Marginal note:Nominating committee

• 10 (1) The Minister shall establish a nominating committee to establish a list of qualified candidates for proposed appointment as directors. The committee shall consist of eight members appointed as follows:

  • (a) an independent chairperson appointed by the Minister after consulting with the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness who, at the time of appointment,

    • (i) is not entitled to nor has been granted a pension benefit under the Public Service Superannuation Act, the Canadian Forces Superannuation Act or the Royal Canadian Mounted Police Superannuation Act,

  • (b) two members appointed by the Minister, after the Minister has received recommendations from the advisory committee referred to in section 41 of the Public Service Superannuation Act, one of whom must represent persons employed in the public service within the meaning of that Act;

  • (c) one member appointed by the Minister who is in receipt of a pension under any of the Canadian Forces Superannuation Act, the Public Service Superannuation Act and the Royal Canadian Mounted Police Superannuation Act;

  • (d) two members appointed by the Minister of National Defence after that minister has received recommendations from the advisory committee referred to in section 49.1 of the Canadian Forces Superannuation Act; and

  • (e) two members appointed by the Minister of Public Safety and Emergency Preparedness after that minister has received recommendations from the advisory committee referred to in section 25.1 of the Royal Canadian Mounted Police Superannuation Act.

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Marginal note:Annual report required

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• Marginal note:Report available to contributors

  (2) The Board shall make the report available to contributors under the Canadian Forces Superannuation Act, the Public Service Superannuation Act, and the Royal Canadian Mounted Police Superannuation Act as soon as is feasible after it is provided to the ministers under subsection (1).

• [...]

• (4) The annual report shall contain

  • (a) the financial statements for the financial year prepared as required under section 35;

  • (b) the annual auditor’s report referred to in section 132 of the Financial Administration Act;

  • (c) a certificate, signed by a director on behalf of the board of directors, stating that the investments of the Board held during the financial year were in accordance with this Act and the Board’s investment policies, standards and procedures;

  • [...]

  • (i) a report of any special examination referred to in subsection 139(1) of the Financial Administration Act; and

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Marginal note:Audit and investment committees

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• Marginal note:Restriction — audit committee

  (1.1) None of the members of the audit committee may be officers or employees of the Board or any of its affiliates, within the meaning of section 83 of the Financial Administration Act.

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Marginal note:Powers of Board

• 5 (1) The Board has the capacity and, subject to this Act, the rights, powers and privileges of a natural person.

• Marginal note:No inconsistent business or activity

  (2) The Board and its subsidiaries shall not, directly or indirectly, carry on any business or activity or exercise any power that is inconsistent with the Board’s objects, or that the Board is restricted by this Act from carrying on or exercising, and shall not, directly or indirectly, exercise any of its powers in a manner contrary to this Act.

• Marginal note:No invalidity

  (3) No act of the Board, including a transfer of property, is invalid by reason only that the Board was without the capacity or power to so act.

• Marginal note:Consultation

  (4) The Minister shall consult the Board if changes to pension plan design or funding are proposed with respect to the pension plans created under the Acts referred to in paragraph 4(1)(a).

Amendments to Other Acts