TORONTO, Nov. 5, 2015 /CNW/ - Echelon Financial Holdings Inc. ("Echelon Insurance" or the "Company") (TSX: EFH) today provided an update on its continued activity to maintain its best-of-class governance policies. Echelon places considerable emphasis on governance and, in recent years, has implemented numerous best practices in the areas of compensation, independent assessments, performance evaluations, board renewal and diversity.
Most recently, an independent external review of practices has led to several enhancements, including a more thorough director recruitment process. To that end, Echelon is looking to deepen the collective skills and experiences of its Board of Directors through the addition of new directors. The Company expects two or more appointments to be made on an interim basis prior to its next annual meeting in May 2016.
Echelon's policy is to recruit and retain the most qualified persons to serve on the Board and within the Company, ensuring a diverse balance of skills, experience and personal attributes. Gender diversity is an important criterion to be considered in the selection process. Information on Echelon's policy on diversity and representation of women on its Board and in its executive officer positions is included in its third quarter, 2015, management discussion and analysis, which has been filed on SEDAR. The Diversity Policy commits the Company to actively recruiting and advancing women into Board and executive management positions. Echelon has not adopted specific targets for the level of representation of women. Currently 25% of directors and 17% of executive officers of the Company and its subsidiaries are women.
About Echelon Insurance
Founded in 1998, Echelon operates in the property and casualty insurance industry in Canada and Europe, primarily focused on providing non-standard automobile insurance and other niche and specialty insurance solutions. The Company operates and distributes insurance products through Echelon Insurance, The Insurance Company of Prince Edward Island and Qudos Insurance. It trades on the Toronto Stock Exchange under the symbol EFH. For more information, visit echeloninsurance.ca.
SOURCE Echelon Financial Holdings Inc.
For further information: Kathy Shulman, Manager, Investor Relations, 905-214-7880, [email protected], www.egi.ca