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board games 2022

For the 21st year in a row, Report on Business has rated the work of Canada’s corporate boards using a rigorous set of governance criteria designed to go far beyond minimum mandatory rules imposed by regulators.

Markers at Global Governance Advisors examined the boards of directors of 226 companies and trusts in the S&P/TSX Composite Index to assess the quality of their governance practices.

The chart shows the total marks for 2022 based on dozens of individual criteria across four broad subcategories.

The marks are based on information published in the most recent annual shareholder proxy circulars of companies who were members of the composite index through the end of September. Companies added to the index in the third quarter were not included.

See the full Board Games methodology for information on how each question was marked.

A downloadable spreadsheet with all the scores is available for purchase.

RankTickerNameIndustry2022 Score (Out of 100)2021 Score (Out of 100)Q1 (Out of 7)Q2 (Out of 4)Q3a (Out of 1)Q3b (Out of 1)Q4a (Out of 4)Q4b (Out of 3)Q5a (Out of 4)Q5b (Out of 2)Q6 (Out of 3)Q7 (Out of 4)Q8 (Out of 3)Q9 (Out of 2)Q10 (Out of 2)Q11 (Out of 3)Q12 (Out of 2)Q13 (Out of 1)Q14 (Out of 3)Q15 (Out of 2)Q16 (Out of 2)Q17a (Out of 1)Q17b (Out of 2)Q17c (Out of 1)Q17d (Out of 1)Q18a (Out of 1)Q18b (Out of 1)Q18c (Out of 1)Q19a (Out of 2)Q19b (Out of 2)Q20 (Out of 1)Q21 (Out of 2)Q22 (Out of 1)Q23 (Out of 2)Q24 (Out of 1)Q25 (Out of 1)Q26a (Out of 3)Q26b (Out of 2)Q26c (Out of 2)Q27 (Out of 1)Q28 (Out of 10)Q29 (Out of 4)Q30 (Out of 2)Q31 (Out of 2)Q32 (Out of 1)
1FTS-TFortis Inc.Utilities 999674104342343223213221211111221212113221104221
2CNR-TCanadian National Railway Co.Industrials 989874114342323223213221211111221212113221104221
3TD-TToronto-Dominion BankFinancials 969774114332343223211221211111221212113211104221
4BMO-TBank of MontrealFinancials 959574114322343223213221211111201212113211104221
4BNS-TBank of Nova ScotiaFinancials 959774104320343223213221211111221212113221104221
4BCE-TBCE Inc.Communication Services 959374104342343223211201211111221212113221104221
4GRT.UN-TGranite REITReal Estate 959474114340343223211221211111221211113221104221
4MFC-TManulife Financial Corp.Financials 959874104340343223211221211111221212113221104221
4RY-TRoyal Bank of CanadaFinancials 959874114340343223211221211111221212113211104221
4SLF-TSun Life Financial Inc.Financials 959574104332343223211221211111221212113211104221
11CM-TCanadian Imperial Bank of CommerceFinancials 949674104342343223211221211111201212113211104221
11EMA-TEmera Inc.Utilities 949774104330343223211221211111221212113221104221
11IFC-TIntact Financial Corp.Financials 949874104322343223211221111111221212113221104221
11TRP-TTC Energy Corp.Energy 949174104340343223213211211111221211113211104221
15CWB-TCanadian Western BankFinancials 939474114342343223211221211111201212111211104221
15EFN-TElement Fleet Management Corp.Financials 939874104322343123213221011111221212013221104221
15K-TKinross Gold Corp.Materials 939374104322343223211221211111221211013221104221
15PPL-TPembina Pipeline Corp.Energy 939474104320343223213221211111221212112211104221
19AX.UN-TArtis REITReal Estate 928374114342243223211211211111221201103221104220
19SU-TSuncor Energy Inc.Energy 929674114322343223201221211111221211112211104221
19T-TTelus Corp.Communication Services 929574114342343223213221211111220201101221104201
22CP-TCanadian Pacific Railway Ltd.Industrials 919574104320343203213221211111221211113211104221
22CPX-TCapital Power Corp.Utilities 919374104342343221211201211111221212103211104221
