Organization Profile - Canada Infrastructure Bank

Canada Infrastructure Bank Act

8 (1) The Bank has a board of directors composed of the Chairperson and not fewer than eight, but not more than 11, other directors.

8 (2) Each director, other than the Chairperson, is to be appointed by the Governor in Council to hold office during pleasure for a term of not more than four years that will ensure, to the extent possible, the expiry in any one year of the terms of office of not more than one half of the directors.

8 (3) The Chairperson is to be appointed by the Governor in Council to hold office during pleasure for a term that the Governor in Council considers appropriate.

8 (4) The designated Minister may establish a committee to provide him or her with advice on the appointment of directors. The committee is to include representation from the Board.

8 (6) The Governor in Council may terminate the appointment of, or remove or suspend, any director. However, before terminating the appointment of or removing or suspending the Chairperson, the Governor in Council must consult with the Board. The Board may also, with the approval of the Governor in Council, terminate the appointment of or remove or suspend any director.

8 (7) A director is eligible for reappointment.

8 (8) Despite subsection (2), if a director is not appointed to take office on the expiry of the term of an incumbent director, other that the Chairperson, the incumbent director continues in office until their successor is appointed.

8 (9) If the Chairperson is absent or unable to act or the office of Chairperson is vacant, the Board may authorize one of the other directors to act as Chairperson, but that person is not authorized to act as Chairperson for a period of more than 180 days without the approval of the Governor in Council.

9 (1) A Chief Executive Officer is to be appointed by the Board to hold office during pleasure for a term to be fixed by the Board. The appointment and term of office are subject to the approval of the Governor in Council.

9 (3) The Chief Executive Officer must carry out the duties and functions of his or her office on a full-time basis.

9 (4) If the Chief Executive Officer is absent or unable to act or the office of Chief Executive Officer is vacant, the designated Minister may appoint a person to act as Chief Executive Officer.

10 An individual is not eligible to be appointed as the Chief Executive Officer, the Chairperson or a director if the individual:

1. is less than 18 years of age;
2. has the status of bankrupt;
3. is employed in the federal administration or by a provincial, municipal or local authority; or
4. is a member of the Senate or House of Commons or a member of the legislature of a province.

11 An individual is not entitled to hold the offices of Chairperson and Chief executive Officer at the same time.

8 (5) The designated Minister may undertake any other consultations as to the appointment of directors that he or she considers appropriate, including with the provinces.

9 (2) The Governor in Council may, after consulting with the Board, terminate the appointment of or remove or suspend the Chief Executive Officer. The Board may also, with the approval of the Governor in Council, terminate the appointment of or remove or suspend the Chief Executive officer.

12 (1) The Chief Executive Officer, the Chairperson and each of the other directors are to be paid by the Bank remuneration for their services in respect of that office.

12 (2) The rate of any remuneration paid to the Chairperson and the other directors is to be fixed by the Governor in Council.

12 (3) The rate of any remuneration paid to the Chief Executive Officer is to be fixed by the Governor in Council on the recommendation of the Board. In making its recommendation, the Board is to take into account the skills required for the position and the remuneration paid to persons in comparable positions.

13 (1) Each director is to be paid by the Bank reasonable travel and living expenses incurred in connection with their services in respect of that office while absent from their ordinary place of residence.

13 (2) The Chief Executive Officer is to be paid by the Bank reasonable travel and living expenses incurred in connection with his or her services in respect of that office while absent from his or her ordinary place of work.