Governance
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Dream Alternatives is committed to sound and effective corporate governance. Our goal is to not only meet the requirements established by securities laws and regulators but also to uphold the spirit of “good corporate governance” and we always strive to communicate in an open, honest and transparent manner. |
| Independent | Trust Board | Audit Committee of the Trust Board | GP Board | Audit Committee of the GP Board | Governance, Compensation & Environmental Committee | |
| Pauline Alimchandani | Member | |||||
| Amar Bhalla | Y | Chair | Member | Chair | Member | Member |
| Michael J. Cooper | Member | |||||
| Joanne Ferstman | Y | Member | Member | |||
| David Kaufman | Y | Member | Member | Member | Member | Chair |
| Karine MacIndoe | Y | Member | Chair | Member | Chair | Member |
| Michael Tsourounis | Y | Member |
Trust Board
Mr. Amar Bhalla is the President of Capit Investment Corp., a private real estate company that owns and manages a portfolio of apartment buildings, commercial sites, and development projects in the GTA. He has over 20 years of experience in the acquisition, repositioning and redevelopment of GTA based real estate across asset classes. Prior to his role at Capit, Mr. Bhalla chaired Carlaw Capital Group, a Toronto based merchant bank focused on technology businesses and was the CEO of Crescent Logic, a business application software firm. Mr. Bhalla has and continues to serve on the boards of several TSX and TSX-V listed businesses across technology and mineral industries and is the current Chair of the Independent Review Committee for BristolGate Capital Partners and was formerly the Chair of Aston Hill Asset Management’s Independent Review Committee. Mr. Bhalla is a CFA charterholder, a member of the Institute of Corporate Directors and holds a BA in Economics from McGill University.
Mr. David Kaufman is President and Chief Executive Officer of Westcourt Capital Corporation and has more than 20 years of experience in the legal, real estate and investment industries. After graduating from the University of Toronto’s Faculty of Law, Mr. Kaufman gained his real estate and private equity experience with Magna Golf Club, Menkes Developments and Lynx Equity. Mr. Kaufman then founded Westcourt Capital in 2009 with a focus on sourcing and conducting due diligence on capital-protecting alternative investment managers and funds. Mr. Kaufman is a member of the Law Society of Upper Canada and is a CAIA (Chartered Alternative Investment Analyst) charter holder. Mr. Kaufman writes a bi-weekly column titled “Alternative Investor” for the Financial Post and was a regular contributor and co-host on CBC’s Lang & O’Leary Exchange. Mr. Kaufman was also a regular host of BNN’s “Alternative Investing”.
Ms. Karine MacIndoe has 25 years of professional experience, mostly in real estate and capital markets, and six years of public board experience. She is currently on the boards of Dream Office REIT, the Trust, and Killam Apartment REIT (“Killam”), and the Fred Victor charitable organization. Her sub-committee responsibilities include chairing the Audit Committee of the Trust and Dream Office REIT, chairing the Compensation Committee at Killam, and being on the Audit Committee at Killam, and the Compensation Committee at Dream Office REIT. Until 2013, Ms. MacIndoe was a Managing Director and Senior Equity Research Analyst at BMO Capital Markets covering Real Estate and REITs across all property types (retail, office, industrial, multi-residential, seniors housing and hotels). During her over 10 year career at BMO she was consistently ranked as a top-ranked analyst in the Brendan Wood Canadian Equity Research Survey; both for the quality of her research and strength of client relationships. Her prior work experience also includes M&A Advisory at NM Rothschild & Sons, and management of sales planning at Canadian Airlines International. Ms. MacIndoe has an MBA from the Richard Ivey School of Business (graduated an Ivey Scholar) and a Bachelor of Commerce from the University of Calgary (graduated Honor Society).
Mr. Michael Tsourounis is Managing Director, Real Estate Investment Management of Timbercreek Asset Management Inc. (“Timbercreek”), a global asset manager. Mr. Tsourounis has been with Timbercreek since 2007 and has been involved in transacting over $6.0 billion of real estate in both Canada and the United States, across multi-residential, retail, office, industrial and development. Mr. Tsourounis is responsible for providing oversight and strategic direction to Timbercreek’s direct real estate investment platform, with a focus on North America. Prior to joining Timbercreek, Mr. Tsourounis worked at GE Capital in Montreal. Mr. Tsourounis holds a Bachelor of Commerce from Dalhousie University.
