CDIC Board Committee Responsibilities

In March 2006, the Board revised the mandate of each Committee by approving individual Committee Charters. The principal responsibilities set out in the respective Charters of the four Standing Committees are summarized below. Click here to see Board Committee membership.

Audit Committee

The Audit Committee has primary responsibility for overseeing internal controls; the reliability of financial information; the annual audit; and the special examination of the Corporation conducted every five years by the Auditor General of Canada. The Committee is also responsible for recommendations to the Board of Directors regarding approval of the annual financial statements, and for oversight of ethics and integrity and preservation of the Corporation’s reputation by receiving from management reports on compliance with the Corporation’s policies or codes of business conduct and ethical behaviour. All members of this Committee are required to have financial literacy and one member must have financial expertise. See the full Audit Committee Charter.

Executive Committee

The Executive Committee deals mainly with emergencies, highly sensitive matters, and other matters referred to it by the Board of Directors, the Chairperson of the Board, or the President and CEO, that would not be considered within the mandate of any other Committee of the Board. See the full Executive Committee Charter.

Governance and Nominating Committee

The mandate of the Governance and Nominating Committee is to ensure appropriate structures and processes are in place for effective oversight of and direction for CDIC’s activities, and to assume the primary responsibility for the succession of the Chairperson and the private sector Directors. This Committee reviews the mandates of each Committee of the Board, provides information and training to the Board and reviews, on a periodic basis, the Corporation’s mandate as set out in the CDIC Act, and all other matters that may affect the Board’s effectiveness. See the full Governance and Nominating Committee Charter.

Human Resources and Compensation Committee (HRCC)

The HRCC’s mandate is to review and make recommendations to the Board regarding key human resource policies and strategies, CEO performance assessment, compensation, personnel policies, training, senior management succession planning, compliance with employee-related legal requirements, and the general state of human resource issues. The HRCC also ensures that CDIC has ongoing and appropriate policies and codes with respect to employee business conduct and ethical behaviour. See the full HRCC Committee Charter.