22IAG-TiA Financial Corp. Inc.Financials 919274104320243223211221211111221212113211104221
22VET-TVermilion Energy Inc.Energy 918074104300343223213221211111221211103221104221
26ENB-TEnbridge Inc.Energy 909074114342323223211221211111220012012211104221
26GEI-TGibson Energy Inc.Energy 908974114342343203213210211110221211110211104221
26H-THydro One Ltd.Utilities 90887411434224322321120121111122021211322184201
26TA-TTransAlta Corp.Utilities 909774114300343223211221211111221212103211104221
30CCO-TCameco Corp.Energy 899474104322343221211221211111221201003221104221
30EQB-TEQB Inc.Financials 898974114340343223211221211111201212001211104221
30FTT-TFinning International Inc.Industrials 899374114320343223211221211111220211012211104221
30LB-TLaurentian Bank of CanadaFinancials 899274104342323223201201211111221211112211104221
30MX-TMethanex Corp.Materials 899174114340343203213221211111221212000221104201
30MRU-TMetro Inc.Consumer Staples 899474114320323223211221211111220012113221104221
30NA-TNational Bank of CanadaFinancials 899474114322343223211221211111201012111211104221
30SNC-TSNC-Lavalin Group Inc.Industrials 899274104300343223011221211111221212113221104221
30STN-TStantec Inc.Industrials 899074114102343223211220211111221201113221104221
30TIH-TToromont Industries Ltd.Industrials 898574114122343223211221201111221212111221104201
40AP.UN-TAllied Properties REITReal Estate 889274114300343023213220211111201212103221104221
40CG-TCenterra Gold Inc.Materials 888074114322343221211221211111221202012211104201
40CSH.UN-TChartwell Retirement ResidencesHealth Care 889474114300343203211221211111221212113221104201
40DSG-TDescartes Systems Group Inc.Information Technology 888774104342343223001221211111221211011201104221
40ELD-TEldorado Gold Corp.Materials 888874114322343223211211211111220002012211104221
40X-TTMX Group Ltd.Financials 889174102332343223211201211111221211111211104221
46AC-TAir CanadaIndustrials 878874104320323223213221111111221012102211104221
46PBH-TPremium Brands Holdings Corp.Consumer Staples 879074114342243123211021111000220201113221104221
46REI.UN-TRioCan REITReal Estate 878873104322343221211211211111221212101211104221
49FCR.UN-TFirst Capital REITReal Estate 869474114040343203111221211111221211101221104221
49GIL-TGildan Activewear Inc.Consumer Discretionary 869374112132243123201211111111221211103221104221
49NTR-TNutrien Ltd.Materials 869074114340343121211211211111221211012211104201
49PSK-TPrairiesky Royalty Ltd.Energy 869074104320343223111220101111221202013211104221
49YRI-TYamana Gold Inc.Materials 868772104300343223211221211111221210013221104221
54ABX-TBarrick Gold Corp.Materials 858972112300343203213220111111221212013221104221
54FNV-TFranco-Nevada Corp.Materials 858972102300343223211220111111221212113221104221
54HR.UN-TH&R REITReal Estate 858874114300343023211211211111221212001221104221
54INE-TInnergex Renewable Energy Inc.Utilities 859174102320343223211221211111220211103211104021
54LUN-TLundin Mining Corp.Materials 858574104300343221211221211111221212002211104221
54WPM-TWheaton Precious Metals Corp.Materials 858674102340343201211221211111221211003211104221
60WN-TGeorge Weston Ltd.Consumer Staples 848671114342343203213201211000220202102221104021
60HCG-THome Capital Group Inc.Financials 848774102342343223211221101000201212011211104221
60JWEL-TJamieson Wellness Inc.Consumer Staples 848674114340343203211221211111221211000111104201
63ARX-TARC Resources Ltd.Energy 838874104300323103211220211111221212113221104201
63BEI.UN-TBoardwalk REITReal Estate 838871114300343201113221211111221211113221104201
63CAE-TCAE Inc.Industrials 838674112322343223211211211000221202002211104201
