Good Governance is Fundamental to Our Long-term Success
Our Board of Directors built a strong governance framework that creates value for all stakeholders, enhances long-term corporate sustainability and reduces business risk.
Our governance program is led by the Board, the members of which are elected by and are accountable to the shareholders. The Board’s Environmental, Social and Governance (“ESG”) Committee oversees and monitors Toromont’s ESG programs and is comprised solely of independent Directors.
Our governance program includes the activities of the leadership team that is appointed by the Board and charged with the day-to-day management.
The Board oversees risk at Toromont, is directly involved in the strategic planning process, maintains a formal management succession plan that includes all senior positions at Toromont, and operates with a Board and Leadership Diversity policy. Toromont’s governance program complies with the rules and regulations that apply to us. These include:
- National Policy 58-201 – Corporate Governance Guidelines
- National Instrument 58-101 – Disclosure of Corporate Governance Practices
- National Instrument 52-110 – Audit Committees
- Canada Business Corporations Act, R.S.C. 1985
To ensure continued effectiveness, the Board maintains a comprehensive annual board and director assessment process under the direction of the Lead Director. Through its ESG Committee, the Board regularly evaluates best practices in governance for applicability and, where appropriate, enhances its approach. Please see our annual Management Information Circular for additional details on the Board’s corporate governance practices.