Governance Framework

Our Board oversees BCI’s operations and ensures proper reporting and accountability to our clients. The Board appoints the CEO/CIO, and monitors and reviews his performance. Other responsibilities include approving the business plan, the annual budget, the pooled fund investment policies, as well as our auditors and the employee classification system and compensation scale.

The Board is not involved in making investment decisions — our CEO/CIO is accountable for all investment decisions.

As our clients have long-term obligations and seek a specified rate of return to fund these obligations, we are required to invest our clients’ funds to generate the expected returns and we adhere to the applicable requirements of the Pension Benefits Standards Act and other legislation, as well as the legal contracts established by our clients.

BCI’s fiduciary duty is to act honestly, in good faith, and in the best financial interests of our clients.

Reporting and Accountability Framework

Clients establish the investment policies and management framework for their specific fund(s). This is done through a Statement of Investment Policies and Procedures which, among other things, establishes:

  • the fund’s investment objectives and its performance targets;
  • eligible investments and diversification of the portfolio;
  • an asset allocation framework and the amount of discretion that BCI has in the day-to-day management of the fund; and
  • policies relating to specific activities and programs such as responsible investing, security lending, and proxy voting.

Directors of BCI are legislatively prohibited from getting involved in investment decisions. Investment professionals, hired by BCI, make these decisions, in accordance with the policies established by the clients.

Management Oversight

The Board oversees BCI’s operations and ensures proper reporting and accountability to our clients. The Board approves pooled fund investment policies, auditors, the business plan, and the annual budget. Other responsibilities include establishing an employee classification system and compensation scale.

Investment Policies

Investment professionals under the supervision of the CEO/CIO make all investment decisions within the framework of the policies approved by the Board and established by BCI’s clients.