Focussed on Canada
2023 Annual Report
Cover: Summer Paddle
Toronto artist Helen Pare works in acrylic paints in both impressionistic and abstract styles. She begins a landscape by referencing a photograph she has taken, embellishing the colours with distinct design as she
remembers it in her mind’s eye. Helen loves the beautiful colours and views that can be found in Ontario landscapes throughout the seasons.
“Summer Paddle” is based on a photo taken from a kayak at Belmont Lake in the Kawarthas.
Helen is also a long-time employee of Morgan Meighen & Associates Limited.
It is with regret that we announce the passing of our long-time colleague, Michael Smedley.


                 


       
portfolio manager.


3
2023 Annual Report | Canadian General Investments, Limited
       
investment growth rates, rates of return and other such statistical
information, are historical values; past performance is no assurance
or indicator of future returns. Share prices, net asset values and

        


any shareholder, which would have the effect of reducing such historical
returns. Stated returns for periods greater than one year are compound
average annual rates of return. Further information concerning risk can

www.canadiangeneralinvestments.ca or
 www.sedarplus.com.
The Company is an investment fund, and as such, this annual report
to shareholders carries a variety of information concerning stocks
and other investments, all for informational purposes only. The reader
should assume that the Company and all individuals and entities

          
therefore not rely solely on this report in evaluating whether or not to

         
the equity prices of the largest companies listed on the Toronto
          
        




Vanessa L. Morgan
Chair

prepared in accordance with International



Company;
ii. the management report of fund
performance includes a fair review of the
development and performance of the

together with a description of the
principal risks and uncertainties that the
Company faces.
Responsibility Statement
             

2023 Annual Report | Canadian General Investments, Limited
Vanessa L. Morgan
Chair
Jonathan A. Morgan

  
   
Compound Annual Returns For The
Periods Ending December 31, 2023






D. Greg Eckel, 
Vanessa L. Morgan, 
Jonathan A. Morgan, 

Dear Fellow Shareholders,

        

2023. The management report of fund performance contains
       
highlights section incorporating per share information as well




which are included in this report.
   

           
         

the same period.
       

per common share. Based on the year-end market price of the
 
yield to shareholders.
        


for the management of CGI’s investment portfolio.
       
       
        
         
www.canadiangeneralinvestments.ca.

2
2023 Annual Report | Canadian General Investments, Limited
CGI is a closed-end equity fund focussed on medium- to long-term
investments in primarily Canadian companies. It strives, through
       
losses and appropriate income-generating instruments, to provide













Canadian General Investments, Limited
Corporate Prole
Growth of a $10,000 Investment – 25 Years to December 31, 2023






$20,000
$0
 2002  2023
 
Jonathan A. Morgan

2023 Annual Report | Canadian General Investments, Limited
3
Management Report of Fund Performance
Investment Objective and Strategies
       
is a closed-end equity fund focussed on medium to long-term
investments in primarily Canadian corporations. It strives, through
       
losses and appropriate income generating instruments, to provide

       


seeks individual companies with attractive investment potential,

trends affecting those companies. This investment style allows for


Risk
The risks associated with an investment in the Company
       
        
www.canadiangeneralinvestments.ca    
www.sedarplus.com.
Results of Operations
Performance
          

          
        
rates did not incentivize positivity and expectations were, in the
      
producing a rollercoaster ride that persisted for many equity markets in
2023. Macro uncertainty remained the dominant force everywhere and



          



indices, the extent of the recovery as shown in the comparative yearly
         


        

lagged many of its peers with their larger tech weightings, particularly
            

some reversion to the mean in the short-term comparisons.

