TORONTO, Sept. 13 /CNW/ - BMO Financial Group has announced that on
September 12, 2007, an Independent Review Committee (IRC) became operational
for the following BMO subsidiaries that offer public investment funds: BMO
Investments Inc., BMO Nesbitt Burns Inc., BMO Harris Investment Management
Inc. and Guardian Group of Funds Ltd. The IRC will provide independent
oversight regarding actual and perceived conflicts of interest involving the
publicly offered BMO Financial Group-managed investment funds and will perform
all other functions required of an independent review committee under National
Instrument 81-107, Independent Review Committee for Investment Funds.
Together with Charles W. White, Chair, the other distinguished members of
the IRC are: Allen B. Clarke, Kenneth W. McArthur, John K. McBride, R. Jamie
Plant and Louise Vaillancourt-Châtillon. They were appointed the first members
of the IRC on May 1, 2007.
Each of the members of the IRC is independent from the fund managers and
other companies associated with BMO Financial Group.
In conjunction with the implementation of the IRC, the independent
trustees who previously governed the BMO Mutual Funds have resigned as
trustees but will continue to serve as members of the IRC. BMO Investments
Inc. has been appointed the sole trustee of the BMO Mutual Funds.
"BMO is committed to continuing to earn the trust of our investors with
effective fund governance and transparent decision-making," said Gilles
Ouellette, President and Chief Executive Officer, Private Client Group, BMO
National Instrument 81-107 is a requirement of the Canadian securities
administrators and applies to all managers of investment funds publicly
offered in Canada. Under National Instrument 81-107 all managers of public
investment funds were required to establish an independent review committee
and appoint its first members by May 1, 2007, and must achieve full compliance
with the instrument by November 1, 2007.
BMO Financial Group's Private Client Group provides integrated wealth
management services in Canada and the United States and had total assets under
management and administration and term investments of $277.19 billion as at
July 31, 2007.
For further information:
For further information: JoAnne Hayes, Toronto, email@example.com,
(416) 867-3996; Lucie Gosselin, Montreal, firstname.lastname@example.org, (514)
877-1101; Laurie Grant, Vancouver, email@example.com, (604) 665-7596;