Investment Committee

Composition

The Investment Committee is composed of six members and comprised of directors, officers and external experts appointed by the Board of Directors. The President and Chief Executive Officer is a member and chairs the committee.

Members

Richard Gagnon, Chairman
Luc Bergeron, Vice-President, Actuarial and Risk Management
Jocelyne Desloges, Vice-President, Finance and Administration

René Delsanne, Director
Clément Albert, External Expert
Jean-Louis Gauvin, External Expert

Mandate

The Investment committee is responsible for recommending a company investment policy to the Board of Directors and updating it when necessary. The Committee must ensure compliance with the policy and implement appropriate investment and matching strategies, in accordance with said policy. Moreover, the committee analyzes results and ensures that the Company’s assets match its financial commitments to an extent that is consistent with objectives.

The committee must also recommend its choice of investment managers to the Board of Directors, receive their reports, ensure they comply with the Company’s investment policy and evaluate their performance based on established objectives.

In addition, under the terms of an agreement between Humania Assurance and its subsidiary LS-Travel, the Humania Assurance Investment Committee acts as the investment committee for LS-Travel and fulfils, on its behalf, the same responsibilities as indicated above.

Activity Report

Throughout the year, the committee assessed managers’ performance with respect to the investment portfolios of the Company and its subsidiary LS-Travel.

In addition, the committee conducted a quarterly review of the investment policy compliance reports presented by the managers and reported back to the Board of Directors.

The committee members tracked the extent to which the Company’s assets aligned with its liabilities. Quarterly matching reports were submitted to the Board of Directors.

During the year, committee members proposed modifications to the investment policy to the Board of Directors in order to permit the use of new financial instruments, in particular real estate investments. These changes, like those implemented in recent years, are part of an effort to counter currently very low interest rates. The main objective is to optimize returns on equity while minimizing risk. An analysis of returns generated by the new financial instruments added to our portfolio in recent years revealed a strong return-risk tradeoff.

In 2016, the committee will continue to pay specific attention to returns generated by the new financial instruments that have been added over the last few years, while maintaining adequate matching of its assets and actuarial liabilities.

Richard Gagnon
Chairman