Canadian P&C insurers among 180 companies ranked for corporate governance in Globe and Mail survey

ING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.
The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy.
Among Canadian property and casualty companies, ING Canada ranked in a tie for 57th place in the survey, which included Kingsway Financial Services Inc. (ranked 73rd), Northbridge Financial Corp. (98th), Fairfax Financial Holdings Ltd. (105th) and CGI Group Inc. (155th).
The Globe and Mail ranked all of the companies’ corporate governance structures in four different categories:
•    Board composition (among other questions, whether the board roles and committee structures are fully independent);
•    Shareholding and compensation structures (i.e. whether CEOs and senior executives own shares and whether bonus structures are fully disclosed);
•    Shareholder rights issues (voting structures and procedures, among other things); and
•    Disclosure procedures (D).
ING scored a 26 out of 36 in the board composition category, as well as a 17 out of 25 in shareholding and compensation. It ranked a perfect 28 out of 28 in shareholders’ rights issues and a 7 out of 10 on disclosure issues.
The other P&C companies on the list scored as follows:

Kingsway:
•    Board Composition: 33/36
•    Shareholding and Compensation: 15/25
•    Shareholder Rights: 18/28
•    Disclosure Procedures: 8/10

Northbridge:
•    Board Composition: 25/36
•    Shareholding and Compensation: 17/25
•    Shareholder Rights: 18/28
•    Disclosure Procedures: 8/10

Fairfax
•    Board Composition: 26/36
•    Shareholding and Compensation: 21/25
•    Shareholder Rights: 12/28
•    Disclosure Procedures: 6/10

CGI Group
•    Board Composition: 26/36
•    Shareholding and Compensation: 15/25
•    Shareholder Rights: 5/28
•    Disclosure Procedures: 6/10