63CAR.UN-TCanadian Apartment Properties REITReal Estate 838674104340343203211221211000001211113221104021
63CVE-TCenovus Energy Inc.Energy 838974102340343223211201211111221002012211104201
63KMP.UN-TKillam Apartment REITReal Estate 838774114300243223211211211111220201003221104201
63L-TLoblaw Cos. Ltd.Consumer Staples 838571104342343203213201211000220202102221104021
63WSP-TWSP Global Inc.Industrials 838974114320213203210221111111220212103211104221
71AQN-TAlgonquin Power & Utilities Corp.Utilities 829574114320303223211200211111221212010211104221
71MG-TMagna International Inc.Consumer Discretionary 828774104300343203211211211111221000113211104221
71MEG-TMEG Energy Corp.Energy 828574104302343201211211211111221211010211104221
71OTEX-TOpen Text Corp.Information Technology 828374114040343203201221211111221201011211104201
71PKI-TParkland Corp.Energy 828274112322343103011201111111221202012211104221
71RBA-TRitchie Bros. Auctioneers Inc.Industrials 828174114322343203211211211111221201001011104021
71SJ-TStella-Jones Inc.Materials 828074114300343121201021211111220212013221104201
71WDO-TWesdome Gold Mines Ltd.Materials 828874112310343203211221211111221202011211104201
71WCP-TWhitecap Resources Inc.Energy 828574101300343103211221211111220211013221104221
80AEM-TAgnico Eagle Mines Ltd.Materials 818772114040223201111221211111221212003221104221
80AGI-TAlamos Gold Inc.Materials 819274114300340203211221211111221211012211104201
80CF-TCanaccord Genuity Group Inc.Financials 817472104322343223211020110111220211010211104221
80CHP.UN-TChoice Properties REITReal Estate 818372104322143203211021211111220202102221104021
80CRR.UN-TCrombie REITReal Estate 81857410400024320321122121111122121210322174221
80SAP-TSaputo Inc.Consumer Staples 818671104320343203211221211000221212010221104221
86AIF-TAltus Group Ltd.Real Estate 808674114300243203211020111111221211110211104221
86EMP.A-TEmpire Co. Ltd.Consumer Staples 80857411434034312221122121111122020211221104221
86FRU-TFreehold Royalties Ltd.Energy 80N/S74110300323223211201111111220202013221104221
86IMG-TIAMGOLD Corp.Materials 808974104300243021211211211111220212003221104201
86KEY-TKeyera Corp.Energy 809274102020223223211221211111220202013221104201
91CNQ-TCanadian Natural Resources Ltd.Energy 798273114320343223211220211111221011010021104001
91CLS-TCelestica Inc.Information Technology 79817410134034322121122121111122120211322104221
91HBM-THudbay Minerals Inc.Materials 798374102340323103201211211111220002012211104221
91KXS-TKinaxis Inc.Information Technology 798074114320343203211011111111221212010110104201
91OR-TOsisko Gold Royalties Ltd.Materials 797972104320323223211221211101201211000211104221
91TRI-TThomson Reuters Corp.Industrials 797232104340243201211221211000221211113211104221
91TRQ-TTurquoise Hill Resources Ltd.Materials 798034112300343123211210101111220202113221104221
98ALA-TAltaGas Ltd.Utilities 788174104320343221211211211111220001010211104201
98BTE-TBaytex Energy Corp.Energy 78N/S74112300343003011201211111220212013221104201
98CCA-TCogeco Communications Inc.Communication Services 78837310434034320320321121100022121211222144001
98LSPD-TLightspeed Commerce Inc.Information Technology 787472104340343201213021111111221211000010104221
98TFII-TTFI International Inc.Industrials 787971114320143103213221201100221211013211104001
98WFG-TWest Fraser Timber Co. Ltd.Materials 788974104300343101211201211111220001013221104221
104BHC-TBausch Health Companies Inc.Health Care 776771111302243102213221211111220202011211104021
104DOL-TDollarama Inc.Consumer Discretionary 777874102322223103213221211000220001012221104021
104NFI-TNFI Group Inc.Industrials 777974104320343123211201211000221211001211104001
104PAAS-TPan American Silver Corp.Materials 778074114300143102201221211111221011013221104001
