Section 2: Administration

2.01 – Administration

CBAF is responsible for the following investment-related services:

  1. maintenance of this Policy;
  2. selection and dismissal of investment managers and investment options;
  3. monitoring the compliance of the investment managers with their mandated investment strategy/style; and
  4. selection and utilization of independent external resources, such as the GRRSP’s recordkeeper, performance measurement services, investment consultants and other third parties that CBAF considers are required.

CBAF has appointed Manulife Financial (“Manulife”) as the recordkeeper and third party administrator of the GRRSP. All investment options are offered through Manulife. Without limiting the generality of the foregoing, Manulife’s responsibilities include the maintenance of individual plan participant accounts, investments of plan participant contributions, rendering of participant statements, ensuring compliance with the requirements of the Income Tax Act (Canada), and the provision of communication and educational material as developed in conjunction with CBAF.

CBAF has appointed Mercer (Canada) Limited (“Mercer”) as the investment consultant for the GRRSP. Mercer will provide updates on the investment managers utilized within the GRRSP and will monitor and report on the performance of the investment options.

In addition, CBAF looks to Manulife to ensure that the management of each investment option is in compliance with the investment managers’ own policies. Manulife is required to report to CBAF at least annually on each investment manager’s performance and their compliance with their investment policy. If Manulife becomes aware that the investment manager is not in substantial compliance with their investment policy, Manulife is required to advise CBAF immediately, detail the nature of the non-compliance and recommend an appropriate course of action to remedy the situation.

CBAF will evaluate the performance of each third party provider at least every four years.

2.02 – Compliance

CBAF will strive, to the extent applicable and reasonable, to respect the Guidelines for the Capital Accumulation Plans developed by the Joint Forum of Financial Market Regulators (“CAP Guidelines”).

Manulife, as issuer of the GRRSP, shall be responsible for ensuring that the GRRSP complies with the Income Tax Act, (Canada), its Regulations, policies and information circulars.

2.03 – Policy Review

CBAF shall review this policy periodically, and if required, will make necessary amendments.

[whohit]Investment Policy Statement: Section 2[/whohit]
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