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. It assesses the effectiveness of the Board committees based on reports from the committees. 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.
AGF Management Limited’s Board has eight directors, the majority of whom are independent from management. The independent directors are: Kathleen Camilli Sarah Davis, Douglas L. Derry, Winthrop Smith, Jr. (lead director) and G. Wayne Squibb. Representatives from management on the Board are Blake C. Goldring, W. Robert Farquharson and Judy G. Goldring. 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.
Blake C. Goldring is the Chairman and CEO 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. Prior to that, he worked in corporate banking for a major Canadian bank. Mr. Goldring holds an Honours BA in Economics from the University of Toronto and an MBA from INSEAD in France. He holds the Chartered Financial Analyst designation and is a member of the Toronto Society of Financial Analysts and a Fellow of the Institute of Canadian Bankers. Mr. Goldring sits on a number of private and not-for-profit boards.
Ms. Camilli is the founder and principal of Camilli Economics, LLC, and one of the top macro-economic forecasters in the US. Previously, Ms. Camilli was the US economist at Credit Suisse Asset Management, and the Chief Economist at Tucker Anthony Sutro. Ms. Camilli started her career at the Federal Reserve Bank of New York, and held positions at the Chase Manhattan Bank and Drexel Burnham Lambert. She has been an independent Director of UniFirst Corporation (NYSE) since 2012. She is a strategic advisor to Ny-based fintech startup Tactile Finance, and to Houston-based, social media startup Pink Petro. She was an independent director of Mass Bank (NASDAQ) from 2004-2008. She is a Board Governance Fellow of the National Association for Corporate Directors, a member of the National Association of Corporate Directors, the National Association for Business Economists, the Forecasters Club, and Women Corporate Directors. Ms. Camilli received an MBA in Finance and an MA in French Studies from New York University. She earned her B.A. degree in both Economics and French from Douglass College, Rutgers University. Ms. Camilli has served on the boards of numerous not-for-profit organizations.
As President, Loblaw, Sarah Davis is responsible for the day-to-day operation of Loblaw’s business and execution strategy. Before taking on this role Ms. Davis served as Chief Administrative Officer of Loblaw Companies Limited where she had a broad portfolio of responsibilities including corporate strategy, supply chain, information technology, real estate and human resources. Prior to this, Ms. Davis served as Chief Financial Officer of Loblaw Companies, Canada’s largest food retailer. Prior to joining Loblaw, Ms. Davis served as Vice President, Finance and Controller at Rogers Communications. Ms. Davis was named one of Canada’s Most Powerful Women: Top 100 in 2011 by the Women’s Executive Network and is the executive sponsor of the Women@Loblaw network. Ms. Davis has deep experience in the implementation of large and complex infrastructure programs, including the implementation of SAP across Loblaw. Ms. Davis holds an honours bachelor of commerce degree from Queen’s University. She is a Fellow Chartered Accountant and a Fellow Chartered Professional Accountant. Ms. Davis currently sits on the Board of Directors for PC Bank.
Douglas L. Derry is a former Partner at PricewaterhouseCoopers, LLP, where he worked for 29 years until 1997. Mr. Derry sits on the boards of public and private corporations and not-for-profit organizations. Mr. Derry holds an Honours BA in Business Administration from the Richard Ivey School of Business at the University of Western Ontario and is a Fellow of the Institute of Chartered Accountants of Ontario.
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 designation. Mr. Farquharson sits on a number of private and not-for-profit boards.
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. 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. Judy sits on the Board of the Investment Funds Institute of Canada (IFIC). She is a member of the Law Society of Upper Canada and the Canadian Bar Association.
Winthrop H. Smith Jr. spent 27 years at Merrill Lynch, where he was most recently Executive Vice-President, Merrill Lynch & Co., and President, International Private Client Group, and Chairman, Merrill Lynch International, Inc. During his time at Merrill Lynch, he also held the position of Director of Human Resources. Mr. Smith holds an undergraduate degree from Amherst College and an MBA from the Wharton School of Business, University of Pennsylvania. Mr. Smith
is a majority partner in a resort operation and serves on a number of public and private board and board committees including the audit committee, compensation committee and nominating and corporate governance committees.
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 boards in addition to several corporate boards.
The date next to each name indicates the year in which that person first became a director.
To contact the lead director, please email boardofdirectors@AGF.com.