            
         
        

outperformance. In addition, and in direct contrast to 2022, there was
also a promising development with a widening out of the return set in
Management Discussion Of Fund Performance
     





                   






2023 Annual Report | Canadian General Investments, Limited
CGI’s overweighting of Information Technology, the top performing
sector in 2023, was largely due to the Company’s investment
          
         

market. Technology stocks dominated the performance metric of
         
    
the way and attracting attention due to its dominant positioning in



the largest holding in the portfolio. Trading activity in the name has


          



    

          

more aligned to the movement in the pricing of oil and gas whereas,
in 2022, the stocks clearly outdistanced the underlying commodities.
The equity anomaly arising from valuation reset was likely due to a

on fundamentals, who had neglected the area for years and from

the very tough 2022 environment. But the attention waned in 2023

         
          
        

       
   

       
these declines in the portfolio.
         


        
inexpensive valuations, companies are making commitments to higher
and consistent shareholder returns and evidence of corporate capital
         
elevates the potential as an investment opportunity. This attraction has

           
proceed slowly as this area carries with it heightened volatility and
  
done at a measured pace in an effort to mitigate and take advantage of
the often large swings in the market. The process started early in 2023

      
Drilling is the largest onshore energy driller in Canada with greater
 



The company is well positioned with rig types that are in high demand








         
          

         
        
appropriately selected.



value of each sector as a percentage of the total investment portfolio.
        
Discretionary, Industrials and Information Technology, and underweight
Energy and Financials, as compared to the sector weightings in the

CGI S&P/TSX
SECTOR
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Industrials
   
Information Technology
   
Financials
   
Energy
   
Consumer Discretionary
   
2023 Annual Report | Canadian General Investments, Limited
   

foreign investors who are seeking exposure to the Canadian oilpatch.


prospects for the investment going forward.
         

      
  
       

          
the largest uranium producers in the world. It has had a long history
        
    
          
and participates in many aspects of the complete nuclear fuel cycle,
          
an industry that has had a complicated and checkered past in terms
of success over the past couple of decades has deterred investor

 
the equation. Nuclear power generation aligns very well as a solution


          
       
various concerns, many governments have reversed previous plans to

to extend plant lifespans, restart idled facilities or are planning for

      

down uranium pricing to encourage either exploration initiatives or
   
          
complication for those entities that must source their fuel supplies in a





the prime candidate for an investor wanting to attain such exposure in



see strong recovery in some of the other non-tech names that had


       
       

          
         
          

in 2023.
        
was the worst performer in the portfolio. Its shares had a sudden drop


          


process in which its mining concession contract was approved and

Supreme Court on the constitutionality of the newly passed law was
successful and revoked their contract. The market quickly discounted

uncertainty and will now wait to see how the situation plays out. The
 

             

taken out its value within its net asset value calculation and pushed its



        

       
and dividends on preference shares are the largest expenses of the
       
to higher average portfolio assets during the period. Interest and

           

Leverage

   

annum. The agreement requires the Company to pledge securities as
        
          
      

             
    
          

     

           

      

          
         


         


2023 Annual Report | Canadian General Investments, Limited
Taxation
             



         
           
income and capital gains in a year are greater than taxes recovered on the




          
dividends in future years.
          


         
         
        
         

         



Recent Developments
Outlook
           
        



          



           
       

  
can logically craft a vision for some normalization after many years of

            


the volatile macro regime has created a much more uncertain environment,


           
few years and the Manager remains committed to providing a constant
and steady approach in its pursuit of value creation for the Company’s
          

source opportunities should continue to come to the fore.
Related Party Transactions
         
         
continuing advice and investment management services, as well as
       
          

Company, see “Management Fees”.
       
       
          




2023 Annual Report | Canadian General Investments, Limited
 
 
expressed as an annualized percentage of daily average net asset value during the period.
                   

 
 


2023 2022 2021 2020 2019


    


    
Management expense ratio

    
Trading expense ratio

    


    
Net asset value per share

    
Closing market price

    
Ratios and Supplemental Data
 
 

 
 
The Company’s Net Assets per Share
(1)
2023 2022 2021 2020 2019
     

Total revenue
    

   ) )

    

    

    


    
Dividends paid to common shareholders

    
Capital gains dividends
 -   
Total dividends

    


    
Financial Highlights


2023 Annual Report | Canadian General Investments, Limited
Past Performance


holders of the Company’s shares that would have reduced returns or performance. How the Company has performed in the past does not
necessarily indicate how it will perform in the future.
Year-by-Year Returns



Annual Compound Returns


Year 3 Years 5 Years 10 Years

   

   

   

      2020  2022 2023





The bar chart below illustrates CGI’s net asset value per share return, with dividends reinvested at net asset value per share
31.0%
38.1%
24.6%
18.2% 17.4%
21.5%
-7.2%
-10.9%
-20.0%
8.4%
      2020  2022 2023





The bar chart below illustrates CGI’s share price return, with dividends reinvested at the market price
8.2% 9.5%
32.1%
37.0%
29.4%
26.3%
-10.8%
-24.1%
-2.7%
13.3%
Management Fees
                     

pay costs for managing the portfolio and making investment decisions, as well as the provision of administrative services including making



2023 Annual Report | Canadian General Investments, Limited
Top 25 Holdings
Issuer
Sector
% of Net
Asset Value*
% of Investment
Portfolio

TFI International Inc.



The Descartes Systems Group Inc.

Franco-Nevada Corporation
Mastercard Incorporated
Bank of Montreal
Shopify Inc.


FirstService Corporation
Dollarama Inc.
Constellation Software Inc.
goeasy Ltd.
Enerplus Corporation



Toronto-Dominion Bank
Builders FirstSource, Inc.


Information Technology
Industrials
Industrials
Information Technology
Materials
Information Technology
Industrials
Materials
Financials
Financials
Information Technology
Financials
Consumer Discretionary

Consumer Discretionary
Information Technology
Financials
Energy
Consumer Discretionary
Materials
Energy
Financials
Industrials
Consumer Discretionary
Industrials



















2.3
2.0









3.3
3.3
3.2
3.0




2.3
2.2
2.2
2.2

2.0
2.0





 




Summary Of Investment Portfolio

Sector Allocation
Asset Allocation
% of Net
Asset Value*
% of Investment
Portfolio
% of Net
Asset Value*
% of Investment
Portfolio
Industrials
Information Technology
Financials
Energy
Consumer Discretionary
Materials

Communication Services

Consumer Staples

23.0





2.2



20.0








Canadian Equities
Foreign Equities









www.canadiangeneralinvestments.ca


2023 Annual Report | Canadian General Investments, Limited
The Company maintains appropriate processes to ensure that
       
       

        
material accounting policy information, which Management



     
      
     
         
       
       
        
of Directors prior to the approval of the audited financial

    
        
statements in accordance with Canadian generally accepted



Management Report
The accompanying nancial statements have been prepared by Management and approved
by the Board of Directors of the Company. Management is responsible for the information
and representations contained in these nancial statements.
Vanessa L. Morgan
Chair
Jonathan A. Morgan


Financial Reports
2023 Annual Report | Canadian General Investments, Limited

Our opinion
       




What we have audited

 
and 2022;
• the statements of comprehensive income for the years
then ended;
• the statements of changes in net assets for the years
then ended;
 
       
material accounting policy information and other
explanatory information.
Basis for opinion
        
      

 section of our report.


Independence
         

        

Other information
       
       

        
and our auditor’s report thereon, included in the annual report

         
other information and we do not express any form of assurance
conclusion thereon.
         
        
and, in doing so, consider whether the other information is
       
         
materially misstated.

           
conclude that there is a material misstatement of this other



in the annual report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter
to those charged with governance.
Responsibilities of management and those charged
with governance for the nancial statements
       
       
        
       

whether due to fraud or error.


