Skip to main content

For the 14th year in a row, Report on Business has rated Canada's corporate boards using a rigorous set of governance criteria designed to go far beyond minimum mandatory rules imposed by regulators.

Sun Life Financial Inc. finished at the top of the rankings in 2015 for the third time in the past four years with a score of 99 out of 100, losing just one mark on a new question added to the survey this year that assesses whether companies provide a "look back" table in the proxy circular summarizing how much the CEO has actually reaped in compensation over the past five years, including payout values for long-term compensation elements like share units and stock options.

Three companies tied for second place – Bank of Montreal, Bank of Nova Scotia and Emera Inc. – all with scores of 98.

The evaluation looks at over 50 different corporate governance practices in four broad subcategories related to board composition, compensation, shareholder rights and disclosure. Because Board Games is designed to reflect current best practices in governance, the marking criteria sometimes change, which means marks from prior years are not directly comparable. Scores for 2014 are included to offer a sense of how companies' scores are evolving.

The marks are based on information published in the most recent annual shareholder proxy circulars of companies that comprised the S&P/TSX composite index as of Sept. 1. Four companies in the composite index as of Sept. 1 were not marked because they had not filed new proxy circulars following a spin-off or merger or because they did not provide sufficient information to complete the marking. The analysis is done by the Clarkson Centre for Board Effectiveness at the University of Toronto.

Globe Unlimited subscribers can click here to see a comprehensive table of the best and worst governed companies in Canada with all the scores for every question. Additional tables on company and director diversity and a full report card are available for purchase.

Editor's note:

An earlier version of this chart included an incorrect ranking for Air Canada, showing a total score of 80 out of 100. In fact, Air Canada received a mark of 82 out of 100, tying for 66th place in the ranking.

