Organization Profile - Marine Atlantic Inc.

Minister of Transport

Marine Atlantic’s mission is to provide a safe, environmentally responsible, and quality ferry service between the Island of Newfoundland and the Province of Nova Scotia in a reliable, courteous and cost-effective manner.

St. John's, Newfoundland

Financial Administration Act

Marine Atlantic Inc. consists of not less than five or more than ten directors including:

• a Chairman appointed by the GIC to hold office during pleasure for such term as the GIC considers appropriate;
• a President appointed by the GIC to hold office during pleasure for such term as the GIC considers appropriate;
• directors appointed by the Minister, with GIC approval, to hold office during pleasure for a term not exceeding four years; not more than half the directors' terms should expire in any one year.

All directors are eligible for reappointment.

If a director is not appointed upon 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 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.

A majority of the Board. (s.5.03 of By-Law No. 1)

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.