Marginal note:Auditor’s report

27. The auditor shall, within four months after the end of each fiscal year, complete the audit of the books and records of the Foundation for the fiscal year and submit a report of the audit to the members.

Marginal note:Audit committee

• 28. (1) The board shall appoint an audit committee consisting of not fewer than three directors and fix the duties and functions of the committee.

• Marginal note:Internal audit

  (2) In addition to any other duties and functions that it is required to perform, the audit committee shall cause internal audits to be conducted to ensure compliance by the officers and employees of the Foundation with management and information systems and controls established by the board.

Marginal note:Annual meeting

29. The board shall call an annual meeting of members not later than six months after the end of each fiscal year of the Foundation for the purpose of

• (a) examining the audited financial statements and the report of the auditor on those statements for the preceding fiscal year;

• (b) examining the annual report of the Foundation for the preceding fiscal year;

• (c) examining the operating budget and the capital budget submitted by the board under subsection 25(1);

• (d) considering and confirming, rejecting or amending by-laws made by the board or amendments to or the repeal of by-laws made by the board;

• (e) appointing an auditor under subsection 26(1); and

• (f) considering any other matter respecting the operations of the Foundation.

Marginal note:Annual report

• 30. (1) The Foundation shall, within five months after the end of each fiscal year, prepare an annual report in both official languages of its activities during the preceding fiscal year and include in the report

  • (a) its financial statements for the year as approved by the board and the report of the auditor respecting those statements;

  • (b) a detailed statement of its investment activities during the year, its investment portfolio as at the end of the year and its investment policies, standards and procedures;

  • (c) a detailed statement of its funding activities;

  • (d) a statement of its plans for fulfilling its objects and purposes for the next year; and

  • (e) an evaluation of the overall results achieved by the funding of eligible projects by the Foundation during the year in review, and since the inception of the Foundation.

• Marginal note:Consideration of report

  (2) Before the annual report of the Foundation for a fiscal year is distributed to the public it shall be approved by the board and examined by the members at a meeting of the members.

• Marginal note:Distribution of report

  (3) After the annual report of the Foundation for a fiscal year is approved as required under subsection (2), the report shall be made public in accordance with the by-laws of the Foundation and a copy shall be sent to the Minister who shall cause a copy of the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the Minister receives it.