AGF’s Board is responsible for the stewardship of the Corporation, including overseeing the conduct of the business and affairs of the Corporation. The Board has a written charter that is reviewed annually. All material relating to the strategic plan, which takes into account the risks and opportunities of the business, is reviewed at least annually by the Board and discussed with management. Any transaction having a significant impact on the strategic plan and other significant decisions that affect the AGF Group of Companies is approved by the Board. In addition, each director annually completes a Board and Board Committee Effectiveness Evaluation questionnaire and a Self-Assessment questionnaire, the results of which are taken into consideration for the annual election of directors and appointment of Board committee members. The Board appoints the Chief Executive Officer and other executive officers.

The Board meets with senior executives on a regular basis to receive and consider reports on the affairs of the Corporation. The Board expects these reports to be comprehensive, accurate and timely. All material communications to shareholders are approved by the Board. Additionally, the Board reviews and approves annual and interim reports to shareholders, including financial statements and management’s discussion and analysis.

Board of Directors Charter


Shareholders may contact the Board of Directors of AGF Management via email at

AGF Management Limited’s Board has ten directors, the majority of whom are independent from management. The independent directors are: Jane Buchan, Kathleen Camilli, Sarah Davis, Douglas L. Derry, Charles Guay, and G. Wayne Squibb(lead director). W. Robert Farquharson has been determined not to be independent on the basis that he had a material relationship with the Company by virtue of his former executive officer position. Representatives from management on the Board are Blake C. Goldring, Judy G. Goldring, and Kevin McCreadie. Blake C. Goldring indirectly owns all of the voting shares of Goldring Capital Corporation, which owns 80% of the voting shares of the Corporation. Blake C. Goldring and Judy G. Goldring are indirect shareholders of Goldring Capital Corporation and are parties to a unanimous shareholders’ agreement. W. Robert Farquharson holds 20% of the voting shares of the Corporation.

AGF Management Limited (AGFML) is committed to ensuring its corporate governance practices evolve with best practices. Each of its directors is actively engaged in his or her duties as a steward of the Corporation, tasked with the protection and promotion of shareholder interests. To help galvanize the alignment of interests, AGFML’s Board has established a policy that each board member own at least three times his or her annual retainer in AGF Class B Non-Voting shares and/or Deferred Share Units.

AGF operates in a highly regulated environment and complies with all legislative and regulatory requirements for its businesses. Regulators include securities commissions and regulators of financial institutions in the respective jurisdictions in which AGF operates.

Best Practices in Corporate Governance in Place at AGF Management Limited

  • All three of the Board’s committees meet independence guidelines in terms of composition.
  • The Board conducts an annual review of its performance, the performance of each of the Board’s committees, and the performance of each director.
  • All directors are required to own at least three times their annual retainer in AGF Class B Non-Voting shares and/or Deferred Share Units. New directors have 24 months upon appointment to obtain such ownership.
  • At each meeting of the Board and Board committees, time is specifically reserved for independent discussion without management present.
  • An orientation and education program is in place for all new directors, as well as a continuing education program for all directors.
  • All directors, officers and employees of AGF must acknowledge their adherence annually to AGF’s Code of Business Conduct and Ethics.

All directors, officers and employees of AGF are subject to a code of business conduct and ethics (the 'Code') that outlines the standards by which they must conduct themselves in their business dealings. Compliance with the Code is a matter of utmost importance, and a breach of any of its provisions is grounds for warning, revision of responsibilities, suspension or dismissal, with or without notice, depending on the particular circumstances. All directors, officers and employees of the AGF Group are required to acknowledge their understanding and agreement to comply with the Code annually.

Full disclosure on corporate governance practices including board and committee charters is included in the Annual Information Form.

Code of Business Conduct and Ethics


Blake C. Goldring

Blake C. Goldring

M.S.M., CD, CFA® (2000)
Executive Chairman
Jane Buchan

Jane Buchan

PhD, CAIA (2017)
Chief Executive Officer, Martlet Asset Management LLC
Kathleen Camilli

Kathleen Camilli

Founder and Principal, Camilli Economics, LLC
Sarah Davis

Sarah Davis

FCPA, FCA (2014)
Retired President, Loblaw Companies Limited
Douglas Derry

Douglas Derry

FCPA, FCA (2000)
Corporate Director
Bob Farquharson

W. Robert Farquharson

CFA® (1977)
Judy Goldring

Judy G. Goldring

LL.B, LL.D, ICD.D (2007)
President and Head of Global Distribution
Charles Guay

Charles Guay

President and Chief Operating Officer - SuccessFinder
Kevin McCreadie

Kevin McCreadie

CFA®, MBA (2018)
Chief Executive Officer and Chief Investment Officer AGF Management Limited
G Wayne Squibb

G. Wayne Squibb

Lead Director, AGF, and President and CEO, Realstar Group

Executive Chairman, AGF Management Limited

Blake C. Goldring is the Executive Chairman of AGF Management Limited. He first joined AGF in 1987 and held a series of senior positions before being appointed President in 1997, CEO in 2000, and Chairman in 2006. Under his leadership, AGF has grown to be a premier global asset management firm with operations in Canada, the United States, Europe and Asia. Prior to joining AGF, he worked in corporate banking for a major Canadian bank.

