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Wealth Management Highlights 12 IGM Financial Building 2020 Annual Report TSX: IGM Momentum Together From Our IGM Family to Yours IGM Financial’s family of companies are committed to improving the financial well-being of Canadians and helping them achieve their goals at every stage of life. 2020 Highlights 4 Asset Management Highlights 16 Contents Letter to Shareholders 6 Strategic Investments Highlights 18 Board of Directors Talent and Culture 20 and Executive Leadership 10 Guiding Principles 22 Corporate Structure 11 Wealth Management Highlights 12 Readers are referred to the caution regarding Forward-Looking Statements and Non-IFRS Financial Measures and Additional IFRS Measures on page 24 of this Annual Report. Unless otherwise noted, all figures mentioned in this report are in Canadian dollars and are as of, or for the year ending, December 31, 2020. 2 | 2020 IGM Financial Inc. Annual Report From Our IGM Family to Yours IGM maintains the unique strategies of our individual businesses while Reasons to Invest also maximizing the value of shared knowledge and resources. • Bold steps taken to transform operating companies resulting in market share gains and operational efficiencies IGM Financial Inc. (TSX: IGM) is a leading wealth and asset management company supporting financial advisors • Experienced leadership team focused on and the clients they serve in Canada, and institutional driving innovation, an agile culture and exceptional client outcomes investors throughout North America, Europe and Asia. • Exciting growth opportunities through Through its operating companies, IGM provides a broad investments in fintech, private alternative range of financial planning and investment management markets and China services to help Canadians meet their financial goals. • Financial strength and scale, strong The company creates value for shareholders through governance and benefits as a member of three key areas: the Power Corporation group of companies • Long-term view to shareholder value • Wealth Management creation and demonstrated commitment • Asset Management to corporate responsibility • Strategic Investments More than 100 employees, including IGM’s Bobby Greenberg, recorded videos for IGM Cares Stories for Charities, part of IGM’s Annual Caring Company Campaign. 2020 IGM Financial Inc. Annual Report | 3 From Our IGM Family to Yours 2020 Highlights OUR CLIENTS OUR PEOPLE OUR COMMUNITIES 1Million+ 3,500+ IG Wealth Management clients employees across the IGM group of companies IGM ranked 29th among Corporate Knights’ 2021 Global 100 Most Sustainable Corporations 30,000+ 27% external advisors doing business with of IG consultants and associates are women Mackenzie Investments $1.18 million raised through inaugural IGM Caring Company Campaign, a 10% increase from 2019 199,000+ Investment Planning Counsel clients IGM signed pledge to end anti-Black systemic racism and to take action in both our companies and our investments 60% $5 million over five years dedicated to further of Mackenzie Mutual Fund Assets reside the financial confidence of Indigenous in funds rated 4 or 5 stars by Morningstar 33% communities in Canada of IGM senior leadership roles (Vice-President level and higher) held by women $1.65Billion assets under management in Sustainable 3 $89,000 raised to support both local and Solutions at the end of 2020 extra paid days off in 2020 in appreciation international initiatives of employees’ efforts during the year Investors Statement on 1,820 Coronavirus Response IG and Mackenzie achieved a PRI Score IG consultants with more than four years IGM signed statement encouraging companies of A in the category for Strategy and experience and a total network of 3,304 to prioritize the health, safety and well-being of Governance of Responsible Investing consultants and associates their workers and communities 7 Partner In Action Teams employee-led PIA teams enhance awareness, three new strategic investments to broaden understanding and progress in diversity, equity IGM’s distribution and product shelf and inclusion $12.8 million donated to charities across Canada since 1999 We are proud of our commitments and achievements in working towards a sustainable future 4 | 2020 IGM Financial Inc. Annual Report From Our IGM Family to Yours SHAREHOLDER HIGHLIGHTS NET EARNINGS Strong Asset Growth $ 2020 IGM Financial assets under management 764.4 Million and advisement ($B) $3.21 per share available to common shareholders 30.3 240 ADJUSTED NET EARNINGS 12.5 $ 762.9 Million 190 7.1 $3.20 per share available to common shareholders DIVIDENDS DECLARED $536.2 Million $ OPENING NET FLOWS INVESTMENT ACQUISITIONS ENDING 2.25 per share RETURNS per common share TOTAL ASSETS UNDER MANAGEMENT AND ADVISEMENT ($B) Opening Net Flows Investment Acquisitions Ending Returns IG Wealth Management 97.1 0.8 5.4 - 103.3 Investment Planning Counsel 27.7 0.4 1.2 - 29.3 Mackenzie Investments 68.3 6.2 6.1 30.3 110.9 IGM Financial Consolidated* 190.0 7.1 12.5 30.3 240.0 *consolidated results eliminate double counting