Bank of Montreal 2003 Annual Report Download - page 9

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peers on measures ranging from ethics to strategic insight,
financial literacy and business judgment. Comprehensive
information regarding corporate governance and the role
of the Board can be found in the Notice of Annual Meeting of
Shareholders and Proxy Circular.
At BMO, we believe that good governance and high ethical
standards must be matters of duty, care and concern for every
person in our organization. We work hard to ensure that our
ethical principles are living values, not abstract ideas.
To this end, all employees are provided with a framework
for the conduct and ethical decision-making that are integral
to their work. First Principles is our comprehensive code of
business conduct and ethics. Every director and employee
is asked to read this document once a year – and sign a decla-
ration attesting to that fact – to remind themselves of what’s
expected and how to deal with the day-to-day ethical issues
that arise in the workplace.
“Providing good governance and ethical leadership is not
about any one thing; rather, it’s about ensuring that you have
a comprehensive set of ethical principles, and the right team
to make sure the business is run according to those principles.
It means you must live up to a high and independently verifiable
standard, taking nothing for granted.”
J. Blair MacAulay
Lead Director
Bank of Montreal
Delivering ethical leadership
by doing what’s best for people
and business
Those who lead set the example for the entire organization.
At BMO Financial Group, we believe that good governance
and ethical behaviour begin with our Board of Directors. It is
the responsibility of the Board to ensure that each member of
senior management is held accountable for his or her actions
to our shareholders, customers and employees, and to the
communities where we operate.
We hold our Board accountable to clear and verifiable
standards. BMO has adopted a Charter of Expectations for
our directors that sets out the specific responsibilities they
must discharge, as well as the personal and professional
attributes required of each director. To ensure accountability,
the Board annually retains outside consultants to survey its
effectiveness in all areas.
The Board also oversees an annual director “peer” per-
formance review. The survey, which is conducted by an
outside consultant to ensure confidentiality, requires that
everydirector assess the contribution of each of his or her
BMO Financial Group 186th Annual Report 2003 5