• 19. (1) The moneys of the Board are to be invested

  • (a) in a name that clearly indicates that the investment is held in trust for the Board and, where the investment is capable of being registered, registered in that name;

  • (b) in the name of a financial institution, or a nominee of one, in accordance with a custodial agreement or trust agreement, entered into with the financial institution, that clearly indicates that the investment is held for the Board; or

  • (c) in the name of The Canadian Depository for Securities Limited, or a nominee of it, in accordance with a custodial agreement or trust agreement, entered into with a financial institution, that clearly indicates that the investment is held for the Board.

• (2) For the purposes of subsection (1), "custodial agreement" means an agreement providing that

  • (a) an investment made or held on behalf of the Board pursuant to the agreement

    • (i) constitutes part of the Board's assets, and

    • (ii) shall not at any time constitute an asset of the custodian or nominee; and

  • (b) records shall be maintained by the custodian that are sufficient to allow the ownership of any investment to be traced to the Board at any time.

20. The Board shall maintain a current record that clearly identifies every investment held by the Board in its name and every investment held in the name of a third party on behalf of the Board, the name in which the investment is made and, where appropriate, the name in which the investment is registered.

21. The definitions in this section apply in this Part.

“compensation”

“compensation” includes annual salary, bonuses, non-cash remuneration, termination arrangements, and deferred compensation, including pension benefits funded by the Board, for service rendered by an individual in all capacities to the Board and its subsidiaries. (rémunération)

“executive officers”

“executive officers” means the five most highly compensated officers of the Board or its subsidiaries. (principaux dirigeants)

• 22. (1) The annual report must include a statement of the corporate governance practices of the board of directors that sets out

  • (a) its duties, objectives and mandate;

  • (b) its committees, their composition, mandates and activities;

  • (c) the decisions requiring its prior approval;

  • (d) the procedures in place for the assessment of its performance; and

  • (e) its expectations in respect of the Board's management.

• (2) The Board shall include, in its annual report, information disclosing the total compensation awarded to, earned by, or paid to the directors and executive officers during the financial year.

• (3) The annual report must include a summary of the procedures established under paragraph 7(2)(d) of the Act.