where business is reflected within multiple segments 2020 IGM Financial Inc. Annual Report | 5 From Our IGM Family to Yours Letter to Shareholders We hope you, your family and loved ones are staying safe. As it was for many of you, 2020 was a year unlike any other for IGM Financial. However, despite the multiple challenges our business and people faced, we built on our momentum and achieved some record results. We were able to do this because we focused on what was important: the health and well-being of our people and being there for our clients when they needed us most. Our success can also be attributed to the foundational work we began four years ago – a strategic and operational transformation that gave us relevance, speed and flexibility when the pandemic occurred. On behalf of the leadership team, we thank IGM employees, consultants, and advisors for their flexibility, resilience and commitment to our clients throughout 2020. Almost 90 per cent of our people were able to shift to work-from-home within two weeks of the pandemic. That transition was near-seamless, thanks to new tools and infrastructure we already had in place. For Canadian investors, our ability to stay connected while providing the financial services they needed helped them navigate an often-challenging environment. In September, IGM Financial and IG Wealth Management President and CEO Jeff Carney retired for health reasons. It’s a testament to his leadership and vision that the company was able to successfully work through this change and not miss a beat. We owe a debt of gratitude to Jeff for setting the entire organization up for success both today and tomorrow, and we wish him and his family the very best. With Jeff’s departure, we welcomed James O’Sullivan as President and CEO of IGM Financial and Damon Murchison as President and CEO of IG Wealth Management. In October, IGM realigned its reportable segments to better characterize the company’s business lines and improve transparency into our key business drivers, including Wealth Management, Asset Management and Strategic Investments. The second half of 2020 also saw significant M&A activity, including several strategic acquisitions and investments to bolster our asset management business in important areas such as group retirement, private markets and sustainable investing. 6 | 2020 IGM Financial Inc. Annual Report From Our IGM Family to Yours As a result of our collective efforts, together we achieved some outstanding milestones in 2020. We ended the year with record-high assets under management and advisement (AUM&A) of $240 billion, up 26 per cent from last year. Net inflows for the year of $7.1 billion were also a record high, up from net outflows of $1.7 billion in 2019. Annual net earnings of $764.4 million or $3.21 per share compared to $746.7 million or $3.12 per share in 2019, and annual adjusted net earnings were $762.9 million or $3.20 per share compared to $763.9 million or $3.19 per share in 2019. Accelerating our Business Operations Transformation In 2020, we hit the midpoint of our five-year transformational journey to modernize our employee, consultant, advisor and client experience, while also continuing the digitization of our back office for greater efficiency and agility. The foundations laid in 2019 were critically important in helping our organization successfully respond to and navigate the challenges of the pandemic. Our transformational work allowed us to quickly pivot when the pandemic hit and change the way we serve our clients. For example, we moved from meeting face-to-face across kitchen tables or in advisor/consultant offices to video conferencing and are now using new mobile apps and adopting online documents, including e-signatures. The transition from predominantly in-person service to a virtual environment was supported and driven through our consultants’ transition to Salesforce and digital forms, which occurred in early 2020. In addition, our employee experience was further enhanced in 2020 as we implemented SAP’s leading HR platform, SuccessFactors, to better manage everything from employee benefits to vacation time. We also engaged Soroc Technology to manage and service all our staff and consultants’ end-user productivity tools, including laptops and mobile devices. The result is enhanced service delivered more cost-effectively. Major steps and new partnerships with global leaders furthered our operational efficiencies. This included moving data operations to Google Cloud, which provided us with cost savings, advanced data analytics and AI capabilities. In the back office, our relationship with Capco provided new technologies that have streamlined and, in many cases, automated processes that were once labour-intensive. While our journey is not yet complete, we are well on our way to becoming one of the most modern financial institutions in the country. During the last two years we have implemented outsourcing, automation and efficiency initiatives that will reduce ongoing expenses by $40 million per year.
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