Organization Profile - Canada Lands Company Limited

Canada Lands Company

Minister of Public Services and Procurement

The Canada Lands Company's mandate is to ensure the commercially oriented, orderly disposition of selected surplus federal real properties with optimal value to the Canadian taxpayer and the holding of certain properties. In carrying out its mandate, Canada Lands sees "optimal value" as pertaining to both financial and non-financial community value. The company is sensitive to local real estate market conditions and follows transparent operating processes. It purchases surplus strategic properties from the government which possess significant development potential; require innovative planning, rezoning, servicing or environmental remediation; or have specific sensitivities.

Toronto, Ontario

Financial Administration Act

The President and Chief Executive Officer is appointed by GIC to hold office during pleasure for such term as the GIC considers appropriate.

The Board consists of a minimum of three and a maximum of seven directors, one of whom shall be the Chairperson.

The Chairperson is appointed by the GIC to hold office during pleasure for such term as the GIC considers appropriate and the other directors are appointed during pleasure by the Minister with the approval of the GIC for such term not exceeding four years as will ensure as far as possible the expiration of not more than one-half of the terms of office of the directors. All directors are eligible for reappointment at expiry of term.

The majority of the directors are not to be officers or employees of the Corporation or any of its affiliates.

If a director is not appointed on the expiration of the term of an incumbent director, other than an officer-director, the incumbent director continues in office until a successor is appointed.

The Financial Administration Act requires that before the President and Chief Executive Officer and the Chairperson of a parent Crown corporation are appointed, the Minister shall consult the Board of Directors of the Corporation with respect to the appointment.

The auditor of a Crown Corporation shall be appointed annually by the Governor in Council, after the appropriate Minister has consulted the Board of Directors of the corporation, and may be removed at any time by the Governor in Council, after the appropriate Minister has consulted the Board.

The Auditor General of Canada shall be appointed by the Governor in Council as the auditor, or a joint auditor, of each Crown Corporation, unless the Auditor General waives the requirement of being so appointed.

An auditor of a Crown Corporation is eligible for reappointment on the expiration of the auditor’s appointment.

If an auditor of a Crown Corporation is not appointed to take office on the expiration of the appointment of an incumbent auditor, the incumbent auditor continues in office until a successor is appointed.

A person is disqualified from being appointed or re-appointed or continuing as an auditor of the corporation if that person is not independent of the corporation, any of its affiliates, or the directors or officers of the corporation or any of its affiliates. Expenses reimbursed in accordance with policies and procedures of the Corporation.