PART XCrown Corporations (continued)
DIVISION IIIFinancial Management and Control (continued)
Marginal note:Qualified privilege
146 Any oral or written statement or report made under this Part or the regulations by the auditor or a former auditor, or the examiner or a former examiner, of a Crown corporation has qualified privilege.
- R.S., 1985, c. F-11, s. 146;
- 1991, c. 24, s. 43;
- 2005, c. 30, s. 40.
Marginal note:Cost of audit and examinations
(2) Where the Auditor General of Canada is the auditor or examiner of a Crown corporation, the costs incurred by him in preparing any report under section 132, 139, 140 or 141 shall be disclosed in the next annual report of the Auditor General and be paid out of the moneys appropriated for his office.
- 1984, c. 31, s. 11.
Marginal note:Audit committee
148 (1) Each parent Crown corporation that has four or more directors shall establish an audit committee composed of not less than three directors of the corporation, none of whom may be officers or employees of the corporation or any of its affiliates.
(2) In the case of a parent Crown corporation that has less than four directors, the board of directors of the corporation constitutes the audit committee of the corporation and shall perform the duties and functions assigned to an audit committee by any provision of this Part and the provision shall be construed accordingly.
(3) The audit committee of a parent Crown corporation shall
(a) review, and advise the board of directors with respect to, the financial statements that are to be included in the annual report of the corporation;
(b) oversee any internal audit of the corporation that is conducted pursuant to subsection 131(3);
(c) review, and advise the board of directors with respect to, the annual auditor’s report of the corporation referred to in subsection 132(1);
(d) in the case of a corporation undergoing a special examination, review, and advise the board of directors with respect to, the plan and reports referred to in sections 138 to 141; and
(e) perform such other functions as are assigned to it by the board of directors or the charter or by-laws of the corporation.
Marginal note:Auditor’s or examiner’s attendance
(4) The auditor and any examiner of a parent Crown corporation are entitled to receive notice of every meeting of the audit committee and, at the expense of the corporation, to attend and be heard at each meeting, and, if so requested by a member of the audit committee, the auditor or examiner shall attend any or every meeting of the committee held during his term of office.
Marginal note:Calling meeting
(5) The auditor or examiner of a parent Crown corporation or a member of the audit committee may call a meeting of the committee.
Marginal note:Wholly-owned subsidiary
(6) Where the report referred to in subsection 132(1) is to be prepared in respect of a wholly-owned subsidiary separately, subsections (1) to (5) apply, with such modifications as the circumstances require, in respect of the subsidiary as though
- R.S., 1985, c. F-11, s. 148;
- 1991, c. 24, s. 50(F);
- 2006, c. 9, s. 268.
Marginal note:Accounts, etc., to Treasury Board or appropriate Minister
149 (1) A parent Crown corporation shall provide the Treasury Board or the appropriate Minister with such accounts, budgets, returns, statements, documents, records, books, reports or other information as the Board or appropriate Minister may require.
Marginal note:Report on material developments
(2) The chief executive officer of a parent Crown corporation shall, as soon as reasonably practicable, notify the appropriate Minister, the President of the Treasury Board and any director of the corporation not already aware thereof of any financial or other developments that, in the chief executive officer’s opinion, are likely to have a material effect on the performance of the corporation, including its wholly-owned subsidiaries, if any, relative to the corporation’s objectives or on the corporation’s requirements for funding.
Marginal note:Report on wholly-owned subsidiaries
(3) Each parent Crown corporation shall forthwith notify the appropriate Minister and the President of the Treasury Board of the name of any corporation that becomes or ceases to be a wholly-owned subsidiary of the corporation.
- 1984, c. 31, s. 11.
Marginal note:Annual report
150 (1) Each parent Crown corporation shall, as soon as possible, but in any case within three months, after the termination of each financial year submit an annual report on the operations of the corporation in that year concurrently to the appropriate Minister and the President of the Treasury Board, and the appropriate Minister shall cause a copy of the report to be laid before each House of Parliament on any of the first fifteen days on which that House is sitting after he receives it.
Marginal note:Reference to committee
(2) An annual report laid before Parliament pursuant to subsection (1) stands permanently referred to such committee of Parliament as may be designated or established to review matters relating to the businesses and activities of the corporation submitting the report.
Marginal note:Form and contents
(3) The annual report of a parent Crown corporation shall include
(a) the financial statements of the corporation referred to in section 131,
(b) the annual auditor’s report referred to in subsection 132(1),
(c) a statement on the extent to which the corporation has met its objectives for the financial year,
(d) such quantitative information respecting the performance of the corporation, including its wholly-owned subsidiaries, if any, relative to the corporation’s objectives as the Treasury Board may require to be included in the annual report, and
(e) such other information as is required by this Act or any other Act of Parliament, or by the appropriate Minister, the President of the Treasury Board or the Minister of Finance, to be included in the annual report,
and shall be prepared in a form that clearly sets out information according to the major businesses or activities of the corporation and its wholly-owned subsidiaries, if any.
(4) In addition to any other requirements under this Act or any other Act of Parliament, the Treasury Board may, by regulation, prescribe the information to be included in annual reports and the form in which that information is to be prepared.
- R.S., 1985, c. F-11, s. 150;
- 1991, c. 24, s. 49(E).
Marginal note:Consolidated quarterly reports
151 (1) The President of the Treasury Board shall, as soon as feasible after the end of each fiscal quarter of each fiscal year, make public a consolidated quarterly report on the business and activities of all parent Crown corporations, based on the quarterly financial reports that have been made public under subsection 131.1(3), and the annual reports of those corporations that were laid before Parliament under subsection 150(1), in that fiscal quarter.
(2) The consolidated quarterly report shall include
(a) a list naming all Crown corporations;
(b) the names of all or any corporations of which any shares are held by, on behalf of or in trust for the Crown or a Crown corporation, as the President of the Treasury Board considers appropriate;
(c) financial data in respect of the parent Crown corporations, including their aggregate borrowings;
(d) information indicating, in respect of the summaries and annual reports that were to be laid before each House of Parliament under this Part during the fiscal quarter to which the consolidated quarterly report relates, the time at, before or within which they were to be laid and the time that they were in fact laid before that House;
(e) a list naming any parent Crown corporation that does not make public a report as required by subsection 131.1(3), if the 60-day period to do so ends in the fiscal quarter to which the consolidated quarterly report relates; and
(f) any other information that the President of the Treasury Board may require.
- R.S., 1985, c. F-11, s. 151;
- 2012, c. 19, s. 220.
- Date modified: