Co-operative values and principles are the foundation for our responsible governance practices. It’s how we stay accountable to our members and help strengthen the co-operative movement.
Our democratic structure
As a co-operative, we’re different from shareholder-run organizations. Our co-operative governance structure encourages open participation and representative decision-making. We’re democratically controlled and jointly owned by our members. And each member has an equal vote at our Annual General Meeting.
How we govern
Our executive team leads the day-to-day operations of the company. Meanwhile, our Board of Directors helps govern and guide our corporate mission. The Board also approves major decisions, like large investments and acquisitions.
Key governance matters
Our Board of Directors oversees key governance matters. These include:
- Ensuring the organization’s financial viability, as highlighted in our annual reports
- Defining our mission, vision and values
- Setting strategic direction and monitoring performance
- Appointing, selecting and managing the performance of the president and CEO
- Securing our leadership role within the insurance industry and the co-operative movement
Board committees and responsibilities
The board of directors fulfils key governance responsibilities through 6 standing committees.
Audit and Finance Committee
The committee helps further the integrity of the company's accounting, auditing and financial reporting practices. Committee members review financial statements and oversee the annual operating plan, as well as the reporting and determining of financial reserves.
Compliance and Ethics Committee
Supporting regulatory compliance initiatives, the committee oversees issues related to relationships with regulators, compliance conduct of employees, and privacy, ethics and compliance culture within the organization.
Governance and Co-operative Identity Committee
The committee oversees governance effectiveness, citizenship programming, and the organization's leadership position within the co-operative sector. Through member relations oversight, it helps advance the co-operative identity.
Human Resources Committee
The committee oversees compensation practices, people strategies, culture, management succession plans, and pension management. It advises the board on the performance and compensation of the president and CEO.
The committee oversees our risk profile, appetite, frameworks and policies, and provides oversight of the Chief Risk Officer. It evaluates, monitors and reports on risk related to lending and investment programs, technology, business continuity planning, corporate insurance and reinsurance, and more. The committee also recommends minimum internal capital ratios to the Board.
The committee oversees initiatives that foster a culture of environmental, social and governance responsibility. It reviews sustainability performance, policies and priorities to integrate sustainability across the organization, and identifies emerging sustainability and climate-related issues, risks and opportunities.