The Trustees operate under a clear code of conduct avoiding all conflicts of interest and placing the achievement of their mandate above all other considerations


The Board of Trustees has the overall fiduciary responsibility for the management of the Trust, but the Trustees have delegated to the Trust’s Chief Executive Officer all management activities necessary to allow the Board of Trustees to achieve its mandate. A small team of four carries out the day-to-day management of the Trust under the leadership of the Chief Executive Officer who regularly reports to the Board of Trustees.

The Board of Trustees has appointed an independent Investment Advisory Committee (“IAC”) to act as a source of expertise and insight on investment matters for the Trust staff. The IAC is comprised of the Trust’s Chief Executive Officer and four external members who are all actively working in the investment industry at the time of their appointment and who bring a variety of industry expertise to the group. The IAC members are appointed for four-year terms and can be reappointed for one subsequent four-year term. The IAC meets quarterly (or more frequently when conditions would deem that appropriate), reports to the Trust’s Chief Executive Officer, and meets with the Board of Trustees once a year. Under its Terms of Reference, the IAC provides advice to Trust staff on Trust strategy, economic backdrop, and industry practice. The design, implementation, and monitoring of the investment strategy are the responsibility of the Trust staff.

External consultants are hired where necessary to provide expert research to the Trust staff on some aspects of the Trust’s investment strategy.

The Trustees and staff are further supported by several different practice areas of the trust’s longstanding legal advisors, Gowling WLG and by audit and tax professionals at KPMG in Ottawa.