Mr. Goldring sits on a number of private company and not-for-profit boards, including the C.D. Howe Institute and the Canadian Film Centre, and is the founder of Canada Company: Many Ways to Serve, a charitable, non-partisan organization created to connect business and community leaders with Canada’s military.

Blake has received numerous honours in recognition of his personal and professional achievements. Most recently, in December 2018, he was named a Member of the Order of Canada.

He holds an Honours BA in Economics from the University of Toronto and a Master of Business Administration from INSEAD in France. He is also a member of the Toronto Society of Financial Analysts, a CFA® charterholder and a Fellow of the Institute of Canadian Bankers.

Chief Executive Officer, Martlet Asset Management LLC

Ms. Buchan is the Chief Executive Officer of Martlet Asset Management, an independent asset management firm focused on liquid alternatives. Until August 1, 2018, she was CEO of PAAMCO.

She served as Director and Chairwoman of the Board for the Chartered Alternative Investment Analyst Association (CAIA) until 2018. She also serves as a member of the Board of Directors for Globe Life Inc. (NYSE: GL), is a founding Angel for 100 Women in Finance, is a trustee for the Standards Board of Alternative Investments and she serves on the Advisory Board for the Journal of Alternative Investments.

Founder and Principal, Camilli Economics, LLC

Ms. Camilli is one of the top macro-economic forecasters in the USA.

She started her career at the Federal Reserve Bank of NY, was the US economist on the global team at Credit Suisse Asset Management, and the Chief Economist at Tucker Anthony Sutro.

Ms. Camilli has served on three public company boards, and is currently an independent director at the UniFirst Corporation (NYSE). She is a strategic advisor to two start-ups, one in social media, and the other in fintech. She is a National Association of Corporate Directors Governance Fellow, a member of Women Corporate Directors, and a member of the National Association for Business Economists.

Ms. Camilli has an MBA in Finance/MA in French Studies from New York University. She has served on the boards of numerous not-for-profit organizations.

Retired President, Loblaw Companies Limited

Sarah Davis retired as President of Loblaw Companies Limited in May 2021. As President she was responsible for the strategic direction and day-to-day operations of Canada’s largest retailer and the nation’s food and pharmacy leader. With more than 2,400 corporate, franchised and Associate-owned locations, Loblaw, its franchisees, and Associate-owners employ approximately 200,000 full- and part-time employees, making it one of Canada's largest private sector employers.

Sarah has been with Loblaw in positions of increasing responsibility since 2007, including both as CFO and CAO, during which time she played a crucial role in transforming the company from a regionally managed grocer into an omni-channel food, health and wellness retailer with $52.7 billion in revenue. Sarah has a strong corporate-finance background, which served her well in supporting some of the company’s most transformative programs including the implementation of SAP, the creation of Choice Properties REIT, and the acquisition of Shoppers Drug Mart.

As President, Sarah led the company to reduce costs by over $1 billion through innovative productivity improvements. She established the company’s leadership in data and analytics, including the creation of Canada’s most loved loyalty program, PC Optimum. Her tenure included Loblaw’s bold expansion in financial services through the growth of PC Financial’s Mastercard and the launch of the PC Money Account. Most significantly Sarah championed an approach to leadership and culture that put colleagues and customers first in pursuit of helping Canadians live life well.

Sarah was chair of the Board of PC® Children’s Charity and T&T Supermarkets from 2017 until her retirement in 2021. She served as a board member of PC Financial from 2010 until 2021 and continues to sit on the Board of Directors of AGF Management Limited.

Prior to joining Loblaw, Sarah spent 20 years of her career in telecom, at both Rogers and Bell Canada.

Sarah holds a Bachelor of Commerce, Honours degree from Queen’s University, a Chartered Accountant and is a Fellow of the CPA.

Corporate Director

Douglas Derry is chairman of Poplar Lane Holdings Ltd., a family company. 

In addition to AGF Management, he currently serves or has recently served as audit committee chair on the board of directors of public, public interest and private companies, including Equitable Life of Canada (2000-2016), Keewhit Investments and closed-end funds administered by Scotiabank.

He also serves on the Independent Review Committee of the above funds and others administered by BMO Nesbitt Burns Inc. A former senior partner in PricewaterhouseCoopers LLP, he has current or past membership on the board of directors of a wide variety of not-for-profit organizations.

Douglas holds an Honours B.A. from the Western University’s Ivey School of Business and is a Fellow of Ontario’s Institute of Chartered Accountants and Chartered Professional Accountants. He was in 2012 awarded the Queen Elizabeth II Diamond Jubilee Medal.