Read more about our Trust Board
GP Board
Ms. Pauline Alimchandani is the Chief Financial Officer of Northland Power Inc. She previously served as the Executive Vice President and Chief Financial Officer of Dream from 2013 to April 2020 and was responsible for the strategic development and ongoing financial management of the business. Ms. Alimchandani also acted as the Chief Financial Officer of Dream Alternatives. Prior to joining Dream in March 2013, Ms. Alimchandani covered the Canadian real estate sector as a Vice President in equity research at BMO Capital Markets. Previously, Ms. Alimchandani worked in both the Audit and Assurance and Consulting & Deals practices at PricewaterhouseCoopers LLP. She obtained her BBA degree from the Schulich School of Business at York University before obtaining her CA designation in 2008 and becoming a CFA charterholder in 2012. Ms. Alimchandani currently serves on the board of directors of the Michael Garron (formerly Toronto East General) Hospital Foundation.
Mr. Amar Bhalla is the President of Capit Investment Corp., a private real estate company that owns and manages a portfolio of apartment buildings, commercial sites, and development projects in the GTA. He has over 20 years of experience in the acquisition, repositioning and redevelopment of GTA based real estate across asset classes. Prior to his role at Capit, Mr. Bhalla chaired Carlaw Capital Group, a Toronto based merchant bank focused on technology businesses and was the CEO of Crescent Logic, a business application software firm. Mr. Bhalla has and continues to serve on the boards of several TSX and TSX-V listed businesses across technology and mineral industries and is the current Chair of the Independent Review Committee for BristolGate Capital Partners and was formerly the Chair of Aston Hill Asset Management’s Independent Review Committee. Mr. Bhalla is a CFA charterholder, a member of the Institute of Corporate Directors and holds a BA in Economics from McGill University.
Mr. Michael J. Cooper is the President and Chief Responsible Officer of Dream, and founder of DAM. He is also the Chair and Chief Executive Officer of Dream Office REIT. He has an extensive track record in the real estate industry dating back to 1986. He helped found DAM in 1996 and continues to lead the business as President and Chief Responsible Officer. Under his leadership, the business has grown to approximately $9 billion of commercial real estate and residential development assets under management; in addition, Dream has also completed in excess of $36 billion of transactions. Among his accomplishments, Mr. Cooper is responsible for the formation of two TSX-listed real estate investment trusts: Dream Office REIT and Dream Industrial REIT and the formation of Dream Alternatives, a TSX-listed mutual fund trust focused on hard asset alternative investments. Mr. Cooper was also involved in the formation of Dream Global REIT, previously a TSX-listed real estate investment trust, the assets and subsidiaries of which were sold in 2019. He earned a Bachelor of Laws degree from the University of Western Ontario and a Master of Business Administration from York University. Mr. Cooper currently sits on the board of directors of Dream, Dream Office REIT, Dream Industrial REIT and E-L Financial Corporation Limited.
Ms. Joanne Ferstman is a corporate director. Over an 18 year period and until her retirement in June 2012, Ms. Ferstman held a variety of executive positions with the Dundee Group of Companies. Most recently, Ms. Ferstman was the President and Chief Executive Officer of Dundee Capital Markets Inc., a full service investment dealer with principal businesses including investment banking, institutional sales and trading and private client financial advisory. Prior to January 31, 2011, Ms. Ferstman was Vice-Chair and Head of Capital Markets of DundeeWealth Inc., a diversified wealth management company. Prior to 2009, Ms. Ferstman was Executive Vice President and Chief Financial Officer of Dundee Wealth Inc. and Executive Vice President, Chief Financial Officer and Corporate Secretary of Dundee Corporation. In these senior financial roles, Ms. Ferstman was actively involved in all corporate strategy, including acquisitions and financings, and was responsible for all public financial reporting. In addition, Ms. Ferstman regularly represented Dundee Corporation on investee company boards and audit committees across various sectors. Prior to joining the Dundee Group of Companies, Ms. Ferstman spent four years as Chief Financial Officer for a national securities firm and five years at a major international accounting firm. Ms. Ferstman earned a Bachelor of Commerce and a Graduate degree in Public Accountancy from McGill University and is a Chartered Professional Accountant. Ms. Ferstman also sits on the board of directors of Dream Unlimited Corp.
