An Independent Review Committee became operational on Thursday for the following BMO Financial Group subsidiaries that offer public investment funds: BMO Investments Inc., BMO Nesbitt Burns Inc., BMO Harris Investment Management Inc. and Guardian Group of Funds Ltd.

The IRC will provide independent oversight regarding actual and perceived conflicts of interest involving the publicly offered BMO Financial Group-managed investment funds and will perform all other functions required of an independent review committee under National Instrument 81-107, Independent Review Committee for Investment Funds.

Together with the chair, Charles W. White, the other members of the IRC are: Allen B. Clarke, Kenneth W. McArthur, John K. McBride, R. Jamie Plant and Louise Vaillancourt-Châtillon. They were appointed the first members of the IRC on May 1.

Each of the members of the IRC is independent from the fund managers and other companies associated with BMO Financial Group.

In conjunction with the implementation of the IRC, the independent trustees who previously governed the BMO Mutual Funds have resigned as trustees but will continue to serve as members of the IRC. BMO Investments Inc. has been appointed the sole trustee of the BMO mutual funds.