104PXT-TParex Resources Inc.Energy 777573111300343221211221111111221212000211104201
104PD-TPrecision Drilling Corp.Energy 77N/S74100302343103201201211111221212012211104200
104RUS-TRussel Metals Inc.Industrials 778674112340343201201021211000001211013211104221
104SIA-TSienna Senior Living Inc.Health Care 778974112320343101211221211111200211003221104001
104ZZZ-TSleep Country Canada Holdings Inc.Consumer Discretionary 777874114340143203011211211000221212001211104001
104TXG-TTorex Gold Resources Inc.Materials 777974114300343121011201211111220001013221104201
114BLX-TBoralex Inc.Utilities 768174114300340221001201201111221211013211104201
114DFY-TDefinity Financial Corp.Financials 76N/S74112302210203201221111111221201103221104201
114ERF-TEnerplus Corp.Energy 767774104300343101001201211111221201013221104201
114NWC-TNorth West Company Inc.Consumer Staples 768174102140323123211211111111220212010211104001
114SRU.UN-TSmartCentres REITReal Estate 76877101432034320321122121100022120201322154021
114SPB-TSuperior Plus Corp.Utilities 768674111300343121201201211000220212013221104201
114TECK.B-TTeck Resources Ltd.Materials 76797410234034322321122121111122121101121104201
121OGC-TOceanaGold Corp.Materials 758274102300243201001201211111221202013221104201
122BDGI-TBadger Infrastructure Solutions Ltd.Industrials 748374112300343001211221211000200202013221104201
122BYD-TBoyd Group Services Inc.Industrials 748474111320340003211211211110220201013221104001
122CPG-TCrescent Point Energy Corp.Energy 748874102300243221001201211111220012013211104201
122DML-TDenison Mines Corp.Energy 746574114300343221000021211111220002003210104201
122DPM-TDundee Precious Metals Inc.Materials 747974104320243201001201211111221001002210104221
122ECN-TECN Capital Corp.Financials 748274112300343203201221211111220201000011104201
122IGM-TIGM Financial Inc.Financials 747231104302123203211221111000221212111221104221
122TCN-TTricon Residential Inc.Real Estate 746772112322343003213211210000221201003211100201
130NPI-TNorthland Power Inc.Utilities 737873104300210123211201211111220212003221104001
130NG-TNovaGold Resources Inc.Materials 737373102140240203211221211111201201000210104221
132CIX-TCI Financial Corp.Financials 727174112320323223103210011111000201001211104201
132WCN-TWaste Connections Inc.Industrials 727772112320240021001201211111220201013221104220
134MFI-TMaple Leaf Foods Inc.Consumer Staples 717874112300223223213201211000220001001111104201
134QSR-TRestaurant Brands International Inc.Consumer Discretionary 717473101320143001200221211110220201011220104221
134TPZ-TTopaz Energy Corp.Energy 71N/S33112300343203111221211111220011000210104221
137PMZ.UN-TPrimaris REITReal Estate 70N/S74102300343203201210111100221212003211100001
137SES-TSecure Energy Services Inc.Energy 70N/S74101300343123001200110111220201003221104001
137SMU.UN-TSummit Industrial Income REITReal Estate 707374114300043021211001211111221202003221100001
140BLDP-TBallard Power Systems Inc.Industrials 697074102340340123201211111000220001000211104020
140CRT.UN-TCT REITReal Estate 697334114000343201201221211000220201013221100221
140IFP-TInterfor Corp.Materials 697974102100243221001201211111221001013211104001
140SIL-TSilvercrest Metals Inc.Materials 697074114340223201211011211111001211001113100001
140TOY-TSpin Master Corp.Consumer Discretionary 69713311114034310321121121110022121200321144201
145ATD-TAlimentation Couche-Tard Inc.Consumer Staples 68N/S32102300243203213201211000220012002220104201
145EQX-TEquinox Gold Corp.Materials 687374001320320201201001211111220202013221104001
145MAG-TMAG Silver Corp.Materials 688774104300343201001201110111201002002211104200
145PSI-TPason Systems Inc.Energy 68N/S73114100343023201210211111220000000211104001
149ATA-TATS Automation Tooling Systems Inc.Industrials 677374102300220103213021211000220002112211100221
149DIR.UN-TDream Industrial REITReal Estate 678074112100243203211010210111000211013221100201
149EIF-TExchange Income Corp.Industrials 678074112300313101213200111000001201113221104001
149GWO-TGreat-West Lifeco Inc.Financials 67657210232011300221122111100022121211321144220
149PRMW-TPrimo Water Corp.Consumer Staples 676873102040323021001201211000220201011211104220
149SSRM-TSSR Mining Inc.Materials 677374112000210003211211211111220201013221104001
155CJT-TCargojet Inc.Industrials 66853411032032320321122121111122101201221150021
155FM-TFirst Quantum Minerals Ltd.Materials 667073112100343101001200111111220001013221104200
155FSV-TFirstService Corp.Real Estate 667473112300323222211021211000000211011100104201
158NWH.UN-TNorthWest Healthcare Properties REITReal Estate 65747111130014300321122121110122120200322170001
158NVA-TNuvista Energy Ltd.Energy 65N/S74101300243001211210211100221001002211104001
158PLC-TPark Lawn Corp.Consumer Discretionary 65N/S74104320223023201021210000220002001201100201
161BAM.A-TBrookfield Asset Management Inc.Financials 64723410430034310301320121100000001211222154201
161LNR-TLinamar Corp.Consumer Discretionary 647030114300343223211021211000000210011221100220
161TOU-TTourmaline Oil Corp.Energy 647271112300343203203220000111000212010010100221
161TCL.A-TTranscontinental Inc.Materials 64733311430034320121122121100022120100322124001
165AAV-TAdvantage Energy Ltd.Energy 63N/S74111300223002101220100111220201013221100001
165FVI-TFortuna Silver Mines Inc.Materials 637074102300340103201201211111200001013211100001
165KNT-TK92 Mining Inc.Materials 63N/S74114340240001011221200111200202001110100001
165POW-TPower Corp. of CanadaFinancials 63707310130012310321122121100022120111221104221
165SII-TSprott Inc.Financials 637374104300340001201221101000220202001211100201
165RNW-TTransAlta Renewables Inc.Utilities 63723411410034300321002121111122121001322150001
171PEY-TPeyto Exploration & Development Corp.Energy 62N/S74110100243123213220001000001011010011104200
172ERO-TEro Copper Corp.Materials 616972111300343101001201211111220001010210104000
172HWX-THeadwater Exploration Inc.Energy 61N/S70111320343202211220011111000012010011100201
172IIP.UN-TInterRent REITReal Estate 615572112020313201101021111100201202103221100001
175BB-TBlackBerry Ltd.Information Technology 607271102040223103201200000000200202010221104021
175BBD.B-TBombardier Inc.Industrials 60N/S3311232022302321120121100022020101121124201
175IMO-TImperial Oil Ltd.Energy 606771112000243123211020100000200202013221100001
175TSU-TTrisura Group Ltd.Financials 605274110300343103211210000000001010010221100221
179CIGI-TColliers International Group Inc.Real Estate 59627110204034302221302121100022021100002004021
179QBR.B-TQuebecor Inc.Communication Services 59677311430032310100302121100022000101022144001
179RCH-TRichelieu Hardware Ltd.Industrials 596274114300143023000021111000000001013211100001
182BTO-TB2Gold Corp.Materials 586874011300110102111221211111220001000021104000
182CCL.B-TCCL Industries Inc.Materials 58703210412234302100120121100022021101322100221
184WEED-TCanopy Growth Corp.Health Care 576704102000123121003201211111200202010211104020
184GSY-Tgoeasy Ltd.Financials 575972114000303001213211211000220010010211100001
186EFR-TEnergy Fuels Inc.Energy 56N/S74102322323001000001210101200201010211100000
186IVN-TIvanhoe Mines Ltd.Materials 565532111040313103001201211111220001010210100201
188TIXT-TTelus International Cda Inc.Information Technology 55N/S0210232034302221320010100022020110021140221
