City skyline at night

A variety of financial services organizations were lauded by the Governance Professionals of Canada (GPC) at the sixth annual Excellence in Governance Awards ceremony Sunday night in Toronto.

The winners included Bank of Montreal (BMO), Royal Bank of Canada (RBC), Gore Mutual Insurance Co., Meridian Credit Union and the Ontario Securities Commission (OSC).

“The awards highlight the critical role that good governance plays in enhancing the value of Canadian organizations and contributing to the competitiveness of Canada’s economy and its capital markets,” says Lynn Beauregard, GPC president, in a statement.

The two banks each won two awards. RBC was recognized for having the best overall corporate governance among publicly listed issuers, and best practices to enhance boardroom diversity. BMO received its awards for best compensation disclosure and communication and best practices in subsidiary governance.

Gore Mutual won for best overall corporate governance in other sectors, while Meridian won for best approach to achieving effective board and committee operations. The OSC won for best engagement by a governance team.

Neil Puddicombe, BMO’s associate general counsel and director of bank board governance, was named governance professional of the year, and Tom O’Neill, chairman, Bank of Nova Scotia, won the Peter Dey Governance Achievement Award, which recognizes outstanding and ongoing achievement in the realm of corporate governance.