        
     
either intends to liquidate the Company or to cease operations, or



Auditor’s responsibilities for the audit of the
nancial statements

         
Independent Auditor’s Report
To the Shareholders of Canadian General Investments,


2023 Annual Report | Canadian General Investments, Limited
misstatement, whether due to fraud or error, and to issue an

           
conducted in accordance with Canadian generally accepted
auditing standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could
        


      

• Identify and assess the risks of material misstatement of the
        
and perform audit procedures responsive to those risks,

           
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
       
audit in order to design audit procedures that are appropriate

opinion on the effectiveness of the Company’s
internal control.
• Evaluate the appropriateness of accounting policies used


• Conclude on the appropriateness of management’s use of the
         
      
        

If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related

       

auditor’s report. However, future events or conditions may

• Evaluate the overall presentation, structure and content of
      
      
transactions and events in a manner that achieves
fair presentation.

among other matters, the planned scope and timing of the audit

in internal control that we identify during our audit.

that we have complied with relevant ethical requirements
regarding independence, and to communicate with them
        
        
related safeguards.
The engagement partner on the audit resulting in this independent
auditor’s report is Derek Hatoum.




Independent Auditor’s Report (continued)
2023 Annual Report | Canadian General Investments, Limited

Note
December 31,
2023
December 31,
2022

Current assets
Investments
 
Cash
 

 

 

- 
Total assets
 

Current liabilities

  

 -

- 
Borrowing facility
 

- 
Total liabilities
 
Net assets
 
Equity
Share capital
 

 
Total equity
 
Net assets per common share
 


Director Director


Statements of Financial Position

2023 Annual Report | Canadian General Investments, Limited
Statements of Comprehensive Income
Note 2023 2022
Income

Dividend income
 
Interest


 
Net change in unrealized gain on investments
 

 
Securities lending revenue
13
 

 
Expenses
Management fees
12
 

6,7
 
Dividends on preference shares
7
 
Directors’ fees and expenses
12
 
Listing and regulatory costs
302 
Transaction costs on purchases and sales
 
Investor relations
 
Legal fees
 

10
 
Custodial fees
 

 
Independent review committee fees and expenses
12
 
Security holder reporting costs
 

 
Total expenses
 

 
 9
 

 
  



2023 Annual Report | Canadian General Investments, Limited

Share Capital Retained Earnings Total

  
Decrease in net assets from operations
-  

-  

  
Increase in net assets from operations
-  

-  
Capital gains dividends paid to common shareholders
-  

  



Statements of Changes in Net Assets

2023 Annual Report | Canadian General Investments, Limited
Note 2023 2022


 
Adjustments for:

 

 
Net change in unrealized gain on investments
 

 

 

 
Dividends paid to preference shareholders
 

 

 

 

 

 


 

- 

 -

 
Dividends paid to common shareholders
 
Dividends paid to preference shareholders
 

 

 

 
Cash at the end of the year
 

Interest received

Dividends received, net of withholding taxes
 

 



Statements of Cash Flows
2023 Annual Report | Canadian General Investments, Limited




300,000







Energy Equipment & Services

Corporation
Oil, Gas & Consumable Fuels
Baytex Energy Corp.
Cameco Corporation
Canadian Natural


Enerplus Corporation

TC Energy Corporation






















Total Energy
 


Food & Staples Retailing



Total Consumer Staples
 


Building Products
Builders Firstsource, Inc.
 


Commercial Services & Supplies
Boyd Group Services Inc.







Construction & Engineering
Stantec Inc.






Electrical Equipment

 

220,000
3,220,000
Machinery








-
332,000
Marine Transportation

 

Passenger Airlines

 



Road & Rail

Company

TFI International Inc.







Trading Companies &
Distributors

 
Total Industrials
 

Number
of Shares Investment Cost
Fair
Value








Banks
Bank of Montreal

Toronto-Dominion Bank
Capital Markets

Economic Investment Trust Limited
Consumer Finance
goeasy Ltd.
Financial Services















Total Financials
 



Broadline Retail

Dollarama Inc.





