Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Public Sector Pension Investment Board Act (S.C. 1999, c. 34)

Act current to 2022-08-08 and last amended on 2017-12-31. Previous Versions

Committees (continued)

Audit Committee

Marginal note:Duties of audit committee

 The audit committee shall

  • (a) require the Board’s management to implement and maintain appropriate internal control procedures;

  • (b) review, evaluate and approve those internal control procedures;

  • (c) review and approve the Board’s annual financial statements and report to the board of directors before those statements are approved by the board of directors;

  • (d) meet with the Board’s auditor to discuss the Board’s annual financial statements and the auditor’s report;

  • (e) review all investments and transactions that could adversely affect the return on the Board’s investments that are brought to the committee’s attention by the Board’s auditor or officers;

  • (f) meet with the chief internal auditor of the Board, or with the person acting in a similar capacity, and with the Board’s management, to discuss the effectiveness of the internal control procedures; and

  • (g) perform the other duties that the board of directors assigns to it.

Marginal note:Audit committee may request consideration of matters

 The board of directors shall consider, on request of the audit committee, a matter of concern to the committee.

Marginal note:Auditor’s right to attend meetings

  •  (1) The Board’s auditor is entitled to receive notice of and to attend meetings of the board of directors and meetings of the audit committee, at the Board’s expense, and to be heard at those meetings on matters relating to the auditor’s duties.

  • Marginal note:Rights if no meeting

    (2) If the board of directors or the audit committee proposes to make a decision with respect to matters referred to in subsection (1) without holding a meeting, the auditor is entitled to notice of a proposed decision to be made by the board or the committee and the proposed decision shall not be made until the auditor has been given the opportunity to make submissions on the matter in writing, in accordance with the by-laws.

  • Marginal note:Requiring auditor’s attendance

    (3) The Board’s auditor shall attend meetings of the audit committee, if requested to do so by a member of the audit committee — and shall attend meetings of the board of directors, if requested to do so by a director — at the Board’s expense.

Investment Committee

Marginal note:Duties of investment committee

 The investment committee shall

  • (a) perform the duties that are assigned to it by the board of directors;

  • (b) approve the engagement of investment managers empowered with discretionary authority to invest the assets of the Board;

  • (c) meet with the officers and employees of the Board to discuss the effectiveness of the Board’s investment policies and the achievement of the Board’s objects;

  • (d) require management to implement and maintain appropriate procedures to

    • (i) monitor the application of the Board’s investment policies, standards and procedures, and

    • (ii) ensure that the Board’s agents and mandataries comply with this Act and the Board’s investment policies, standards and procedures; and

  • (e) review, evaluate and approve management’s procedures referred to in paragraph (d).

Investments

Marginal note:Investment policies, standards and procedures

 Subject to the regulations, the board of directors shall establish, and the Board and its subsidiaries shall adhere to, investment policies, standards and procedures that a person of ordinary prudence would exercise in dealing with the property of others.

Marginal note:Duty of investment managers

 Every investment manager who invests the assets of the Board shall do so in accordance with this Act and the Board’s investment policies, standards and procedures.

Financial Management

Financial Year

Marginal note:Financial year

 The financial year of the Board is the period beginning on April 1 in one calendar year and ending on March 31 in the next calendar year.

Financial Statements

Marginal note:Books and systems

  •  (1) The Board shall, in respect of itself and each of its subsidiaries, cause

    • (a) books of account and records to be kept for each fund;

    • (b) financial and management control and information systems and management practices to be maintained; and

    • (c) a record of the investments held by each fund during the financial year to be kept, showing

      • (i) the book value of each investment,

      • (ii) the market value of each investment and the information that would permit the verification of that value, and

      • (iii) the information that would permit the determination of whether the requirements of this Act and the investment policies, standards and procedures have been met.

  • Marginal note:Manner in which books, etc., to be kept

    (2) The books, records, systems and practices required by subsection (1) shall be kept and maintained in a manner that will provide reasonable assurance that

    • (a) the Board’s assets and those of its subsidiaries are safeguarded and controlled;

    • (b) the Board’s transactions and those of its subsidiaries are in accordance with this Act and the by-laws, or the by-laws of its subsidiaries; and

    • (c) the Board’s financial, human and physical resources and those of its subsidiaries are managed economically and efficiently and that the Board’s operations and those of its subsidiaries are carried out effectively.

  • Marginal note:Internal audit

    (3) The Board shall cause internal audits to be conducted, in respect of itself and each of its subsidiaries, to assess compliance with subsections (1) and (2).

  • Marginal note:Annual financial statements

    (4) The Board shall cause annual financial statements, in respect of itself and each of its subsidiaries, to be prepared in accordance with generally accepted accounting principles.

