equity group of British Columbia Investment Management Corporation (BCI) was recently named Limited Partner of the Year in the Americas by Private Equity International (PEI). The annual PEI Awards celebrate the best in class across firms, funds, deals, exits and other investment categories.

“We are pleased to have been selected by PEI as LP of the Year and the recognition of the strong returns and value creation we’ve generated across our growing portfolio for our clients,” said Jim Pittman, Executive VP & Global Head, Private Equity. “Our performance has been led by both our strategic pivot towards more direct investing as well as the global growth of our program and portfolio, led by our team in Victoria, New York, and London.”

Driving the strong performance is BCI Private Equity’s platform and strategy, focusing on direct investing, continuing to back leading GPs, driving value creation within the portfolio, and attracting world-class talent. Last year, BCI announced the sale of one of its first direct investments, Hayfin Capital Management, to Arctos Partners, as well as the sale of Ziply Fiber, of which BCI was a significant investor in the consortium led by Searchlight Capital Partners, to Bell Canada.

The award follows the strong momentum of BCI’s PE program, which has broadened its global presence through the expansion of its investment team in New York and London, as well as its growing portfolio of companies and fund partners.

To learn more, please visit: https://www.privateequityinternational.com/pei-awards-2024-americas-winners/

British Columbia Investment Management Corporation (BCI) is pleased to announce that Tom Vincent joined the BCI Board of Directors on February 14, 2025. The Minister of Finance for British Columbia has appointed Tom for a three-year term.

“On behalf of the Board of Directors, I would like to extend a warm welcome to Tom,” said Peter Milburn, Chair of BCI’s Board of Directors. “Tom’s significant experience serving on several client boards, along with his public sector expertise, will foster effective governance and oversight that supports BCI’s work of delivering long-term sustainable value to our clients.”

“I am pleased to join the board and support BCI’s purpose of creating value for our clients,” said Tom. “I look forward to working closely with my colleagues. Through collaboration and partnership, BCI has an important role in helping clients build a financially secure future for people across the province.”

Tom succeeds Sheila Taylor, who completed her term as director on December 31, 2024. Sheila was first appointed to the Board in 2018 and served as chair of the Human Resources Committee and Governance Committee.

“We thank Sheila for her many contributions to BCI, including her work as chair of our Human Resources and Governance Committee. Sheila’s insights and leadership were crucial to the Board’s success. We wish her the very best in her future endeavors,” added Peter.

Tom has served in several key roles, including member and Chair of the Public Service Pension Plan Board; Chair of the Interplan Investment Committee for the Public Service, Teachers’, and College pension plans; member of the Teachers’ Pension Board; and member of the Municipal Pension Board. He has also been the Government Partner representative to these plans and chaired the Public Service Pension Plan Benefits Committee. His prior roles include Chair of the British Columbia Medical Services Commission; Vice President of the Public Sector Employers’ Council Secretariat; Assistant Deputy Minister at the Ministry of Advanced Education; Executive Financial Officer for the Ministries of Education, Advanced Education, and Labour; and Executive Director in BC’s Treasury Board Staff.

BCI’s Board is structured in accordance with the Public Sector Pension Plans Act. BCI’s four largest pension plan clients each appoint a member from their Board of Trustees, with the Minister of Finance appointing the Chair and two directors to comprise a seven-member Board.

More information about BCI’s Board of Directors can be found here.

For information, please contact media@bci.ca.

VICTORIA, British Columbia – Today, British Columbia Investment Management Corporation (BCI) released the 12th edition of our Proxy Voting Guidelines. Published every two years, the guidelines affirm BCI’s commitment to using our influence and voting rights to uphold our expectations for robust corporate governance, protection of shareholder rights, and effective oversight of environmental, social, and governance ESG risks and opportunities.

“Our commitment to stewardship is evident across our organization through our deeply embedded practices,” said Daniel Garant, Executive Vice President & Global Head, Public Markets. “Proxy voting is a vital tool for driving corporate accountability and ESG performance in public markets. BCI’s latest guidelines build on two decades of industry leadership, raising the bar for companies across our global portfolio.”

Good Governance

BCI considers the adoption of strong corporate governance practices to be a minimum expectation for all our portfolio companies, and it remains the primary driver of our guidelines. Through proxy voting, we advocate for board independence, board diversity, transparency, and responsiveness to shareholders. We expect boards of directors to foster continuous learning, maintain clear separation between board and management roles, and design reasonable compensation plans aligned with long-term performance. Beyond this, we expect companies to disclose and ensure effective oversight of material ESG risks.

Accountability

Accountability serves as the cornerstone of BCI’s proxy voting approach and is inextricably linked to our governance principles. We have introduced new guidelines to further support holding boards of directors and management to the highest standards. This includes voting against proposals seeking officer exculpation, which limits or eliminates the personal liability of executives who have breached their duty of care, as well as proposals for virtual-only shareholder meetings as this format can limit meaningful investor participation. We have also added voting escalation to oppose the audit committee chair or other members in cases where non-audit fees are 50 per cent or greater than audit fees, or if tenure is 20 years or more and non-audit fees exceed 25 per cent.

Climate Action

Climate change represents an ongoing systemic risk in our investment portfolio. Our latest guidelines emphasize the alignment between our climate-related voting and our commitment to ensuring that, by 2030, at least 80 per cent of our most carbon-intensive investments have set mature net-zero commitments or are actively engaged by BCI.

“Proxy voting and engagement go hand-in-hand, reinforcing one another and giving us multiple levers within our broader stewardship program,” says Jennifer Coulson, Senior Managing Director & Global Head, ESG. “Climate change is a complex, multifaceted challenge and creating close alignment between our voting activity, direct and collaborative outreach, and work with policymakers is not only efficient – it clearly signals our priorities and conviction.”

BCI’s climate-related guidelines affirm our expectations for effective risk oversight by board directors and enhanced disclosure, highlight our use of third-party assessments in evaluating transition plans, and introduce consideration of physical climate risks.

Executive Compensation

BCI believes it is crucial to align financial incentives with long-term performance and sustainability. This year’s guidelines establish our broad support for including performance related to ESG objectives in executive compensation plans, where the associated risks are material. This will be considered alongside other factors for “Say on Pay” ballots.

Proxy voting is a key component of BCI’s overall approach to stewardship – the use of investor rights and influence to protect and enhance long-term value for our clients and beneficiaries. For more information, see our Proxy Voting Guidelines as well as a searchable database of our proxy voting records at BCI.ca/proxy-voting.

CONTACT

Olga Petrycki, Director, Corporate & Brand Communications
media@bci.ca