Distributors

 
230,000
Leisure Products

 

32,000
Specialty Retail

Home Depot, Inc.




Total Consumer Discretionary
 
Number
of Shares Investment Cost
Fair
Value



Telecommunication Services




Wireless
Telecommunication Services



Total Communication
Services
 
 
Schedule of Investment Portfolio

2023 Annual Report | Canadian General Investments, Limited
Schedule of Investment Portfolio




300,000

Metals & Mining

Franco-Nevada Corporation

Paper & Forest Products
Interfor Corporation

Total Materials












Number
of Shares Investment Cost
Fair
Value








330,000



IT Services
Shopify Inc.
Semiconductors &
Semiconductor Equipment

Software
Constellation Software Inc.
Constellation Software Inc. wts

The Descartes Systems Group Inc.
Lightspeed Commerce Inc.
Lumine Group Inc.


Topicus.com Inc.
Technology Hardware,
Storage & Peripherals




-





-




-







Total Information Technology
 
Number
of Shares Investment Cost
Fair
Value







Transaction costs
-








3,200,000
Real Estate Management
& Development
Colliers International Group Inc.
FirstService Corporation
StorageVault Canada Inc.









2023 Annual Report | Canadian General Investments, Limited

        
 
      

Canadian General Investments, Limited is a closed-end equity
fund focussed on medium to long-term investments in primarily
Canadian corporations. It strives, through prudent security

       
returns to investors.
The Company’s investment and administration activities are

         
the Toronto Stock Exchange and on the London Stock Exchange




       


Notes to the Financial Statements
1
2
General Information
Basis of Presentation
The material accounting policies applied in the preparation of
 

3.1 Financial Assets and Financial Liabilities
Classification
The Company recognizes financial instruments at fair value upon
initial recognition, plus transaction costs in the case of financial
instruments measured at amortized cost. Investment transactions
are recorded on the trade date. The Company measures securities
          
financial assets is managed and performance is evaluated on a fair

on fair value information and use that information to assess the
assets’ performance and to make decisions. The Company has not

fair value through other comprehensive income. Consequently, all


        
          
paid, discounted, when appropriate, at the contract’s effective
interest rate.
Fair value measurement


at the measurement date.


  
and represent actual and regularly occurring market transactions on an

market price on the reporting date, where the last traded price falls

          


to recognize transfers into and out of the fair value hierarchy as of the
date of the event or change in circumstances giving rise to the transfer.

securities, in special circumstances where a market quotation is not




 

        
recognition is the transaction price, i.e. the fair value of the consideration
given or received, unless the fair value of that instrument is evidenced
       
         


3
Material Accounting Policy Information
20
2023 Annual Report | Canadian General Investments, Limited
3

3.2 Foreign Currencies

        
sales of investments, investment income and expenses are calculated
at the exchange rates prevailing on the dates of the transactions. The
Canadian dollar is the Company’s functional and presentation currency.
3.3 Investment Income
Dividend income is recorded on the ex-dividend date. Interest
         
recognized as earned.
3.4 Securities Lending
Securities lent are not derecognized in the Company’s statement of

and rewards of ownership.
3.5 Cash

institutions.
3.6 Preference Shares
The Company classifies financial instruments issued as financial

of the contractual terms of the instruments.
          
           
preference shares had priority over the common shares with
respect to the payment of dividends and the return of capital
          
preference shares provided investors with the right to require
redemption, or the right for the Company to redeem, for cash at
values and dates set out in the prospectus and in the event of the
Company’s liquidation.
        
were stated at amortized cost using the effective interest method.
3.7 Increase (Decrease) in Net Assets From
Operations, Per Common Share


       
outstanding during the period.
3.8 Taxation
The Company qualifies as an investment corporation under Section

to a reduced rate of income tax on its net investment income other
      
        

shareholders related to these dividends.
          


investment corporation and pays out sufficient dividends related

are recorded as an expense or recovery in the period in which such

       
         
