The Board sets the overall strategic direction, oversees progress against strategy, and reviews and approves strategic plans developed by management. One component of that strategic development process is an annual two day meeting of the Board with management to review matters across the Corporation and its three divisions (Canada, US and Europe & Reinsurance).
The Board regularly discusses key strategic issues, opportunities and challenges, reviews execution against the Corporation’s strategic agenda and provides guidance on priorities. The Corporation’s Enterprise Risk Management Policy and Risk Appetite Framework are integrated into its strategic plans and guide the development of strategy at the annual strategy session. The Board’s feedback and input are incorporated into the Corporation’s long-term strategic plan, an updated version of which is reviewed and approved by the Board annually.