Frequently Asked Questions

CGI’s portfolio is managed by Morgan Meighen & Associates Limited (MMA), an investment management firm with over $3 billion in assets under management. With extensive experience in financial markets, our team of investment professionals is dedicated to seeking strong long-term returns for its investors.

For more information about the management team and their approach, please visit our “Our Team” section.

Shares of CGI are traded on the Toronto Stock Exchange and London Stock Exchange and can be purchased by investors using any brokerage account, like any other publicly listed company. CGI may not be suitable for all investors. Before making any investment decision, it is recommended that you seek advice from a qualified investment advisor.
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Yes, CGI aims to provide steady to rising quarterly dividends to its common shareholders. Since 2014, the emphasis on year-end special capital gains dividends has been reduced in favour of more consistent quarterly payments. This distribution policy is intended to provide greater reliability in dividend income and potential for share price appreciation for shareholders. View the dividend details here.

Shareholders in Canada and the U.K. are fully eligible to participate in both the dividend reinvestment and share purchase segments of the Plan, while citizens or residents of the U.S. may participate in only the dividend reinvestment segment of the Plan.

Shareholders resident outside Canada, apart from those in the U.K. and the U.S., may also participate in the Plan unless prohibited by the law of the country in which they reside. For the Plan, shares are purchased on the open market, with participants paying the average cost while the Company pays all administrative charges, including commissions. The Plan may be used for self-directed RRSPs in Canada. Also, a number of Canadian brokers offer dividend reinvestment plans to CGI shareholders.

As Administrator/Agent, Computershare Trust Company of Canada administers the Dividend Reinvestment and Share Purchase Plan. Its contact information is below:

Computershare Trust Company of Canada
Attention: Shareholder Services
100 University Avenue, 9th Floor
Toronto, Ontario M5J 2Y1

New address effective July 21, 2025
320 Bay Street, 14th Floor,
Toronto, ON M5H 4A6
Telephone: Canada & U.S. 1-800-564-6253
Telephone Overseas: 1-514-982-7555
Fax: Canada & U.S. 1-888-453-0330
Fax Overseas: 1-416-263-9394

Website:  www.computershare.com

Morgan Meighen & Associates Limited is the portfolio manager for CGI a publicly listed closed-end fund, five pooled funds (Morgan Meighen Income Pooled Fund, Morgan Meighen Growth Pooled Fund, Morgan Meighen Global Pooled Fund, Morgan Meighen Balanced Pooled Fund and Morgan Meighen Special Situations Fund) and individual portfolios for private investors (each a “portfolio”, collectively referred to as “portfolios”).

Given its goal of providing individualized service to its clients, the Manager has qualified individual portfolio managers responsible for client portfolios.
In its capacity as portfolio manager, it is the responsibility of the Manager to vote, or decide to refrain from voting, all shares or other voting securities held by each portfolio in accordance with the Manager’s best judgment. Matters to be voted on may be of a routine or a non-routine nature. Examples of routine matters include:

• The appointment and compensation of auditors
• The election of the board of directors

Examples of non-routine matters include, but are not limited to:

• Stock-based compensation
• Executive severance compensation agreements
• Shareholder rights plans
• Corporate restructuring plans including mergers and acquisitions
• Going private transactions in connection with leveraged buyouts
• Lock-up arrangements
• Supermajority approval proposals
• Stakeholder or shareholder proposals

In general, the Manager usually only invests, on a portfolio’s behalf, in the securities of an issuer if the Manager has confidence in the management of that issuer. As a result, in the normal course of business, it is to be expected that the Manager will vote in favour of management’s proposals. However, it considers each such proposal on its own merits and exercises the voting rights in accordance with what it believes to be the best interests of the applicable portfolio.

Multiple Clients Holding the Same Security 

If more than one portfolio holds a particular security, each portfolio manager will be responsible for proxy voting in adherence to this proxy voting policy and making a decision that is in the best interest of their respective portfolio(s). In circumstances where a security is held by more than one portfolio and a non-routine matter arises, full documentation will be kept on file to support the decision made by each individual portfolio manager.

Conflicts of Interest 

In the event of a potential conflict of interest between the interests of a portfolio and those of the Manager and/or the responsible individual portfolio manager of the Manager with respect to the voting of proxies, individual portfolio managers must refer pertinent proxies to the Manager’s ultimate designated person (being an individual appointed from time to time responsible for regulatory and compliance matters, as required to be appointed pursuant to securities legislation) for review and vote in a manner that is consistent with each portfolio’s investment objectives. In the event of a potential conflict of interest between the interests of a portfolio and those of the Manager and/or individual portfolio manager, proxies will be voted in accordance with the interests of the portfolio.

Administration of Proxy Voting Policy* 

*This section is specifically intended for CGI, which is a reporting issuers as defined by the Ontario Securities Commission, National Instrument 81-106, part 1.2.

All material received with the proxy (annual report, information circular, etc.) is delivered to CGI’s individual portfolio manager. Voted proxies are filed and kept for a period of two years.
Morgan Meighen & Associates maintains a proxy voting record for each time CGI, in its capacity as security holder, receives materials relating to a meeting of security holders. The proxy voting record will contain the following for each security held by the fund:

1. the name of the issuer
2. the exchange ticker symbol of a portfolio’s securities, unless not available when required
3. the CUSIP number for a portfolio security
4. the applicable meeting date
5. a brief identification of the matter or matters to be voted on at the meeting
6. whether the matter or matters voted on were proposed by the issuer, its management or another person or company
7. whether the fund voted on the matter or matters
8. where applicable, how the fund voted on the matter or matters
9. whether votes cast by the fund were for or against the recommendations of management of the issuer

The most recent proxy voting record for CGI is available in the Financial Reports section.

To try to manage the discount at which CGI’s shares trade to its NAV, CGI employees a public relations firm to help generate media attention, it pays for research to be published on the company, it engages in regular and ongoing in person and virtual presentations and webinars to professional investors about the Company and it is a member of both the North American based Closed-End Fund Association and the UK based Association of Investment Companies.

CGI does not buy its own shares in the market in an effort to manage the discount because to do so would make it lose its advantageous tax status as an Investment Corporation for Canadian tax purposes.

Qualifying as an Investment Corporation allows CGI to eliminate a layer of taxation so long as CGI flows through the income in its portfolio and any net realized capital gains to its shareholders in the form of regular, eligible dividends and capital gains dividends. So when CGI has income from dividends in the companies it’s invested in or has realized a capital gain in an investments by selling all or a portion of its holding in that company, offset against any realized capital losses it may have realized by selling any holding that may have lost value, CGI owes income and capital gains tax. But it can recoup those taxes when it pays regular and capital gains dividends to its shareholders.

This has the added benefit of allowing CGI to distribute an attractive and rising dividend stream without having to focus on higher yielding securities. It also allows it to smooth its distributions, because if it has more income or more realized capital gains in a year than it intends to distribute in dividends, it can simply recoup the tax in a future year when it pays its dividends.

The status as an Investment Corporation was, however, intended for widely held companies, which CGI is not, given the majority ownership position of the Morgan family. It was “grandfathered” in the status by the Canadian Department of Finance within certain conditions. One of those is that none of the specified shareholders and more shares and CGI itself is not allowed to repurchase any shares. If one of the specified shareholders or CGI itself were to buy a single share, CGI would become a fully taxable corporation, retroactive to the beginning of the year. Given the significant embedded unrealized capital gains, this would result in a major tax bill and CGI would never be able to regain this tax advantaged status.