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BMO Financial Group Annual Report 20042
Chairman’s Message to Shareholders
In 2004, the Board made a decision to separate the roles
of Chairman and Chief Executive Officer. I am deeply
honoured by the confidence the Board has placed in
me as its new Chairman. And I am greatly encouraged
by how well the Board and management are working
together under this new leadership structure.
BMO’s Direction
This has been a remarkable year of achievements
for our company. Under Tony’s direction, BMO has
set its course to become the top-performing North
American financial services company by growing
our broad-based Canadian franchise and improving
and selectively expanding our U.S. franchise. It is a
vision and strategy the Board fully endorses.
Corporate Governance
At BMO, leadership in governance begins with our
Board of Directors. It is the responsibility of the
Board to ensure that each member of senior manage-
ment is held accountable for his or her actions to
shareholders, customers and employees, and to the
communities in which we do business.
The Board also has a responsibility to ensure its
own effectiveness. To that end, we oversee annual
Board governance and “peer” performance reviews.
Conducted by an outside consultant, the reviews
David Galloway
Chairman
require all directors to assess the performance of
the Board as a whole and each member of the Board
with respect to measures ranging from ethics to
business judgment.
A Word of Thanks
I wish to assure BMO shareholders that in matters
of governance – and all else – I will do my utmost to
continue the outstanding leadership provided by Lead
Director Blair MacAulay. After 33 years of dedicated
service to BMO, Blair is retiring. His contribution
has been significant, and he will be missed. I would
also like to take this opportunity to recognize the
sound contribution of retiring director Joseph Rotman,
whose vast business experience provided valuable
input to management deliberations.
I look forward to continuing to serve our share-
holders, along with our dedicated Board.
David Galloway
Chairman
Chairman’s Message
Our marked success in 2004 is a tribute to the leadership of
Tony Comper and his management team, and to our steadfast commitment
to good governance and ethical leadership
.
More details on our governance policies and initiatives can be found
in the Corporate Governance section beginning on page 124, as well as in
our
Notice of Annual Meeting of Shareholders and Proxy Circular
, online
at www.bmo.com/investorrelations.