BCI Annual Report


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In Canada and around the world, the COVID-19 pandemic continues to be a challenge for individuals, businesses, and society as a whole. Although the situation is improving, the consequences of this pandemic are likely to be felt for years. The past year has been unlike anything we have experienced. Despite the upheaval to normal routines, BCI's highly talented employees continued to perform essential services for our clients — organizations that depend on BCI for investment returns to provide pensions and other important financial supports to British Columbians. This ability to successfully operate through significant disruption did not come about by chance. PREPARATION WAS KEY TO SUCCESS BCI was well prepared. Management and the board had planned how to handle crises and business disruptions. Over the past six years, we have participated in table-top exercises and role-played different crisis scenarios as part of our enterprise risk management activities. The board also provided input into the approaches BCI would follow to engage with stakeholders during a crisis. That preparation, and our expectation that a market downturn at some point was inevitable, allowed us to adapt quickly to extraordinary circumstances. With board support, BCI protected employees by shifting them to a virtual work environment at the start of the pandemic. Management deliberately increased communication with clients, staff, and other stakeholders throughout the pandemic, while continuing to provide a full portfolio of investment and asset management services. The board shifted to virtual meetings and received updates from BCI's asset class leaders to understand market developments and BCI activities in an unprecedented environment. Operational stability was only made possible by recent investments in technology, such as the investment management platform. DIVERSITY AND INCLUSION STRATEGY  For the past three years, diversity and inclusion (D&I) has been an active topic on the board's strategic agenda. The board and executive management team are strong proponents for greater D&I, especially gender diversity in the investment roles. Message from Our Chair Peter Milburn " BCI was well prepared. Management and the board had planned how to handle crises and business disruptions." 2 0 2 0 - 2 0 2 1 C o r p o r a t e A n n u a l R e p o r t 1 2

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