Strategic planning

The Board approves and oversees Great-West Lifeco’s short-term and long-term business plan and strategy, and its significant strategic initiatives. The Board works with management to review Great-West Lifeco’s strategy, including strategic plans across Great-West Lifeco’s business segments (Canada, United States and Europe) at an annual two-day strategy session.

The Board regularly discusses key strategic issues, opportunities and challenges, reviews execution against the strategy and provides guidance on priorities. The Corporation’s Enterprise Risk Management Policy and Risk Appetite Framework are integrated into its strategic plans and guide the development of strategy at the annual strategy session. The Board’s feedback and input are incorporated into Great-West Lifeco’s strategic plan, an updated version of which is reviewed and approved by the Board annually.