Organization Profile - Farm Credit Canada

Minister of Agriculture and Agri-Food

Farm Credit Canada Act

Farm Credit Canada shall consist of a Board of Directors comprising a Chairperson, a President and not fewer than three nor more than ten other directors.

The directors, other than the Chairperson and the President, shall be appointed by the Minister of Agriculture and Agri-Food, with the approval of the GIC, for such term not exceeding four years as ensures as far as possible, the expiration in any year of the terms of office for not more than half of the directors. A director whose term of office has expired is eligible for reappointment to the Board in the same or another capacity. The GIC may appoint one or more persons to act as a director in the event that any director is absent or unable to act.

The Chairperson of the Board and the President of the Corporation are appointed by the GIC for such terms as the GIC considers appropriate. The President is the chief executive officer and is responsible for the supervision of the business of the Corporation.

If the Chairperson is absent or unable to act or if the office of Chairperson is vacant, the Board may authorize a director to act as Chairperson and that director has all of the duties and may exercise all of the powers of the Chairperson during the absence, inability or vacancy.

If the President is absent or unable to act or if the office of President is vacant, the Board may authorize an officer or employee of the Corporation to act as President and that officer or employee has all of the duties and may exercise all of the powers of the President during the absence, inability or vacancy. A person may not act as President for a period of more than 90 days without the approval of the Governor in Council.

If a director is not appointed to take office on the expiration of the term of an incumbent director, the incumbent director continues in office until that director is reappointed or until a successor is appointed.

The Financial Administration Act requires that before an officer-director of a parent Crown corporation is appointed, the Minister shall consult the Board of Directors of the Corporation with respect to the appointment.

Five directors.

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.