Foster & Associates Financial Services

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Corporate Governance Statement

Foster & Associates Financial Services Inc. (Foster) has established a governance policy to establish the role of the firm’s Officers and their accountability to the operation and performance of Foster.

The firm’s Directors are appointed by Foster's sole shareholder, FAFS Holding Corporation, at the FAFS annual shareholder meeting. The Officers of Foster are then appointed each year by the firm’s Board of Directors at the first Board Meeting immediately following the firm’s annual shareholder meeting. Minutes of this meeting are maintained and kept on file for regulatory review.

The firm's current Directors are:


Christopher Foster, Chairman and CEO


Frank Florio, Managing Director, Portfolio Services


Nishant Patil, Chief Financial Officer


Michael Cappuccitti


  

To appoint the various Officers of Foster, a motion is put forth to firm's Board of Directors for their consideration and acceptance. It is required that an individual appointed to an Officer position have the necessary qualifications to fulfill their responsibility for the position.

The appointment of the Ultimate Designated Person (UDP) is the responsibility of the firm’s Board of Directors. The appointment of the Chief Compliance Officer (CCO) and the Chief Financial Officer (CFO) to their positions, and the responsibilities assigned to those positions, is the role of the Ultimate Designated Person for the firm.

The following individuals currently hold the position and applicable responsibilities for the business activities of Foster:


Ultimate Designated Person (UDP): Christopher Foster, Chairman and CEO

The most senior officer of an investment dealer who is responsible for promoting a culture of compliance and overseeing the effectiveness of the firm’s compliance system. Generally the chief executive officer of an investment dealer must be designated as the firm’s UDP. An individual must be approved by IIROC before he/she can act as a firm’s UDP.

Chief Compliance Officer (CCO): Adam Kretschmann

The Chief Compliance Officer (CCO) is the operating officer of an investment dealer who is responsible for the monitoring and oversight of the firm’s compliance system. This includes: (i) establishing and updating policies and procedures for the firm’s compliance system; and (ii) managing the firm’s compliance monitoring and reporting according to the firm’s policies and procedures. An individual must be approved by IIROC before he/she can act as a firm’s CCO.

Chief Financial Officer (CFO): Nishant Patil

The Chief Financial Officer (CFO) is the officer of an investment dealer who is responsible for monitoring adherence to the firm’s policies and procedures as necessary to provide reasonable assurances that the firm complies with IIROC’s financial rules including minimum capital requirements. An individual must be approved by IIROC before he/she can act as a firm’s CFO.

 

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1100 - 372 Bay Street  I  Toronto, Ontario  I  M5H 2W9  I  Canada  I  Main 416-369-1980  I  Toll Free 1-800-559-8853  I  Fax 416-369-1070  I  info@fostergroup.ca