The commission's governance structure is designed to meet the requirements set out in relevant securities legislation and government guidelines. The Governance Manual describes the commission's governance structure and the practices the board uses to discharge its governance responsibilities.
The Governance Manual comprises:
- Governance Policy
- Terms of Reference for the Board
- Terms of Reference for Board Committees
- Terms of Reference for the Governance Committee
- Terms of Reference for the Audit Committee
- Terms of Reference for the Human Resources Committee
The board keeps informed about emerging best governance practices and updates the Governance Manual when appropriate. The governance committee reviews the Governance Manual annually.
The commission has an Ethics and Conduct Policy that meets the government's Standards of Ethical Conduct for Directors of Public Sector Organizations (2005, Board Resourcing and Development Office, Office of the Premier).
The biographies of the chair and commissioners describe their relevant skills and experience.
Each commissioner's total compensation and attendance record for each year is published in the commission's annual report.
The commission has a policy for compensating independent commissioners.
The audit committee members are financially literate.
The committee chair presides over committee meetings and is responsible for ensuring that the committee works efficiently and effectively. The committee chair, in consultation with the committee, determines the agenda, frequency and length of committee meetings.
The commission's governance practices meet the government's Best Practice Guidelines - BC Governance and Disclosure Guidelines for Governing Boards Of Public Section Organizations, with one exception. The Chair of the commission functions as both chair and chief executive officer. The board does not have a lead director. The governance policy describes the mechanisms in place to balance the combination of the chair and chief executive roles, and explains how those mechanisms provide appropriate governance outcomes.