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| Adoption of
business plan
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123. (1) Every airport authority must,
before the beginning of its fiscal year, adopt a
business plan for its airports for the upcoming
five fiscal years.
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| Consultation
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(2) The airport authority must consult with
air carriers operating on the airport on the
factors to be taken into account in developing
its business plan, including traffic forecasts.
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| Content
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(3) The business plan must include
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(a) a statement of the airport authority's
strategic objectives and a description of the
anticipated business environment of the
authority for the five-year period to which
the plan relates;
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(b) an identification of the business
objectives and initiatives of the authority,
including matters respecting capital
expenditures and fees, and financial
projections for each fiscal year; and
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(c) a detailed identification of the matters
referred to in paragraph (b) for the first year
of the planning period.
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| Duty to
prepare
statements
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124. (1) Every airport authority must
prepare financial statements quarterly and
annually. An authority that holds an
ownership interest in another corporation
must prepare annual consolidated and
unconsolidated statements.
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| Additional
statements
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(2) The airport authority must ensure that
separate annual unconsolidated financial
statements are available for each corporation
in which it holds an ownership interest and
that any subsidiary whose parent is the
authority and that has a subsidiary prepares
annual consolidated statements.
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| Audited
financial
statements
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(3) The airport authority must ensure that
the annual financial statements referred to in
subsections (1) and (2) are audited.
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| Generally
accepted
accounting
principles
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(4) Every airport authority must ensure that
its financial statements have been prepared in
accordance with Canadian generally accepted
accounting principles that are applicable to
public enterprises.
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| Disclosure for
each separate
airport
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(5) The financial statements of an airport
authority must disclose revenues and
expenses for each separate airport.
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| Disclosure of
revenue
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(6) The financial statements must show
separately for each airport the revenues
derived from
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(b) general terminal fees;
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(c) other aeronautical fees;
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(g) rental of space in a building;
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(j) any other category of revenue
accounting for at least 2% of the total
revenues of the airport authority.
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| Revenues
from
passenger fees
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(7) Gross revenue from passenger fees must
be disclosed, without any deduction, in the
financial statements in the year in which they
are earned.
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| Disclosure -
passenger fees
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(8) If a passenger fee is imposed to finance
a major capital program, infrastructure
covered by an agreement referred to in
paragraph 50(2)(c) or a program designated
under section 176, the annual financial
statements must disclose, on an annual and
cumulative basis from the year in which the
fee is established, all expenditures made in
respect of the program or infrastructure and all
revenues from the passenger fee and any other
fee or source of revenue or funding received
by the airport authority for the program or
infrastructure.
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| Disclosure -
existing
passenger fees
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(9) In the case of a passenger fee that was
imposed before the coming into force of this
section, the disclosure, on a cumulative basis,
must include the information required by
subsection (8) from the time the fee was
introduced.
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| Notes to
financial
statements
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(10) The notes to the annual financial
statements must include
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(a) a summary of significant accounting
policies, including revenue recognition for
each category of revenue;
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(b) a summary of commitments and
contingencies;
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(c) a list of grants, contributions and
subsidies received by the airport authority
and the purpose for which they were given;
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(d) a description of transactions between
the airport authority and each corporation in
which it holds an ownership interest; and
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(e) the financial exposure of the authority,
within the meaning of section 57, in each
corporation in which it holds an ownership
interest.
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| Regulations
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(11) The Governor in Council may make
regulations respecting information, including
additional information, that must be included
in financial statements.
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| Certification
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(12) The chief executive officer of the
airport authority must certify that the financial
statements do not contain any untrue
statements or omissions of material facts and
that they fairly present the financial position
of the authority. The chief executive officer
must give the auditor, without delay, a
certified copy of the statements and, if any
material errors are subsequently detected in
them, certified revised financial statements.
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| Required
approval
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125. An airport authority must not issue,
publish or circulate copies of the annual
financial statements unless those statements
are approved by its board of directors and
accompanied by the auditor's report.
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| Auditor's
report
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126. The auditor of the airport authority
must audit the annual financial statements of
the authority in accordance with Canadian
generally accepted auditing standards and
submit a report to it for the fiscal year for
which the auditor has been appointed as soon
as possible after the end of that fiscal year.
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| Supplementar
y reports
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127. (1) The auditor must prepare and
submit to the board the following reports:
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(a) a separate report indicating whether, in
the auditor's opinion, the airport authority's
activities and investments referred to in
sections 57 and 58 are in accordance with
this Act, the regulations and the by-laws of
the authority and whether the transactions
between the authority and any corporation
in which it has an ownership interest are on
commercial terms; and
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(b) a report identifying any matter that falls
within the scope of the auditor's
examination in the course of preparing the
auditor's report that, in the auditor's
opinion, should be brought to the board's
attention.
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| Submission of
reports
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(2) An airport authority must send a copy of
the reports referred to in subsection (1) to the
Minister within 30 days after receiving them.
