Co-operative governance

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.

Learn more about the co-operative difference

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.

Democratic Succession Committee:

The committee assists the Governance and Co-operative Identity Committee and the Board of Directors in (i) overseeing intentional succession and renewal in Co-operators democratic governance structure¹ and (ii) working with members to achieve effective governance composition.

¹ Co-operators democratic governance structure is defined in its By-Laws.

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.

Risk Committee

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.

Sustainability Committee

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.