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Canada Pension Plan Investment Board Act

Version of section 10 from 2002-12-31 to 2014-10-08:

Marginal note:Appointment of directors

  •  (1) Each director shall be appointed by the Governor in Council, on the recommendation of the Minister, to hold office during good behaviour for such term, not exceeding three years, as will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors.

  • Marginal note:Committee to advise Minister

    (2) The Minister may establish a committee to advise the Minister on the appointment of directors. The committee shall consist of a representative designated by the Minister and a representative of each participating province designated by the appropriate provincial Minister for that province.

  • Marginal note:Consultation with participating provinces

    (3) The Minister shall consult with the appropriate provincial Ministers of the participating provinces before making any recommendation to the Governor in Council with respect to the appointment of directors and before making an appointment under subsection (8).

  • Marginal note:Factors for consideration in appointments

    (4) Before making any recommendation to the Governor in Council with respect to the appointment of directors, and before making an appointment under subsection (8), the Minister shall have regard to the desirability of having directors who are representative of the various regions of Canada and having on the board of directors a sufficient number of directors with proven financial ability or relevant work experience such that the Board will be able to effectively achieve its objects.

  • Marginal note:Reappointment

    (5) A director is eligible for reappointment for one or more additional terms of office.

  • Marginal note:Removal

    (6) The Governor in Council may remove a director for cause.

  • Marginal note:Continuation in office

    (7) If no person is appointed to take office as a director on the expiration of the term of an incumbent director, the incumbent director continues in office until a successor is appointed.

  • Marginal note:Vacancy

    (8) Where a person ceases to be a director during the term for which the person was appointed, the Minister shall appoint a qualified person to hold office as a director for the remainder of the term.

  • Marginal note:Disqualified persons

    (9) The following persons are disqualified from being directors:

    • (a) a person who is less than 18 years of age;

    • (b) a person who is of unsound mind and has been so found by a court in Canada or elsewhere;

    • (c) a person who has the status of a bankrupt;

    • (d) a person who is not a natural person;

    • (e) a person who is an agent or employee of Her Majesty in right of Canada or in right of a province;

    • (f) a person who is a member of the Senate or House of Commons of Canada or a member of a provincial legislature;

    • (g) a person who is an agent or employee of the government of a foreign country or any political subdivision of a foreign country; and

    • (h) a person who is not a resident of Canada.

  • Marginal note:Remuneration and benefits of directors

    (10) A director is entitled to receive from the Board such remuneration and benefits as may be fixed by the by-laws, which remuneration and benefits shall be fixed having regard to the remuneration and benefits received by persons having similar responsibilities and engaged in similar activities.

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