Altamira Investment Services Inc. announced today that it has established an Independent review committee (IRC) to review investments by Altamira funds in the common shares of the National Bank of Canada.

Altamira is a wholly owned subsidiary of the bank. Natcan Investment Management Inc., the portfolio manager of the funds, is majority owned by National Bank.

The primary mandate of the IRC is to review, at least quarterly, the purchase, sale and continued holdings by Altamira funds of common shares of the bank and ensure that they represent the business judgment of the portfolio manager, uninfluenced by considerations other than the best interests of the funds, that the decisions were made free from any influence of the bank.

Altamira says the IRC will also review investments in particular securities, in compliance with orders issued by the Canadian securities regulatory authorities. The creation of this committee follows a decision made in 2004 by the Canadian securities regulatory authorities to permit investment by Altamira funds in common shares of the bank subject to review by an independent committee.

The initial members of the committee are Jean Durivage, Yves Julien, André Godbout and Jean-François Bernier. All members of the IRC are independent and none are an employee, director, officer or associate of Altamira, the bank, its subsidiaries, Natcan, or an associate or affiliate of any of them.

Members of the IRC receive a fee plus expenses for each meeting they attend. These fees will be allocated among the funds in a manner that is considered by the IRC to be fair and reasonable to the funds.

In addition to the establishment of the IRC, Altamira says it’s advisory council will continue to review and advise the company on matters of importance to its unitholders such as management fees, compliance procedures, regulatory policies and ethical standards. The council was established in 1994 and its members are Stanley Beck, Sue Bochner, Mary Mogford and Duff Scott. The council meets with the senior management of Altamira on a quarterly basis.