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| Right to
information
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128. (1) The present or former directors,
officers, employees, agents or mandataries of
the airport authority must provide the auditor,
on request, with information and explanations
and access to any records, documents, books,
accounts and vouchers that they are
reasonably able to provide and that are, in the
opinion of the auditor, necessary to enable the
auditor to exercise their powers and carry out
their duties and functions, including preparing
the auditor's report on the financial
statements.
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| Corporations
in which
authority
holds
ownership
interest
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(2) At the request of the auditor, the
directors of the airport authority must
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(a) obtain from the present or former
directors, officers, employees, agents and
mandataries of any corporation in which the
airport authority holds an ownership
interest the information and explanations
that they are reasonably able to provide and
that are, in the opinion of the auditor,
necessary to enable the auditor to exercise
their powers and carry out their duties and
functions, and those persons must provide
the requested information and
explanations; and
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(b) provide the auditor with the information
and explanations so obtained.
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| Annual report
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129. (1) Every airport authority must
prepare an annual report for each fiscal year.
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| Content
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(2) The report must contain a general
summary of the airport authority's business
and affairs during the fiscal year and must
include the following information:
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(a) audited, annual financial statements and
the corresponding auditor's report;
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(b) audited, consolidated financial
statements for each subsidiary whose parent
is the airport authority and the
corresponding auditor's report;
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(c) a narrative summary of any investments
in corporations in which the airport
authority holds an ownership interest,
including a description of their corporate
structure and activities, the amount
invested and disclosure of the percentage of
shares held by the authority in each, and, in
the case of a subsidiary, a list of all its
directors;
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(d) the degree to which the business
objectives and initiatives set out in the
airport authority's business plan have been
met or undertaken, or an explanation of why
they have not been met or undertaken;
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(e) a statement of the business objectives
and initiatives of the airport authority taken
from the business plan for the current fiscal
year;
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(f) a statement of the remuneration and
other taxable benefits provided by the
airport authority to each director and the
chief executive officer of the authority;
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(g) a statement of the range of the
remuneration and the other taxable benefits
provided by the airport authority to its
officers, other than the chief executive
officer;
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(h) a statement of the remuneration and
other taxable benefits provided to each
director and officer of the airport authority
by any corporation in which the authority
holds an ownership interest;
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(i) a report on the compliance of directors
and officers with the conflict of interest
rules, including a summary of any
agreement or arrangement to which the
airport authority is a party under which a
director, an officer or a person related to one
of them derives a benefit of a financial
nature directly or indirectly;
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(j) a summary of consultations undertaken
under this Act, including consultations with
air carriers and the community;
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(k) a summary of the corporate governance
of the airport authority, including a report of
the activities of the committees of the
board;
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(l) a summary of environmental incidents
on the airport for which notice is required to
be given under subsection 110(1) and any
corrective measures taken;
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(m) a narrative summary of, and a statistical
report relating to, the activities of air
carriers operating on the airport, including
the provision of new services and the
measures taken by the airport authority
under section 24 to accommodate them;
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(n) the information referred to in section 96
respecting contracts referred to in that
section entered into by airport authorities or
by corporations referred to in subsection
55(2);
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(o) a summary of capital expenditures and
the related capital projects;
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(p) a report on the airport authority's
performance according to the performance
indicators referred to in section 136 for the
current year and the four preceding years;
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(q) a summary of the recommendations
from any performance review referred to in
section 138 and the airport authority's
response to them;
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(r) a summary of all penalties assessed
against the airport authority or its directors
or officers under this Act; and
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(s) a list of documents referred to in
subsection 134(2) and the places where they
may be obtained.
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| Regulations
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130. The Governor in Council may make
regulations respecting the contents of the
annual reports, including additional contents
to be included in them.
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| Annual
meeting
|
131. (1) Every airport authority must hold
an annual meeting within the first 150 days
after the beginning of each fiscal year at which
it must present its annual report. The business
transacted at the meeting must relate to the
carrying out of the airport undertaking on the
airport, and must include the announcement of
the auditor's appointment.
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| Meeting open
to public
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(2) The annual meeting must be open to the
public and held at or near the airport
authority's head office, in premises large
enough to accommodate the anticipated
attendance.
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| Notice to
selecting
bodies
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(3) The airport authority must, at least 30
days before the annual meeting, send to the
selecting bodies a notice of the date, time and
place of the annual meeting and, at least seven
days before the meeting, a copy of the annual
report.
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| Publication of
notice
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(4) The airport authority must, at least 21
days before the annual meeting, publish in
each daily newspaper published and
circulated in the largest municipality served
by the airport - or, if there is no daily
newspaper, in each weekly newspaper - a
notice indicating the date, time and place of
the annual meeting and stating that the annual
report will be available at least seven days
before the meeting from the authority on
request. The authority must also post a notice
in prominent places in every air terminal
building on the airport.
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| Attendance
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132. Every airport authority must take the
measures necessary to enable participants at
the annual meeting to ask questions and to
express their views. Two thirds of the airport
authority's directors, including the
chairperson, and the chief executive officer,
must attend each annual meeting in person and
answer any questions about the annual report.
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