Aurora is one of the top cannabis players when it comes to Board Games, the review of corporate boards by the Globe and Mail’s Report on Business (ROB).
Now in its 18th year, the ROB Board Games considers dozens of governance criteria, extending beyond what is required by formal regulations including:
- Eight marks for boards with at least two-thirds independence – not management, relatives, etc.
- Five marks if the CEO and chairperson roles are split.
- Two marks if one-third of the board or more are women.
- Three marks if the CEO owns shares worth at least double his or her base cash salary.
- Zero marks committee attendance is not disclosed.
- One mark if the company disclosed directors ages.
For the review, Aurora achieved a score of 67 out of a total score of 100, representing a sizable increase compared to the prior year. As well, Aurora’s score is a substantially higher ranking than others in its peer group of companies.
“Aurora’s improvement in the ROB Board Games was made possible by the swift and responsible actions by the collective board and with the full support of management,” said Michael Singer, executive chairman of Aurora.
“Immediately following the 2018 Board Games report, our board underwent a critical review of its practices, policies and disclosures in an effort to be explicitly transparent with our shareholders and demonstrate leadership through its commitment to enhancing overall governance as Aurora continues advancing as the global cannabis leader. We are very pleased with this marked improvement and yet another important point of differentiation of Aurora from its peers.”
Board Games strategy
In partnership with its strategic advisors and the participation of all board members, Aurora was able to implement several changes ahead of the end of its fiscal year on June 30.
“I am proud of the efforts this Board has undergone in a very short timeframe and with great determination to make big and critical shifts that are akin to mature businesses,” said Norma Beauchamp, chair of Aurora’s Corporate Nominating and Governance Committee.
“We still have room for growth and are already in the process of implementing even further adjustments that we believe are appropriate for Aurora’s long-term success. The dramatic rise in ranking is a testament to the conviction of the organization.”
To view the 2019 Board Games and complete methodology, click here.