          





to the Company as an investment corporation. Conversely, when
           
          
 
non-capital tax losses. However, these net deferred tax assets have
         
        


3.9 Investment in Associates and Subsidiaries
         

funds from one or more investors for the purpose of providing them
        
           
        







         
          




2023 Annual Report | Canadian General Investments, Limited

         
      
estimates and assumptions that affect the application of accounting
         



the estimates are revised and in any future periods affected.
5.1 Financial Risk Factors
In the normal course of operations, the Company’s activities expose


prices and the fair value of investments in the Company’s portfolio
            
economic conditions, market and company news, political conditions,
       
epidemic or pandemic. In general, the Manager seeks to minimize
the potential adverse effects of these risks on the Company’s
     
     

           
        

selection is the primary criteria for managing risk. In order to
mitigate risk, depending on conditions, the Manager considers other
criteria such as asset class, industry, country and currency.
Credit risk


The Company’s main exposure to credit risk may consist of investments
 
     
securities on loan as part of the Company’s securities lending program, as
well as securities held in a separate control account with the Company’s
           


and other assets represents the maximum credit risk exposure as at
          
          

         
        

risk of default is considered minimal, as delivery of securities sold is only
  
     
Company’s custodian. The trade will fail if either party fails to meet

Credit risk with respect to the Company’s securities lending program
is considered minimal given the nature of the collateral, as well as the
       

       


Liquidity risk




mutual fund, it is not exposed to the liquidity risk associated with daily
cash redemptions of securities. However, as part of a leverage strategy,




share provisions was a restriction which precluded payment of a
common share dividend unless, after giving effect thereto, the ratio
          
         
          



of CGI’s net assets.

assets in investments that are traded in an active market and which
  
       

There were two unlisted securities and no restricted securities as
          

4
Critical Accounting Estimates & Judgements
5
Financial Risk Management
22
2023 Annual Report | Canadian General Investments, Limited
          

the Company’s Board of Directors.
          

Market risk

            
         
          
           
date. In practice, the actual results may differ and the differences could

Interest rate risk
            

       
          
          

       
       

           
         
interest rates.


        
        

        
          
         
     

Currency risk
       
denominated in a currency other than the Canadian dollar.
The Company is exposed to the risk that the value of securities
        
in exchange rates. Securities trading in foreign markets are
also exposed to currency risk, as the price in local terms in the
foreign market is converted to Canadian dollars to determine
fair value. The Company’s policy is not to enter into any
hedging arrangements.



         

      
       

Price risk


         



capital. The Manager moderates this risk through careful selection

        


     

           
prices in the investment portfolio, excluding cash and short-term
        
resulted in the Company’s net assets increasing or decreasing,
     

5

2023 Annual Report | Canadian General Investments, Limited
23
Concentration risk
Concentration risk arises as a result of the concentration of exposures
within the same category, whether it is geographical location, product
type, industry sector or counterparty type. The following is a summary

Industry Sector
December 31,
2023
December 31,
2022
Industrials
 
Information Technology
 
Financials
 
Energy
 
Consumer Discretionary
 
Materials
 

 
Communication Services
 
Consumer Staples
 
Health Care
 
Cash
 
 
Sensitivity analyses are provided for information purposes only. In practice, the actual trading results may differ from this sensitivity analysis

5.2 Capital Risk Management
          
        
when managing its capital is to ensure that activities are carried
         
         
         
of securities in a separate control account with the Company’s



5.3 Fair Value Measurements
         


Level 1:         
markets for identical assets
Level 2: 

markets that are not active
Level 3:
Level 2 investments include positions that are not traded in active
        
        
     
valuation techniques.

