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.
bcIMC Board Mandate
clarifies the Board's duties and responsibilities.
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 personís 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 Governance Committee (HRGC) consists of three
directors who assist the bcIMC board in its role of ensuring the Corporation retains a
highly effective team and that human resource practices continue to align employee
performance with client expectations. The HRGC 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. The HRGC is also
responsible for monitoring matters related to board governance. Further details of the
committee's functions and procedures are outlined in the
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
||Code of Conduct
The bcIMC Code of Conduct for Directors
sets the minimum code of conduct expected and required of all directors of bcIMC.
The Code of Ethics and Professional Conduct sets the standard of behaviour that bcIMC expects of its employees in their performance and dealings with others.