  • Marginal note:Contents of statements

    (5) The annual financial statements shall show the information and particulars that in the opinion of the directors are necessary to present fairly, in accordance with generally accepted accounting principles, the primary source of which is the Handbook of the Chartered Professional Accountants of Canada, the financial position for each fund as at the end of the financial year to which it relates and the results of the operations of the Board for that financial year.

  • Marginal note:Quarterly financial statements

    (6) During each financial year, the Board shall cause quarterly financial statements to be prepared for each three-month period of the year. The quarterly statements shall

    • (a) show the same information for the most recent three-month period as is required to be set out in the Board’s annual financial statements; and

    • (b) show the same information in respect of the part of the year up to the date of the statements in relation to the corresponding period in the preceding financial year.

  • Marginal note:Approval by board of directors

    (7) The board of directors shall approve the annual financial statements and that approval shall be evidenced by the signature of at least one director of the Board.

  • 1999, c. 34, s. 35
  • 2017, c. 26, s. 62

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

Reporting

Quarterly Statements

Marginal note:Statements to go to ministers

 The Board shall send copies of the quarterly financial statements prepared in accordance with subsection 35(6) to the Minister, the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness within 45 days after the end of the three-month period to which they relate.

  • 1999, c. 34, s. 47
  • 2005, c. 10, s. 34

Annual Report

Marginal note:Annual report required

  •  (1) The Board shall as soon as possible, but in any case within 90 days after the end of each financial year, provide the Minister, the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness with an annual report on the operations of the Board in that year.

  • 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).

  • Marginal note:Tabling in Parliament

    (3) After receiving the annual report, the Minister shall cause it to be laid before each House of Parliament on any of the next 15 days during which that House is sitting.

  • Marginal note:Contents

    (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;

    • (d) a statement of the Board’s objectives for the financial year and a statement of the extent to which the Board met those objectives;

    • (e) a statement of the Board’s objectives for the next financial year and for the foreseeable future;

    • (f) a statement of the corporate governance practices of the Board;

    • (g) a summary of the Board’s investment policies, standards and procedures established under paragraph 7(2)(a) and a comparison of its most recent investment policies with investments actually held by it;

    • (h) a summary of the code of conduct for officers and employees of the Board established under paragraph 7(2)(e);

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

    • (j) any prescribed information or other information that the Minister may require.

  • 1999, c. 34, s. 48
  • 2005, c. 10, s. 34, c. 30, s. 49

Meetings

Marginal note:Meetings

 The Board shall meet once a year with the members of the three advisory committees established respectively under section 49.1 of the Canadian Forces Superannuation Act, section 41 of the Public Service Superannuation Act and section 25.1 of the Royal Canadian Mounted Police Superannuation Act in order to discuss the Board’s most recent annual report.

Regulations

Marginal note:Regulations

 The Governor in Council may make regulations

  • (a) respecting the application to the Board and its subsidiaries of provisions of the Pension Benefits Standards Act, 1985 and regulations made under that Act;

  • (b) adapting provisions of the Pension Benefits Standards Act, 1985 and regulations made under that Act in the manner that the Governor in Council considers appropriate for the purpose of applying them to the Board and its subsidiaries;

  • (c) respecting the limitations to which the Board is subject when it makes investments, so long as those limitations relate to

    • (i) borrowing and the use of derivatives,

    • (ii) the establishment of a percentage of the funds that must be held available for investment in Government of Canada bonds and the procedure used to determine that percentage, or

    • (iii) the period during which the Board must, in acquiring securities other than debt obligations of Canadian corporations for investment, substantially replicate the composition of one or more widely-recognized broad market indexes of securities traded on a recognized stock exchange in Canada; and

  • (d) prescribing anything that this Act provides may be prescribed or may be determined by regulation.

Offence

Marginal note:False statements

  •  (1) Every director, officer, employee, agent, mandatary or auditor of the Board or of any of its subsidiaries who, in carrying out a duty under this Act or the by-laws, prepares, signs, approves or concurs in any statement, report or other document respecting the affairs of the Board or the subsidiary that contains any false or deceptive information is guilty of an offence.

  • Marginal note:Punishment

    (2) Every person who commits an offence under subsection (1) is liable on summary conviction

    • (a) in the case of a natural person, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months, or to both; or

    • (b) in any other case, to a fine not exceeding $500,000.

Winding-up

Marginal note:Insolvency and winding-up

 No Act relating to the insolvency or winding-up of any corporation applies to the Board and in no case shall the affairs of the Board be wound up unless Parliament so provides.

Amendments to the Public Service Superannuation Act

 [Amendments]

Amendments to the Canadian Forces Superannuation Act

 [Amendments]

  •  (1) [Amendment]

  • (2) [Repealed, 2003, c. 26, s. 38]

 [Amendment]

  •  (1) and (2) [Amendments]

  • (3) [Repealed, 2003, c. 26, s. 39]

 [Amendments]

 [Repealed, 2003, c. 26, s. 40]

 [Amendments]

 
Date modified: