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Public Sector Pension Investment Board Act

Version of section 35 from 2017-12-12 to 2024-03-06:


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

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