In accordance with the Public Sector Pension Plans Act (Act), bcIMC's Board of Directors consists of seven members. The trustees of the four statutory pension plans (College Pension Plan, Public Service Pension Plan, Municipal Pension Plan and the Teachers Pension Plan) are each responsible for appointing one director. The Minister of Finance appoints three directors, two of whom must be representative of bcIMC's other clients. The third appointee by the Minister is designated under the Act as the Chair of the Board. To be nominated in the capacity of Board Director, the nominee must satisfy certain criteria .

The Board of Directors has the following responsibilities:

• ensure appropriate controls and accountabilities are in place;
  
• approve policies for pooled investment portfolios;
  
• ensure bcIMC provides appropriate service levels to its clients;
  
• approve annual budget, fees & staff compensation;
  
• select and appoint the Chief Investment Officer/Chief Executive Officer; and,
  
• select and appoint bcIMC's auditors

The bcIMC Code of Conduct for Directors  sets the minimum code of conduct expected and required of all directors of bcIMC.

The Act provides that bcIMC may pay remuneration to the Board of Directors that is consistent with the Treasury Board guidelines. In terms of the Act, directors or committee members cannot receive additional remuneration for board/ committee service if they are already remunerated for their involvement with bcIMC meetings. Fees are paid to the respective organization to compensate the employer for the person’s time.

An Audit Committee consisting of three directors adds depth to bcIMC's corporate governance. The three committee members form an efficient working group representing different perspectives and a variety of backgrounds which benefit the committee in carrying out its functions. The Audit Committee oversees bcIMC's audit programs, financial management controls and financial reporting. Further details of the committee's functions and procedures are outlined in the Audit Committee Mandate .

The Human Resources and Compensation Committee (HRCC) consisting of three directors, assists the bcIMC board in its role of ensuring the Corporation retains a highly productive workforce and that human resource policies align employee performance with client expectations. The HRCC reviews matters relating to human resource strategies, compensation philosophy, succession management, performance and associated payments under incentive plans, and proposed changes to terms and conditions of employment, human resource policies and benefit plan designs. Further details of the committee's functions and procedures are outlined in the HRCC Terms of Reference .

Clients/trustees are responsible for establishing the investment policies and management framework for their specific fund(s). This is done through a Statement of Investment Policies and Procedures which, among other things, establishes:

• the fund's investment objectives and its performance targets;
  
• eligible investments and diversification of the portfolio;
  
• an asset allocation framework and the amount of discretion that bcIMC and/or external managers have in the day-to-day management of the fund; and
  
• the fund's policies relating to specific activities and programs (e.g., delegation of voting rights, security lending).

Directors of bcIMC are legislatively prohibited from getting involved in investment decisions. Investment professionals, hired by bcIMC, make these decisions, in accordance with the policies established by the clients.

Reporting & Accountability Framework

Board of Directors & Corporate Officers