Who is responsible for issuing an annual report that describes each instance where the recommendation...

The Independent Review Committee (IRC) is responsible for preparing the annual report to securityholders concerning its activities and relevant conflict-of-interest matters. The IRC provides independent oversight when an investment fund manager faces specified conflicts of interest and assesses whether proposed actions achieve a fair and reasonable result for the fund. IFC material similarly identifies the IRC as the body responsible for reviewing conflict-of-interest matters. Under National Instrument 81-107, the IRC ' s annual report must disclose instances in which a conflict-of-interest matter was referred to it and the manager acted without receiving a positive recommendation from the IRC. The trustee and custodian have different operational and safeguarding responsibilities, while the fund manager is the party whose conflict-related decisions receive independent oversight. Therefore, Option B is correct.

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