AGF’s COVID-19 Preparedness Response


March 27, 2020
Update to Statement Dated March 13, 2020

AGF’s COVID-19 Preparedness Response

As previously communicated, AGF has taken specific measures to ensure business continuity and the protection of our employees around the world in light of the rapidly evolving situation related to the novel coronavirus: COVID-19. We can confirm we have experienced no impact to our business operations to date.

Our clients and partners depend on us for business continuity and transparent communications and servicing, and we must be there to help them during unpredictable times. Based on guidance from the World Health Organization and local officials in different jurisdictions, we have enhanced our already robust Business Continuity Plan with specific steps to respond to the unique circumstances of COVID-19.

In order to ensure we can maintain business-as-usual operations and importantly to protect the health and safety of our employees, clients and communities we have taken the following specific steps:

  • On March 23, 2020, the Government of Ontario announced a mandatory shut-down of all non-essential businesses across the province, effective midnight on March 24. Under the guidelines provided by the government, AGF is considered an essential business and we continue to operate in a business as usual state.
  • Since our previous preparedness statement released on March 13, 2020, local Toronto and Ontario government officials urged businesses to put greater effort into limiting in-person interactions, increasing and adhering to social distancing practices and reducing potential virus cross-contamination. As such, we transitioned remaining employees who have the ability to work from home to working remotely until further notice. We are consistently seeing over 500 employees working concurrently remotely with no instances of business operations interruption.
  • Today we have less than 50 employees, or 8%, who will continue to perform critical functions out of primary and secondary office locations in Ontario, including functions such as Call Centre and Operations staff.
  • Outside of Ontario, the following locations currently have employees working remotely-
    • Vancouver, BC
    • Calgary, AB
    • Montreal, QC
    • Boston, Massachusetts
    • Dublin, Ireland
  • Our Singapore-based investment management professionals are transitioning to working back in their offices following a revised guidance in regional protocols from local officials related to lower risk.
  • Existing business travel bans and bans on participation in external conferences and events remain in place until further notice.
  • We are asking employees regardless of if they are working remotely or in office if they are feeling ill to inform us and to monitor their symptoms.

Our business leaders are meeting daily to respond to developments as they come to our attention ensuring we can adjust our policies further and respond quickly and appropriately to any new developments.

Finally, world markets continue to exhibit substantial turmoil in response to the illness’ spread. We want to assure you that we are working hard in this context to offer the best possible stewardship of the investments you have entrusted to our care. We actively manage for, and stress test, all of our investment portfolios on a regular basis under various market conditions to effectively control for our liquidity management needs across our suite of investment solutions.

Thank you for your ongoing support during this uncertain time. We will continue to carefully monitor developments both at home and abroad. Should the need arise, we will be quick to update you further.

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