March 4, 2022

The Institute of Corporate Directors (ICD) Responds to the Crisis in Ukraine

TORONTO, March 4, 2022 – The military invasion of Ukraine is an attack on our fundamental principles of freedom, democracy and self-determination. This egregious violation of international rules requires us all to act in a demonstration of solidarity.

The ICD is therefore calling on all Canadian boards to re-evaluate their organization’s involvement in Russian companies. Directors should also reconsider their investment strategies as well as their operations in Russia and engage with stakeholders in respect of such strategic moves.

Rahul Bhardwaj, ICD President and CEO: “We believe that Canadian directors will feel compelled to take a courageous stand to uphold these principles, which represent fundamental Canadian values of freedom and democracy. We encourage Boards to take into consideration their unique circumstances and strategy and act swiftly and decisively in the best interests of all stakeholders.”

The ICD Board of Directors is in full support of this statement.

“This is a critical time for all leaders to take a stance with respect to core values and principles,” said Linda Hohol, Chair, ICD Board of Directors.

About the ICD

The Institute of Corporate Directors is a not-for-profit, member-based association representing Canadian directors and boards across the for-profit, not-for-profit, and Crown sectors. The ICD has more than 16,000 members and 11 Chapters across Canada and fosters the sharing of knowledge and wisdom through education, professional development programs and services, and thought leadership. ICD members across all sectors of the economy oversee well in excess of $1 trillion in market capitalization and institutions that impact the lives of virtually every Canadian.

Media Contact
Annie Smith
Director, Communications and Public Affairs
M: 416.768.7711
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