Budget Implementation Act, 2005 (S.C. 2005, c. 30)

Marginal note:Appointment and role

• 17. (1) The Board shall appoint a President of the Foundation who shall have supervision over and direction of the activities and staff of the Foundation.

• Marginal note:Experience, expertise and other qualifications

  (2) In order to be appointed as President, a person must have experience or expertise concerning relations between Canada and the Asia-Pacific region and must possess any other qualifications specified by the Board.

• Marginal note:Transparent and competitive process

  (3) The President must be selected through a transparent and competitive process.

Marginal note:Choix au sein du conseil

18. Si le président de la Fondation est choisi parmi les membres du conseil, un autre administrateur peut être nommé à sa place en conformité avec les alinéas 9a) ou b), selon le cas.

Marginal note:Durée du mandat

19. La durée maximale du mandat du président de la Fondation est de trois ans, mais le conseil peut à tout moment le démettre de ses fonctions.

Marginal note:Re-appointment

20. A President whose term of office has expired is eligible for re-appointment in that capacity but no person may be appointed as President more than three times.

Marginal note:Président intérimaire

21. En cas d’absence ou d’empêchement du président de la Fondation ou de vacance de son poste, le conseil peut autoriser un administrateur ou tout dirigeant ou employé de la Fondation à assurer l’intérim.

INDEMNITÉS ET FRAIS

Marginal note:Président du conseil et autres administrateurs

22. Le président du conseil et les autres administrateurs, sauf le président de la Fondation, n’ont droit à aucune rémunération mais peuvent recevoir des frais de déplacement et de séjour, fixés par règlement administratif, pour leur participation aux activités de la Fondation hors de leur lieu habituel de résidence.

Marginal note:Président de la Fondation

23. Le président de la Fondation reçoit la rémunération et les frais fixés par le conseil.

Marginal note:Audit and evaluation committee

• 25.1 (1) The Board shall appoint an audit and evaluation committee consisting of not fewer than three directors and fix the duties and functions of the committee and may, by by-law, provide for the payment of expenses to the members of the committee.

• Marginal note:Internal audit

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

Marginal note:Not agent of Her Majesty

27. The Foundation is not an agent of Her Majesty and the Chairperson, the President and the other directors, as well as the officers and employees of the Foundation are not, by virtue of their office or employment, part of the public service of Canada.

Marginal note:Foundation not owned by Crown

27.1 For greater certainty, the Foundation is not, for the purposes of Part X of the Financial Administration Act or for any other purpose, to be considered to be wholly owned directly by Her Majesty in right of Canada.

Marginal note:Grants, contributions and donations

• 33. (1) Subject to subsection (3), the Foundation may accept grants, contributions and conditional or unconditional donations of money from any person, including the Government of Canada and the government of a province.

• Marginal note:Use of grants, contributions and donations

  (2) All grants, contributions and donations of money received by the Foundation, and any income arising from the investment of those grants, contributions and donations, shall be used by the Foundation in fulfilling its purpose and in accordance with the terms and conditions of any agreement for the provision of funding.

• Marginal note:Conditional grants, contributions and donations

  (3) The Foundation may not accept a grant, contribution or donation of money that is made on the condition that the Foundation use the grant, contribution or donation, or any income arising from it, for any purpose that is not consistent with the purpose of the Foundation.

Marginal note:Investment policies

33.1 The Board shall establish investment policies, standards and procedures that a reasonably prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and obtain a reasonable return, having regard to the Foundation’s obligations and anticipated obligations.

Marginal note:Investments

• 33.2 (1) Subject to any conditions of a grant, contribution or donation restricting the investment of money, the Foundation shall invest its funds, and reinvest any income from those funds, in accordance with the investment policies, standards and procedures established by the Board.

• Marginal note:Incorporation of other corporations

  (2) The Foundation may not, without the prior written authorization of the Minister, cause any corporation to be incorporated or participate in the incorporation of a corporation or become a partner in a partnership.

WINDING-UP

Meaning of “eligible recipient”

• 34. (1) In this section, “eligible recipient” means an entity that

  • (a) is established in Canada;

  • (b) meets the criteria of eligibility established by the Foundation in accordance with any agreement entered into between Her Majesty in right of Canada and the Foundation for the provision of funding by Her Majesty in right of Canada to the Foundation; and

  • (c) has legal capacity or is composed of organizations each of which has legal capacity.

• Marginal note:Property to be divided

  (2) If the Foundation is wound up or dissolved

  • (a) its property remaining after its debts and obligations have been satisfied shall be liquidated;

  • (b) the moneys arising from the liquidation shall be distributed among all the eligible recipients that have received funding from the Foundation and that are, as of the day the distribution begins, carrying on projects that are consistent with the purpose of the Foundation, to be used by them for those or any other projects that are so consistent; and

  • (c) each of those eligible recipients shall receive an amount that is the same proportion of the moneys arising from the liquidation as the total funding received by that eligible recipient from the Foundation is of the total of all funding that has been provided by the Foundation to all of those eligible recipients.

• Marginal note:Repayment out of remaining property

  (3) Despite subsection (2), the Minister may require the Foundation to repay, out of the moneys arising from the liquidation, to the Receiver General for credit to the Consolidated Revenue Fund any amount that is so repayable under the terms or conditions on which public moneys were provided to the Foundation.

Marginal note:Auditor

• 35. (1) The Board shall appoint an auditor for the Foundation and fix the auditor’s remuneration.

• Marginal note:Qualifications of auditor

  (2) In order to be appointed, the auditor must be

  • (a) a natural person who

    • (i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,

    • (ii) has at least five years experience at a senior level in carrying out audits,

    • (iii) is ordinarily resident in Canada, and

    • (iv) is independent of the Board, the directors, the officers and, if any, the members of the Foundation; or

  • (b) a firm of accountants of which the member or employee, jointly designated by the Board and the firm to conduct the audit of the books and records of the Foundation on behalf of the firm, meets the qualifications set out in paragraph (a).

Marginal note:Audit

35.1 The accounts and financial transactions of the Foundation shall be audited annually and a report of the audit shall be made to the Board.

Marginal note:Annual report

• 36. (1) The Board shall, within four months after the end of each fiscal year of the Foundation, submit to the Minister a report, in both official languages, of the activities of the Foundation for that year. The report shall include

  • (a) the financial statements of the Foundation for that year, prepared in accordance with generally accepted accounting principles, and the auditor’s report on those financial statements;

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

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

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

  • (e) an evaluation of the overall results achieved by the Foundation.

• Marginal note:Tabling in Parliament

  (2) The Minister 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.

• Marginal note:Making report available

  (3) The Board shall, as soon as is practicable after it is tabled under subsection (2), make the report available for public scrutiny.