 
       
       
and preference shares are carried at amortized cost. Except in respect
of the preference shares, amortized cost approximates fair value given

2022, the preference shares fair value using the closing quoted market

5


2023 Annual Report | Canadian General Investments, Limited
5


Level 1 Level 2 Level 3 Total

Financial assets at FVTPL:
Investments

- -


Financial assets at FVTPL:
Investments

- -





-

         


        
       
       
        
requires the Company to pledge securities as collateral for
     


days’ notice.


        


6
Borrowing Facility



7
Preference Shares
Common Shares
         

     
outstanding with no par value.


          

8
Share Capital
2023 Annual Report | Canadian General Investments, Limited




         
         
        
         

         



            
dividends received from corporations resident in Canada. This special

           


       
countries on investment income. Such income or gains are
recorded gross of withholding taxes in the statements of
       
separate item in the statements of comprehensive income.
        


          


        
with certain persons to whom the shareholder is considered to


         
maintain its investment corporation status as long as it does
   

         
  


2023 2022

income taxes


 


 
Dividends on preference shares
 
Net change in unrealized gain
 

 

 

 -

accounting purposes
 -

- 

 -

 
9
10
Income Taxes
Withholding Taxes


2023 Annual Report | Canadian General Investments, Limited


         
        
        


Ms. Morgan together own directly or indirectly or exercise control

shares of the Company, making them the ultimate controlling party.
Transactions With Related Entities
Management fees
        


       
fees are paid monthly to the Manager for services received in
       
accounts and investment portfolio, among other services. These
            
       



         



Dividends
      

         

Key management personnel compensation
           

of the Company.


         
            



12
Related Party Information



11
Financial Instruments by Category
2023 Annual Report | Canadian General Investments, Limited

The Company participates in a securities lending program with its
         
custodian as agent for the Company and generally comprises Canadian

governments with appropriate credit ratings, and other short-term

event that any of the loaned securities are not returned to the Company
and the value of the collateral held is less than the fair value of the
securities not returned, the custodian shall indemnify the Company for
any such shortfall.
         
         
        
          

December 31, 2023 December 31, 2022
Securities lending collateral

 

 

 
 


December 31, 2023 December 31, 2022
Gross securities lending earnings
   
Fees
   

   
Net securities lending earnings
   
13
Securities Lending
CORPORATE INFORMATION
BOARD OF DIRECTORS


Marcia Lewis Brown
Board Director






Vanessa L. Morgan



Board Director



AUDIT COMMITTEE

Marcia Lewis Brown


CORPORATE GOVERNANCE
COMMITTEE



INDEPENDENT DIRECTORS
COMMITTEE

Marcia Lewis Brown



OFFICERS

Chair





Treasurer


OFFICE OF THE COMPANY


Telephone:
Toll Free:
Fax:
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca
MANAGER

Toronto
AUDITOR

Toronto
INDEPENDENT REVIEW COMMITTEE




CANADIAN REGISTRAR
AND TRANSFER AGENT
Computershare Trust Company of Canada


Telephone:


Fax:


website:
To change your address, eliminate multiple
mailings or for other shareholder account
inquiries, please contact Computershare at
       
     
       
      
      

Computershare along with a letter requesting

U.K. TRANSFER AGENT







STOCK EXCHANGE LISTINGS
The Toronto Stock Exchange

Common Shares CGI
The London Stock Exchange

Common Shares CGI
PUBLICATION

      

 

     
        
       
     
the Company upon request.
DIVIDEND REINVESTMENT AND
SHARE PURCHASE PLAN
     
     

as with reinvested dividends, shareholders
may purchase additional shares for cash
     
quarter. Shares are purchased on the open
market, with participants paying the average
cost while the Company pays all administrative
    
       
     


reinvestment segment of the plan only.
ANNUAL MEETING OF
SHAREHOLDERS

of Canadian General Investments, Limited will


   
        

DIVERSITY POLICY
Information and disclosure with respect to
the Company’s policy on Board Diversity can

Information Circular.
Managed by:
CANADIAN GENERAL INVESTMENTS, LIMITED

Telephone:
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca