What is an Independent Review Committee (IRC)?

An IRC is an independent review committee, featuring no fewer than three individuals, whose role is to oversee all decisions made by managers of publicly traded investment funds on issues of perceived or actual conflicts of interest. Securities legislation (National Instrument 81-107: Independent Review Committee for Investment Funds) came into effect on May 1, 2007, that requires every Canadian publicly traded investment fund to have an IRC.

Good governance is an important issue for investors. As a result, CC&L Capital Markets Inc. is proud to have assembled an independent review committee comprised of highly accredited individuals with a wealth of valuable experience. We encourage you to review the biographies of our IRC members.

Independent Review Committee

Fred Lazar is a Professor of Economics at York University's Schulich School of Business. In addition to a distinguished academic career, Mr. Lazar has served as a senior advisor to the governments of Canada and Ontario and to a number of national and international companies.

Frank Santangeli has worked in the financial services industry since 1960. Positions he has held include Vice-President of Sunlife Canada, President and Chief Executive Officer of Finsco Investment Management Corporation, and Vice-President of Imasco Financial Corporation. He has also served as Chairman of The Investment Funds Institute of Canada.

Joseph Wright currently serves on the board of directors of several public companies and private organizations including IESI-BFC Ltd. His former positions include the Chief Executive Officer of Swiss Bank Corporation (Canada) and Vice-Chairman and Director of Burns Fry Limited.

Report to Securityholders

Under NI 81-107, the IRC must prepare a report to securityholders for each financial year of the investment funds. Given the different financial year-ends for the CC&L Capital Markets' funds, each quarter, the IRC will issue a Report to Securityholders. Please click on the links below to review the reports issued to date.