News Releases
BMO Financial Group has announced that on September 12, 2007, an Independent Review Committee (IRC) became operational for the following BMO subsidiaries that offer public investment funds: BMO Investments Inc., BMO Nesbitt Burns Inc., BMO Harris Investment Management Inc. and Guardian Group of Funds Ltd. The IRC will provide independent oversight regarding actual and perceived conflicts of interest involving the publicly offered BMO Financial Group -managed investment funds and will perform all other functions required of an independent review committee under National Instrument 81-107, Independent Review Committee for Investment Funds.
Together with Charles W. White, Chair, the other distinguished members of the IRC are: Allen B. Clarke, Kenneth W. McArthur, John K. McBride, R. Jamie Plant and Louise Vaillancourt-Ch�tillon. They were appointed the first members of the IRC on May 1, 2007.
Each of the members of the IRC is independent from the fund managers and other companies associated with BMO Financial Group.
In conjunction with the implementation of the IRC, the independent trustees who previously governed the BMO Mutual Funds have resigned as trustees but will continue to serve as members of the IRC. BMO Investments Inc. has been appointed the sole trustee of the BMO Mutual Funds.
“BMO is committed to continuing to earn the trust of our investors with effective fund governance and transparent decision-making,” said Gilles Ouellette, President and Chief Executive Officer, Private Client Group, BMO Financial Group.
National Instrument 81-107 is a requirement of the Canadian securities administrators and applies to all managers of investment funds publicly 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, and must achieve full compliance with the instrument by November 1, 2007.
BMO Financial Group's Private Client Group provides integrated wealth management services in Canada and the United States and had total assets under management and administration and term investments of $277.19 billion as at July 31, 2007.
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