Board Profile - Royal Canadian Mint

Royal Canadian Mint

Mandate

The Royal Canadian Mint produces circulation and non-circulation coins (for Canada and other countries), manages the domestic coinage system, and is the technical advisor to the Minister of Finance on all matters related to coinage. The Mint also produces and markets bullion coins, operates a gold and silver refinery, and carries out related services for profit.

As a fully commercial Crown corporation, the Mint is self-financing and does not receive any appropriation from the government. It is mandated to operate for profit. The Mint reports to Parliament through the Minister of Transport, Infrastructure and Communities.

Vision, Mission and Core Values:

Vision: To be the best mint in the world.
Mission: The Royal Canadian Mint is a world-class provider of branded investment, collectible and secure payment products and services that connect people and inspire celebration.
Core Values: customer focus, excellence, innovation, being Canadian, integrity and people.

To achieve its mandate and realize its vision of being the best mint in the world, the Mint has established four strategic objectives that are reviewed yearly during the corporate planning exercise:

To meet or exceed customers expectation for quality, service and value;
To achieve or enhance employee satisfaction, engagement and well-being;
To apply best practices in applying corporate social responsibility;
To generate a commercial return on capital employed today and invest in people, research and development and equipment necessary to ensure the long-term profitability of the Mint.

Overview of Board of Directors

The Board of Directors is accountable through the Chairman to the Minister responsible for the Mint, the Minister of Transport, Infrastructure and Communities. The Board is comprised of 9 to 11 Directors, including the President and CEO.

The Board of Directors has the responsibility for overall stewardship of the Mint. It has a duty to protect the long-term interests of the Mint, establish the strategic direction and ensure that it is appropriate to meet current and future needs of the Mint, safeguard its assets, monitor corporate performance and to be prudent and professional in fulfilling its duties. The Chairman provides guidance to the Board in its direction of the Mint. The Chairman is the principle link between the Mint and the Minister of Transport, Infrastructure and Communities.

In the interest of ensuring the ongoing renewal and rejuvenation of the Board, the Royal Canadian Mint Act stipulates the length of term and number of terms permitted for the appointment of the President and CEO who is the Master of the Mint, the Chairman and the other Directors.

Roles and Responsibilities

The Board of Directors has determined that it will delegate operational responsibilities to the President and CEO, while the Board will focus on the direction and policy setting as well as oversight and monitoring. The Board of Directors is responsible for the following functions:

Direction Setting

contribute to, approve and monitor the vision and mission of the Mint;
contribute to and approve the strategic direction and the corporate plan for the Mint;
review, approve and monitor corporate policies;
monitor the Mint’s progress towards its goals, and revise and alter its direction in light of changing circumstances.

Risks and Opportunities Management

review and approve the definition and assessment of risks and opportunities;
review and approve the strategies to address risks and opportunities;
review, approve and monitor internal controls to manage risks and opportunities;
monitor the update and the review of results regarding risks and opportunities.

Financial Oversight

review, approve and monitor the compliance with legislative requirements;
review and approve the corporate budget;
develop, approve and monitor the Board’s budget;
monitor the assessment of financial results;
review, approve and monitor the integrity of financial results.

Succession Planning

contribute to and approve the appointment, termination, the terms and conditions of employment including compensation and the assessment of capabilities of Officers, other than the Chairman and the President and CEO;
review and approve the terms and conditions of employment of other employees;
monitor a succession plan for Officers and other senior management employees;
provide advice to the government on the appointment criteria for the President and CEO and for Directors on the Board;
provide advice to the government on the adequacy and form of compensation including benefits for Directors;
initiate and implement the development of Directors including orientation sessions for new Directors;
review and monitor the Mint’s public policy objectives and its legislated mandate to ensure their continuing relevance;
develop an effective working relationship with management while maintaining a clear distinction between Board and management roles.

Performance Management

review, approve and monitor performance management for the organization;
initiate, implement and monitor performance management for the President and CEO;
initiate, implement and monitor performance management for the Board, the Chairman and Directors;
initiate and implement by-laws that regulate the business or affairs of the Mint.

Stakeholder Communication

review and approve the identification of stakeholders and the development of effective stakeholders' communication strategies;
review and approve the reporting on financial accomplishments;
initiate and implement the reporting on governance processes;
contribute to, approve and monitor stakeholders communications strategies and the messages to be communicated on key issues;
initiate, implement, contribute to, review, approve and monitor the building and management of external relations.

On-Going Corporate Challenges, Issues and Initiative

On-going challenges include, but are not limited to:

long-term profitability of the Mint;
enterprise-wide risk and opportunities management;
succession planning;
strong and effective stakeholder communications.

Competencies, Skills and Experience Required of Directors

Directors must have competencies that complement the current Board membership and that are relevant to the Mint’s unique business environment and activities.

Core Attributes, Competencies and Experience

Directors should possess appropriate personal attributes. These include integrity, sound judgment, strategic and critical thinking skills, strong interpersonal skills and a high level of commitment to the organization and its success. This requires that the Directors be able to, in turn, observe, coordinate, challenge, support, provide advice, inspire, motivate and direct.

Proficiency in both official languages is an asset. Directors should also have previous experience as a member on a board of directors in either private or public sectors.

In addition, the Royal Canadian Mint Act requires that each member director has expertise in the field of metal fabrication or production, industrial relations or a related field

Specific Skills, Knowledge and Experience

The specific skills sought for each new appointment will be determined by the Board of Directors, and forwarded to the Minister responsible for the Mint for consideration. These will include experience in the following areas:

auditing
engineering
financial literacy
international experience
marketing
risk management
strategic planning
manufacturing
corporate communications
environmental or safety and health experience

Regional and Demographic Representation

The ideal Board of Directors would be composed of Canadian residents and be representative of Canada’s diversity.

Working Conditions

The Chairman and Director positions are on a part-time basis.

Number of Meetings: Generally, excluding teleconferences, the Board meets on average seven to nine times a year with meetings lasting between one and two days. Board Committee meetings vary between four to six times a year and are generally held about two weeks before Board meetings. Additional meetings of the Board and Committees may be called as required.
Meetings are mostly held in Ottawa, with one Board meeting held at the Mint’s Winnipeg facility each year. Board and Committee meetings may also be held outside of Ottawa.
Average Annual Time Commitments: The expected annual time commitment for the Chairman is approximately 60-80 days, but can be up to 100 days, and the time commitment for Directors is approximately 30-50 days, but could include up to 60 days. This time commitment includes the time required to prepare for and attend meetings, and travel to and from meetings.
Committee Work/Additional Duties: The Chairman is an ex officio member of all Board Committees and Directors are required to sit on one or two Standing Committees and ad hoc Committees as required.
Conflict of Interest: All Board members are subject to the federal government’s Conflict of Interest and Post-Employment Code for Public Office Holders and the Mint’s Code of Conduct.
Conditions of Eligibility to be a Mint Director and Exclusions: Currently, the Royal Canadian Mint Act requires that each Director:
has expertise in the field of metal fabrication or production, industrial relations or a related field;
be a Canadian citizen ordinarily residing in Canada;
not be directly or indirectly engaged in any undertaking involving or associated with:
1. the production or distribution of copper, copper alloy, nickel or precious metals;
2. the purchase, production, distribution or sale of coins or coin-operated devices; or
3. the vending of goods and services by means of coin-operated devices.
Remuneration: The current annual retainer range for the Chairman is $10,500 to $12,400 and for Directors is $5,300 to $6,200. The current per diem range for all Directors (including the Chairman) is $410 to $485. All business expenses incurred as a Director of the Mint are reimbursed.