Vice-Chairman, AGF Management Limited

W. Robert (Bob) Farquharson serves as Vice-Chairman at AGF. He joined AGF as an analyst and over a period of 50 years has managed a number of AGF funds and served the Company in senior executive and director roles.

Mr. Farquharson earned a Bachelor of Commerce degree from the University of Toronto, holds an honorary LL.D. from the University of Guelph, and holds the Chartered Financial Analyst (CFA®) designation.

Mr. Farquharson sits on a number of private and not-for-profit boards.

President and Head of Global Distribution, AGF Management Limited

Judy G. Goldring joined AGF as Vice-President and General Counsel in 1998, became General Counsel and Senior Vice-President, Business Operations, in 2001, and became General Counsel and Senior Vice-President, Law and Corporate Affairs in 2004.

In 2009, Ms. Goldring became Executive Vice President, Chief Operating Officer and General Counsel, and in 2011, she became Executive Vice President and Chief Operating Officer.

On December 1, 2018, she was named President and Chief Administration Officer.

Effective January 22, 2020, she became President and Head of Global Distribution.

Before joining AGF, Ms. Goldring specialized in regulatory and administrative law. She earned her LL.B from Queen’s University and was called to the Bar in Ontario. In 2019, she received an Honorary Doctorate of Laws (LL.D) from the University of Toronto.

Judy sits on the Board of the Investment Funds Institute of Canada (IFIC) and serves as Chair of the Toronto French School (TFS). She is a member of the Law Society of Upper Canada and the Canadian Bar Association.

President and Chief Operating Officer - SuccessFinder

A recognized transformational business leader and builder, Charles was President and Chief Executive Officer of National Bank Securities, Standard Life Canada and Manulife Quebec, where he left an impressive track record.

He joined SuccessFinder in September 2018 as President and Chief Operating Officer. He sits on several boards of directors, including Pomerleau, AGF Management and the CHU Sainte-Justine Foundation.

He is a recipient of several excellence awards, such as the “Top 40 under 40”, the Arista of the Junior Chamber of Commerce of Montreal and the Hermès Career Achievement award of Laval University, from which he graduated in 1994.


Chief Executive Officer and Chief Investment Officer AGF Management Limited

In the role of CEO, Mr. McCreadie is responsible for the overall success of AGF, overseeing the firm’s mission, vision and strategic direction. He also leads AGF’s Executive Management Team and serves as its liaison with AGF’s Board of Directors.

As CIO, Mr. McCreadie provides direction and leadership to AGF’s investment management teams.

Mr. McCreadie brings more than 35 years of investment management experience to AGF, with extensive expertise in retail and institutional asset management, direct portfolio management and over a decade of combined experience as CIO for two major U.S. financial services firms.

He earned an MBA in Finance from the Wharton Graduate School of Business and holds the Chartered Financial Analyst (CFA®) designation.

President and CEO, Realstar Group

G. Wayne Squibb is the co-founder of Realstar Group and has been CEO since 1983.

One of the leading real estate investment and management organizations in Canada, Realstar Group is focused on strategic investing in the multi-unit residential rental, hospitality, residential land-lease and sports/entertainment sectors in Canada and the United Kingdom.

The company holds the Canadian master franchise rights to the Days Inn, Motel 6 and Studio 6 hotel brands and previously owned and operated Delta Hotels and Resorts.

Mr. Squibb serves on a number of not-for-profit and corporate boards.

Kathleen Camilli (Chair)

Jane Buchan

Douglas Derry

Charles Guay

G. Wayne Squibb

Committee Charter
  • Review, at least annually, committee charter as well as the charters of the Board and Board committees and recommend to the Board the adoption of or amendment to such charters.
  • Consider the size and composition of the Board to facilitate effective decision-making and make recommendations to the Board on changes to board composition.
  • Identify, review and make recommendations to the Board regarding new director nominees.
  • Evaluate the contribution of each individual director.

Sarah Davis (Chair)

Douglas Derry

Kathleen Camilli

Charles Guay

G. Wayne Squibb

Committee Charter
  • Review, assess and oversee the executive compensation policies and programs and monitor the overall effectiveness of the AGF Group’s general compensation programs in achieving its strategic objectives.
  • Set performance objectives for the CEO that encourage the AGF Group of Companies’ long-term financial success and regularly measure the CEO’s performance against these objectives.
  • Review AGF’s plans for the CEO’s and the executive officers’ succession.
  • Review the compensation and performance objectives of all executive officers.

Douglas Derry (Chair)

Jane Buchan

Kathleen Camilli

Sarah Davis

G. Wayne Squibb

Committee Charter
  • Oversee the integrity of financial reporting.
  • Oversee internal controls and disclosure controls.
  • Oversee the performance of the internal audit function, including the resolution of disagreements between management and the internal auditor regarding internal controls.
  • Oversee adequacy of compliance policies and review reports from regulators.
  • Be directly responsible for the selection, compensation, retention and oversight of the work of the external auditors, including the resolution of disagreements between management and the external auditors. The external auditors report directly to the committee.
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