Mr. David Kaufman is President and Chief Executive Officer of Westcourt Capital Corporation and has more than 20 years of experience in the legal, real estate and investment industries. After graduating from the University of Toronto’s Faculty of Law, Mr. Kaufman gained his real estate and private equity experience with Magna Golf Club, Menkes Developments and Lynx Equity. Mr. Kaufman then founded Westcourt Capital in 2009 with a focus on sourcing and conducting due diligence on capital-protecting alternative investment managers and funds. Mr. Kaufman is a member of the Law Society of Upper Canada and is a CAIA (Chartered Alternative Investment Analyst) charter holder. Mr. Kaufman writes a bi-weekly column titled “Alternative Investor” for the Financial Post and was a regular contributor and co-host on CBC’s Lang & O’Leary Exchange. Mr. Kaufman was also a regular host of BNN’s “Alternative Investing”.
Ms. Karine MacIndoe has 25 years of professional experience, mostly in real estate and capital markets, and six years of public board experience. She is currently on the boards of Dream Office REIT, the Trust, and Killam Apartment REIT (“Killam”), and the Fred Victor charitable organization. Her sub-committee responsibilities include chairing the Audit Committee of the Trust and Dream Office REIT, chairing the Compensation Committee at Killam, and being on the Audit Committee at Killam, and the Compensation Committee at Dream Office REIT. Until 2013, Ms. MacIndoe was a Managing Director and Senior Equity Research Analyst at BMO Capital Markets covering Real Estate and REITs across all property types (retail, office, industrial, multi-residential, seniors housing and hotels). During her over 10 year career at BMO she was consistently ranked as a top-ranked analyst in the Brendan Wood Canadian Equity Research Survey; both for the quality of her research and strength of client relationships. Her prior work experience also includes M&A Advisory at NM Rothschild & Sons, and management of sales planning at Canadian Airlines International. Ms. MacIndoe has an MBA from the Richard Ivey School of Business (graduated an Ivey Scholar) and a Bachelor of Commerce from the University of Calgary (graduated Honor Society).
Read more about our GP Board
Committees
The Trust Board and GP Board believe that their committees assist in the effective functioning of the Boards and help ensure that the views of Independent Trustees & Directors* are effectively represented.
The Board have established three committees:
- Audit Committee of the Trust Board;
- Audit Committee of the GP Board; and
- Governance, Compensation and Environmental Committee.
Independent Trustee or Director
A Trustee or Director that is independent within the meaning of NI 58–101. An Independent Trustee or Director is one who is not an employee or executive officer of Dream and who is free from any direct or indirect relationship which could, in the view of the Board, be reasonably expected to interfere with independent judgment.
Read more about our Committees
Charters, Policies and Declaration of Trust
Dream Alternatives Trust is committed to sound and effective corporate governance. Our goal is to not only meet the requirements established by securities laws and regulators but to also uphold the spirit of ‘good corporate governance.’
Real more about our Charters, Policies & Declaration of Trust
Sustainability
We believe sustainability isn’t an option, it’s a necessity. Therefore, it is our responsibility to work in a way that is sustainable for the environment, our employees, and our company.
When it comes to sustainability, we are focused on three areas:
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Environment
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Social
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Governance
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We are pleased to present the latest sustainability information from our 2019 annual report here, our 2018 annual report here and our 2017 annual report here
Access our prior Corporate Sustainability Report. The report showcases our sustainability commitment to our stakeholders and highlights our aspiration to build better communities for people to work and live in.
Sustainability is a focus of our business strategy, in this report you will read many examples of how we are building better communities, such as:
- Initiatives that are saving energy, water and reducing landfill waste at Dream properties across the country
- Collaborative endeavors aimed at moving our entire industry forward through partnerships with organizations such as Women’s College Hospital, Right to Play and the Shoebox Project, just to name a few.
- Investments into sustainable projects that will strengthen and enhance the communities that we operate in and serve
We view our Corporate Sustainability Report as an opportunity to highlight our commitment to our key stakeholder groups. For investors, it means greater transparency. For tenants, it means working together to help them succeed. For employees, it means strengthening our concept of the “Dream family.” And for communities, it means building better spaces that serve the communities’ needs.