189ATZ-TAritzia Inc.Consumer Discretionary 54517111233022000321321000100022000211002130221
190CU-TCanadian Utilities Ltd.Utilities 53537110430022310321302111100000021000322100201
190GIB.A-TCGI Inc.Information Technology 53617210230034320221000111100022000201121100221
190CSU-TConstellation Software Inc.Information Technology 535633112000020003000001211111221200013221104000
190OSK-TOsisko Mining Inc.Materials 535571114300223001001201210000000002013221100000
194ACO.X-TAtco Ltd.Utilities 52537111430022310221302011110000021000321100201
194LAC-TLithium Americas Corp.Materials 524874111040010103000000011111220000011201104001
196ATH-TAthabasca Oil Corp.Energy 51N/S74100100220003201210011111220002010210100000
196ENGH-TEnghouse Systems Ltd.Information Technology 516471112100040003211021101000220001001220101001
196FR-TFirst Majestic Silver Corp.Materials 516074114310240201000210000000000001000210104000
199CJR.B-TCorus Entertainment Inc.Communication Services 50607210202024310120121121100022021000021100021
199GFL-TGFL Environmental Inc.Industrials 50457110130024010321322120100000020100001104220
199NVEI-TNuvei Corp.Information Technology 50363111000034310321321001100002020210022140021
199TVE-TTamarack Valley Energy Ltd.Energy 50N/S74110300220001101210001100220002010211100001
203CTC.A-TCanadian Tire Corp. Ltd.Consumer Discretionary 49577411100032010120121121111122000101121100201
203CFP-TCanfor Corp.Materials 495674101000143002000000001000220200013221100000
203SJR.B-TShaw Communications Inc.Communication Services 49617111100024320100302111100022020100222100021
206STLC-TStelco Holdings Inc.Materials 485271102010020001001201100000221202013221100000
207MTL-TMullen Group Ltd.Industrials 475971111000320120000001111000221200011121100001
208FFH-TFairfax Financial Holdings Ltd.Financials 46523110204222000100300121111122120001322000020
209DOO-TBRP Inc.Consumer Discretionary 44553110204032300121022110100000000200011144001
209ONEX-TOnex Corp.Financials 44527111232032000320302000000000000201022104000
209SEA-TSeabridge Gold Inc.Materials 444571112300040001201210000000200001002200100001
209SHOP-TShopify Inc.Information Technology 44517111430004310000300121100000000000021104201
213LIF-TLabrador Iron Ore Royalty Corp.Materials 434833114300000003010000001000000212003221100000
213RCI.B-TRogers Communications Inc.Communication Services 43640310200022310321101011111122000111121100201
215EDR-TEndeavour Silver Corp.Materials 424972101300220003001001211000200001000200100000
216WPK-TWinpak Ltd.Materials 414202112000000000000001201000220200013221104020
217CRON-TCronos Group Inc.Health Care 405201110020010003001200211000000202000220104020
218GOOS-TCanada Goose Holdings Inc.Consumer Discretionary 37457110200021300120302121100000000001011040000
218MTY-TMTY Food Group Inc.Consumer Discretionary 37N/S31112040010000000001211000000000003200104000
218WTE-TWestshore Terminals Investment Corp.Industrials 374030000000000000000001211111221200013221100000
221POU-TParamount Resources Ltd.Energy 36N/S71102300340001000000000100000000000020100001
222CTS-TConverge Technology Solutions Corp.Information Technology 33N/S73110320000000000000101000000000000211100000
222NXE-TNexgen Energy Ltd.Energy 333874101000203001000000001000000002000010100000
224BIR-TBirchcliff Energy Ltd.Energy 32N/S31114300220100000000100000000000000011100001
225SDE-TSpartan Delta Corp.Energy 31N/S71110002000001001200000000220000000010100000
226FIL-TFilo Mining Corp.Materials 29N/S03111300240000000000000000000002000200100000

The Globe and Mail. Data source: Global Governance Advisors

N/S = not scored in 2021

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