News Releases
BMO Financial Group today announced that on May 1, 2007, its subsidiaries that publicly offer investment funds: BMO Investments Inc., BMO Nesbitt Burns Inc., BMO Harris Investment Management Inc. and Guardian Group of Funds Inc., each appointed the first members of an independent review committee (IRC) for the investment funds they manage. The IRC will act as the independent review committee for the publicly offered BMO-managed funds and will perform the functions required of an independent review committee under National Instrument 81-107 Independent Review Committee for Investment Funds.
The first members of the IRC for BMO Financial Group-managed funds are:
- Allen B. Clarke, Consultant
- Kenneth W. McArthur, Chairman and Chief Executive Officer, Shurway Capital Corp. (investment corporation)
- John K. McBride, Financial Administrator, J.K. McBride Financial Management Ltd.
- R. Jamie Plant, Retired Partner and Counsel, Fraser Milner Casgrain LLP, Barristers and Solicitors
- Charles W. White, Lawyer and Corporate Director
- Louise Vaillancourt-Ch�tillon President, LVConseils Institutionnels Inc. (corporate governance support services corporation)
Each of the first members of the IRC is independent from the fund managers and other companies associated with BMO Financial Group and also acts as an independent trustee and director of the BMO Mutual Funds. The BMO Mutual Funds have been governed by independent trustees for more than a decade.
National Instrument 81-107 is a requirement of the Canadian securities regulators and applies to all managers of publicly offered investment funds offered in Canada. Under National Instrument 81-107 all managers of public investment funds were required to establish an independent review committee and appoint its first members by May 1, 2007.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $356 billion as at January 31, 2007, and more than 35,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. BMO Financial Group serves clients across Canada through its Canadian retail arm, BMO Bank of Montreal and through its wealth management firms BMO Nesbitt Burns, BMO InvestorLine, BMO Investments Inc., Guardian Group of Funds and BMO Harris Private Banking. BMO Capital Markets, our North American investment and corporate banking division, provides a full suite of financial products and services to our North American and international clients. In the United States, BMO serves clients through Chicago-based Harris, an integrated financial services organization that provides more than one million personal and business clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.
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