Board Games 2015 Rankings

RankCompany NameTotal 2015 (Out of 100)Total 2014 (Out of 100)
1Sun Life Financial Inc.9997
2Bank of Montreal9898
2Bank of Nova Scotia9896
2Emera Inc.9896
5Toronto-Dominion Bank9793
5Canadian Imperial Bank of Commerce9793
5Canadian National Railway Co.9791
5Manitoba Telecom Services Inc.9794
5Intact Financial Corp.9794
5Potash Corp. of Saskatchewan Inc.9795
11Chartwell Retirement Residences9692
11Manulife Financial Corp.9695
11Fortis Inc.9689
14Royal Bank of Canada9596
14Suncor Energy Inc.9593
16Metro Inc.9486
17Canadian Pacific Railway Ltd.9391
17National Bank of Canada9393
17TransAlta Corp.9394
20Boardwalk REIT9290
20Kinross Gold Corp.9287
20Pengrowth Energy Corp.9291
20Telus Corp.9289
20Vermilion Energy Inc.9291
25Cameco Corp.9194
25SNC-Lavalin Group Inc.9183
25TransCanada Corp.9191
28Canadian REIT9093
28Enbridge Inc.9088
28Gildan Activewear Inc.9090
28Pembina Pipeline Corp.9092
28Precision Drilling Corp.9090
28Riocan REIT9088
28TMX Group Ltd.9086
28Barrick Gold Corp.9085
36DH Corp.8986
36Industrial Alliance Insurance and Financial Services Inc.8989
36Inter Pipeline Ltd.8972
39Canadian Oil Sands Ltd.8890
39Finning International Inc.8894
39Keyera Corp.8890
42Aimia Inc.8782
42BCE Inc.8785
42Capital Power Corp.8784
42Cenovus Energy Inc.8783
42Franco-Nevada Corp.8783
42Stantec Inc.8787
48ARC Resources Ltd.8687
48Home Capital Group Inc.8682
48Laurentian Bank of Canada8679
48Magna International Inc.8682
48Methanex Corp.8685
48ShawCor Ltd.8681
48Toromont Industries Ltd.8684
55Agrium Inc.8589
55Cogeco Cable Inc.8578
55WestJet Airlines Ltd.8579
58Goldcorp Inc.8488
58Interfor Corp.8476
58Ritchie Bros. Auctioneers Inc.8471
58Russel Metals Inc.8476
58Silver Wheaton Corp.8485
63Canadian Western Bank8381
63Crescent Point Energy Corp.8380
63MacDonald Dettwiler and Associates Ltd.8382
66Air Canada8272
66First Capital Realty Inc.8280
66Superior Plus Corp.8281
66Dream Office REIT8265
70Cineplex Inc.8176
70Element Financial Corp.8166
70Enerplus Corp.8179
70Innergex Renewable Energy Inc.8174
70New Gold Inc.8182
75CAE Inc.8082
75Enerflex Ltd.8076
75Rona Inc.8083
75Silver Standard Resources Inc.8071
79Allied Properties REIT7975
79Baytex Energy Corp.7975
79Celestica Inc.7977
79Imperial Oil Ltd.7973
79Maple Leaf Foods Inc.7979
79North West Company Inc.7979
79Saputo Inc.7974
79Veresen Inc.7974
79WSP Global Inc.7971
79Yamana Gold Inc.7975
79Brookfield Asset Management Inc.7970
90AltaGas Ltd.7873
90First Quantum Minerals Ltd.7873
90Northern Property REIT7879
90Secure Energy Services Inc.7875
90Smart REIT7870
95Algonquin Power & Utilities Corp.7772
95Dream Global REIT7765
95Gibson Energy Inc.7775
95Osisko Gold Royalties Ltd.77na
95Progressive Waste Solutions Ltd.7778
100Canadian Apartment Properties REIT7675
100Descartes Systems Group Inc.7675
100Detour Gold Corp.7667
100Encana Corp.7678
100H&R REIT7670
100Just Energy Group Inc.7674
100OpenText Corp.7669
100Valeant Pharmaceuticals International Inc.7675
100West Fraser Timber Co. Ltd.7675
109Bombardier Inc.7571
109Crombie REIT7573
109Dominion Diamond Corp.7570
109Granite REIT7568
109Linamar Corp.7574
109Thomson Reuters Corp.7576
115Aecon Group Inc.7467
115Alacer Gold Corp.7464
115Badger Daylighting Inc.7461
115Canadian Natural Resources Ltd.7469
115Chemtrade Logistics Income Fund7471
115EnerCare Inc.74na
121Empire Co. Ltd.7370
121Jean Coutu Group Inc.7368
123HudBay Minerals Inc.7269
123Newalta Corp.7269
123Pason Systems Inc.7259
123Trinidad Drilling Ltd.7270
127Penn West Petroleum Ltd.7173
127Teck Resources Ltd.7156
127TransForce Inc.7168
127Turquoise Hill Resources Ltd.7166
131Agnico-Eagle Mines Ltd.7066
131CCL Industries Inc.7066
131CI Financial Corp.7076
131Ensign Energy Services Inc.7075
131Norbord Inc.7062
131Peyto Exploration & Development Corp.7068
131PrairieSky Royalty Ltd.70na
138Cominar REIT6960
138Cott Corp.6968
138Dollarama Inc.6961
138Quebecor Inc.6959
142Enbridge Income Fund Holdings Inc.6866
142Genworth MI Canada Inc.6865
142Nevsun Resources Ltd.6861
142Pacific Exploration and Production Corp.6863
142Parkland Fuel Corp.6868
142Rogers Communications Inc.6860
142Transcontinental Inc.6861
149Artis REIT6769
149Canadian Utilities Ltd.6763
149Eldorado Gold Corp.6768
149Paramount Resources Ltd.6762
149Semafo Inc.6768
154AutoCanada Inc.6665
154IAMGOLD Corp.6667
154Loblaw Companies Ltd.6660
154Pan American Silver Corp.6664
154Shaw Communications Inc.6664
154Whitecap Resources Inc.6653
160Alaris Royalty Corp.6561
160BlackBerry Ltd.6570
160Canfor Corp.6563
160Husky Energy Inc.6562
160Power Financial Corp.6558
160ProMetic Life Sciences Inc.65na
166ATS Automation Tooling Systems Inc.6465
166Centerra Gold Inc.6458
166George Weston Ltd.6461
166MEG Energy Corp.6464
166Tahoe Resources Inc.6466
166Hudson's Bay Co.6462
172Freehold Royalties Ltd.6366
172Great Canadian Gaming Corp.63na
172NovaGold Resources Inc.6353
172Primero Mining Corp.6348
176Alimentation Couche-Tard Inc.6259
176Athabasca Oil Corp.6252
176Canadian Energy Services & Technology Corp.6247
176Extendicare Inc.6265
180Colliers International Group Inc.6158
181Bonavista Energy Corp.6053
181Canadian Tire Corp. Ltd.6063
181Intertape Polymer Group Inc.6058
181Martinrea International Inc.6058
185Sierra Wireless Inc.59na
186Advantage Oil and Gas Ltd.5855
186Dorel Industries Inc.5851
186Mullen Group Ltd.5857
186Painted Pony Petroleum Ltd.5848
186Parex Resources Inc.5849
186Northland Power Inc.5860
192Bankers Petroleum Ltd.5751
192Crew Energy Inc.5756
192Seven Generations Energy Ltd.57na
195Atco Ltd.5655
195Corus Entertainment Inc.5655
195Fairfax Financial Holdings Ltd.5655
195First Majestic Silver Corp.5654
195Lundin Mining Corp.5656
195NuVista Energy Ltd.5648
195Western Forest Products Inc.56na
202BRP Inc.5543
202Canaccord Genuity Group Inc.5555
202Constellation Software Inc.5556
202Raging River Exploration Inc.5539
202Surge Energy Inc.5546
207Computer Modelling Group Ltd.54na
207Tourmaline Oil Corp.5442
209Labrador Iron Ore Royalty Corp.5353
209ONEX Corp.5352
209Power Corp. of Canada Ltd.5344
212Gran Tierra Energy Inc.5246
212IGM Financial Inc.5255
212TORC Oil & Gas Ltd.5251
212Torex Gold Resources Inc.5252
216CGI Group Inc.5145
216Restaurant Brands International Inc.51na
218Pretium Resources Inc.5048
219Amaya Inc.49na
220Enghouse Systems Ltd.48na
220Great-West Lifeco Inc.4848
222Birchcliff Energy Ltd.4742
223B2Gold Corp.4648
223Kelt Exploration Ltd.4651
225Intertain Group Ltd.45na
225Westshore Terminals Investment Corp.4542
227Pure Industrial REIT43na
228Avigilon Corp.4240
228OceanaGold Corp.4241
230Performance Sports Group Ltd.40na
231Concordia Healthcare Corp.38na
231DHX Media Ltd.38na
231Mitel Networks Corp.38na
234Bonterra Energy Corp.3739

Globe Unlimited subscribers can click here to see a comprehensive table of the best and worst governed companies in Canada with all the scores for every question. Additional tables on company and director diversity and a full report card are available for purchase.

Report an error Licensing Options
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.