Organization Profile - Public Sector Pension Investment Board

Public Sector Pension Investment Board

President of the Treasury Board

The mandate of Public Sector Pension Investment Board is to manage employer and employee contributions made after April 1, 2000 to the federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police pension funds.

Ottawa, Ontario

Public Sector Pension Investment Board Act
http://laws-lois.justice.gc.ca/eng/acts/P-31.7/page-3.html#docCont

The Board shall be managed by a board of directors of 11 eleven directors, including the Chairperson.

Each director shall be appointed by the Governor in Council, on the recommendation of the Minister, to hold office during good behaviour for the term, not exceeding four years, that will ensure, as far as possible, the expiry in any one year of the terms of office of not more than one half of the directors.

A director is eligible for reappointment for one or more additional terms of office. The Governor in Council may remove a director for cause.

If a person ceases to be a director during the term for which the person was appointed, the Minister shall consult the list established by the nominating committee and shall appoint a qualified person to hold office as a director for the remainder of the term.

The Governor in Council shall, on the recommendation of the Minister after the Minister has consulted with the board of directors, the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness, designate one of the directors as Chairperson to hold office during good behaviour. The Governor in Council may remove the Chairperson for cause.

The Chairperson shall preside at all meetings of the board of directors and may exercise the powers and perform the duties and functions that are specified by the board of directors.

If the Chairperson is absent at any meeting of the board of directors, one of the directors present who is chosen to so act by the directors present shall preside and have all the powers, duties and functions of the Chairperson.

If the Chairperson is incapable of performing his or her duties or there is a vacancy in the office of Chairperson, the Minister may designate another director to exercise the powers and perform the duties and functions of the Chairperson.

The recommendation of the Minister shall be made from the list of qualified candidates proposed by the nominating committee. The Minister shall establish a nominating committee to establish a list of qualified candidates for proposed appointment as directors. The committee shall consist of eight members appointed as follows:

• an independent chairperson appointed by the Minister after consulting with the Minister of National Defence and the Minister of Public and Emergency Preparedness;
• two members appointed by the Minister, after the Minister has received recommendations from the advisory committee, referred to in section 41 of the Public Service Superannuation Act, one of whom must represent persons employed in the Public Service;
• one member appointed by the Minister who is in receipt of a pension under any of the Canadian Forces Superannuation Act, the Public Service Superannuation Act and the Royal Canadian Mounted Police Superannuation Act;
• two members appointed by the Minister of National Defence after that Minister has received recommendations from the advisory committee referred to in section 49.1 of the Canadian Forces Superannuation Act; and
• two members appointed by the Minister of Public Safety and Emergency Preparedness after that Minister has received recommendations from the advisory committee referred to in section 25.1 of the Royal Canadian Mounted Police Superannuation Act.

The members of the nominating committee hold office for five years and are eligible for reappointment for one or more additional terms. The Minister who appoints a member may remove that member at any time.

If no person is appointed to take office as a director on the expiry of the term of an incumbent director, the incumbent director continues in office until a successor is appointed.

The following persons are disqualified from being directors: a person who is less than 18 years of age; a person who is of unsound mind and has been so found by a court in Canada or elsewhere; a person who has the status of a bankrupt; a person who is not a natural person; a person who is an agent or employee of Her Majesty in right of Canada; a person who is a member of the Senate or House of Commons of Canada or a member of a provincial legislature; a person who: (i) is entitled to or has been granted a pension benefit under the Public Service Superannuation Act, the Canadian Forces Superannuation Act or the Royal Canadian Mounted Police Superannuation Act, (ii) is entitled to or has been granted a superannuation or pension benefit of a prescribed kind that is payable out of the Consolidated Revenue Fund and is chargeable to a Superannuation Account or another account in the accounts of Canada or is payable out of a fund, or (iii) is subject to a superannuation or pension fund or plan under which he or she may become entitled to a benefit referred to in subparagraph (i) or (ii); a person who is an agent or employee of the government of a foreign country or any political subdivision of a foreign country; and a person who is not a resident of Canada.

The Public Sector Pension Investment Board Act specifies that the Governor in Council shall, on the recommendation of the Minister after the Minister has consulted with the board of directors, the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness, designate one of the directors as Chairperson.

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.