Compliance
An effective compliance program cannot be accomplished solely by a legal and/or compliance department. Many different support functions and individuals working with line business personnel are necessary for effective compliance. Compliance activities are integrated into existing organizational processes and become part of regular business tasks and activities performed by all personnel.
Personnel at the executive, management and supervisory levels (“Management”) are responsible for ensuring that employees under their supervision know and understand the company’s policies and procedures. Each operational area is responsible for advising and assisting on the establishment of compliance-related control activities, ensuring “best practices” are implemented and interfacing with the Legal and Compliance Department to ensure that the corporate compliance standards are current or to receive guidance in compliance matters. Each operational area conducts ongoing and periodic monitoring of compliance processes to ensure that the processes are functioning effectively.
All employees are considered to have a special obligation and responsibility to conduct the business of the company in a manner that complies with all the applicable laws and regulations and to bring non-compliant conduct to the attention of their supervisors or the Legal and Compliance Department.
Code of Ethics
A Code of Ethics governs the activity of staff at all levels, from senior management to clerical. All staff are subject to the rules and guidelines of this Code and annually signs an agreement to comply with the Code’s provisions. Failure to comply with the Code may be grounds for suspension or dismissal. Failure to comply with certain sections of this Code may also be a violation of securities law and may be punishable accordingly. All employees, officers and directors have a duty to report any contravention of this Code.
Within the Code of Ethics are policies that also specifically govern privacy, confidentiality of information and conflicts of interest.
It is fundamental to the fair treatment of investors that the highest standards of integrity and ethical business conduct be maintained. This can only be achieved by all employees, officers and directors continuing to adhere to the highest principles of conduct in the discharge of their duties.
Auditor and Custodian
Appropriate processes are maintained to ensure that relevant and reliable financial information is produced and available to the investors of AIC Funds. The auditor of AIC’s Funds is PricewaterhouseCoopers LLP. PricewaterhouseCoopers, Canada, is a member firm of PricewaterhouseCoopers International Limited and one of largest accounting firms in Canada. Its audit efficiency of financial statements are the cornerstones of PwC’s Assurance Services. Their worldwide audit methodology connects staff across Canada, and around the world, to access knowledge and share best practices.
Citibank Canada is the custodian of AIC Funds. The custodian ensures the assets of each Fund are safely held. Citibank Canada is independent.
Citibank Canada is part of Citi, the leading global financial services company. Citi has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko.
