Bill C-78
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
|
1st Session, 36th Parliament, 46-47-48 Elizabeth II, 1997-98-99
|
|
|
The House of Commons of Canada
|
|
|
BILL C-78 |
|
|
An Act to establish the Public Sector Pension
Investment Board, to amend the Public
Service Superannuation Act, the
Canadian Forces Superannuation Act,
the Royal Canadian Mounted Police
Superannuation Act, the Defence
Services Pension Continuation Act, the
Royal Canadian Mounted Police Pension
Continuation Act, the Members of
Parliament Retiring Allowances Act and
the Canada Post Corporation Act and to
make a consequential amendment to
another Act
|
|
|
|
|
|
SHORT TITLE |
|
Short title
|
1. This Act may be cited as the Public
Sector Pension Investment Board Act.
|
|
|
INTERPRETATION |
|
Definitions
|
2. The definitions in this section apply in
this Act.
|
|
``Board'' « Office »
|
``Board'' means the Public Sector Pension
Investment Board established by section 3.
|
|
``by-law''
Version
anglaise
seulement
|
``by-law'' means a by-law of the Board.
|
|
``entity'' « entité »
|
``entity'' means a body corporate, a trust, a
partnership, an unincorporated association
or organization, Her Majesty in right of
Canada or of a province or an agency of Her
Majesty in right of Canada or of a province
and the government of a foreign country or
any political subdivision or agency of the
government of a foreign country.
|
|
``fund'' « fonds »
|
``fund'' means
|
|
|
|
|
|
|
|
|
|
|
``Minister'' « ministre »
|
``Minister'' means the President of the
Treasury Board.
|
|
``prescribed''
Version
anglaise
seulement
|
``prescribed'' means prescribed by regulation.
|
|
``subsidiary'' « filiale »
|
``subsidiary'' means a corporation that is
wholly owned by the Board directly or
indirectly through any number of
subsidiaries each of which is wholly owned
directly or indirectly by the Board.
|
|
|
CONSTITUTION OF THE BOARD |
|
Board
established
|
3. (1) There is established a body corporate
to be known as the Public Sector Pension
Investment Board.
|
|
Not agent of
Her Majesty
|
(2) The Board is not an agent of Her
Majesty.
|
|
Not part of
public service
of Canada
|
(3) Directors, officers, employees, and
agents and mandataries, of the Board are not
part of the public service of Canada.
|
|
Head office
|
(4) The head office of the Board shall be in
the National Capital Region as described in
the schedule to the National Capital Act.
|
|
Canada
Corporations
Act
|
(5) The Canada Corporations Act, chapter
C-32 of the Revised Statutes of Canada, 1970,
does not apply to the Board.
|
|
Financial
Adminis- tration Act
|
(6) Part X of the Financial Administration
Act does not apply to the Board.
|
|
|
OBJECTS AND POWERS |
|
Objects
|
4. (1) The objects of the Board are
|
|
|
|
|
|
|
|
Costs of
operation
|
(2) The costs associated with the operation
of the Board shall be paid out of the funds.
|
|
Consultation
|
(3) The Minister shall determine from
which funds the costs shall be paid, but no
amount shall be taken out of the Canadian
Forces Pension Fund or the Canadian Forces
Superannuation Investment Fund - or, if
regulations are made under section 59.1 of the
Canadian Forces Superannuation Act, from
the fund referred to in section 59.3 of that
Act - without consulting the Minister of
National Defence, or from the Royal
Canadian Mounted Police Pension Fund or the
Royal Canadian Mounted Police
Superannuation Investment Fund without
consulting the Solicitor General of Canada.
|
|
Powers of
Board
|
5. (1) The Board has the capacity and,
subject to this Act, the rights, powers and
privileges of a natural person.
|
|
No
inconsistent
business or
activity
|
(2) The Board and its subsidiaries shall not,
directly or indirectly, carry on any business or
activity or exercise any power that is
inconsistent with the Board's objects, or that
the Board is restricted by this Act from
carrying on or exercising, and shall not,
directly or indirectly, exercise any of its
powers in a manner contrary to this Act.
|
|
No invalidity
|
(3) No act of the Board, including a transfer
of property, is invalid by reason only that the
Board was without the capacity or power to so
act.
|
|
Consultation
|
(4) The Minister shall consult the Board if
changes to pension plan design or funding are
proposed with respect to the pension plans
created under the Acts referred to in paragraph
4(1)(a).
|
|
|
MANAGEMENT |
|
|
Board of Directors |
|
Board of
directors
|
6. (1) The Board shall be managed by a
board of directors of 12 directors, including
the Chairperson.
|
|
Disqualified
persons
|
(2) The following persons are disqualified
from being directors:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
duties
|
7. (1) Subject to this Act, the board of
directors shall manage or supervise the
management of the business and affairs of the
Board.
|
|
Specific
duties
|
(2) Without limiting the generality of
subsection (1), the board of directors shall
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power to
delegate
|
8. (1) Subject to subsection (2) and the
by-laws, the board of directors may delegate
to the Chairperson, to a committee of the
board of directors or to any officer of the
Board any of the powers or duties of the board
of directors.
|
|
Limits on
power
|
(2) The board of directors may not delegate
the power to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors |
|
Appointment
of directors
|
9. (1) Each director shall be appointed by
the Governor in Council, on the
recommendation of the Minister, to hold
office during good behaviour for the term, not
exceeding three years, that will ensure, as far
as possible, the expiry in any one year of the
terms of office of not more than one half of the
directors.
|
|
Recommen- dations from list of nominating committee
|
(2) The recommendation of the Minister
under subsection (1) shall be made from the
list of qualified candidates proposed by the
nominating committee established under
section 10.
|
|
Nominating
committee
|
10. (1) The Minister shall establish a
nominating committee to establish a list of
qualified candidates for proposed
appointment as directors. The committee shall
consist of eight members appointed as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of office
|
(2) The members of the nominating
committee hold office for five years and are
eligible for reappointment for one or more
additional terms.
|
|
Removal
|
(3) The minister who appoints a member
may remove that member at any time.
|
|
Disqualified
persons
|
(4) When the nominating committee is
establishing a list of suitable candidates for
appointment as directors, it shall take into
account that the persons referred to in
subsection 6(2) are not eligible to be directors.
|
|
Factors for
consideration
|
(5) When the nominating committee is
establishing a list of qualified candidates for
proposed appointment as directors, it shall
have regard to the desirability of having on the
board of directors a sufficient number of
directors with proven financial ability or
relevant work experience such that the Board
will be able to effectively achieve its objects.
|
|
Reappointmen
t of directors
|
11. (1) A director is eligible for
reappointment for one or more additional
terms of office.
|
|
Removal
|
(2) The Governor in Council may remove a
director for cause.
|
|
Continuation
in office
|
(3) If no person is appointed to take office
as a director on the expiry of the term of an
incumbent director, the incumbent director
continues in office until a successor is
appointed.
|
|
Vacancy
|
(4) If a person ceases to be a director during
the term for which the person was appointed,
the Minister shall consult the list established
by the nominating committee and shall
appoint a qualified person to hold office as a
director for the remainder of the term.
|
|
Remunera- tion of directors
|
12. A director is entitled to receive from the
Board the remuneration that may be fixed by
the by-laws, which remuneration shall be
fixed having regard to the remuneration
received by persons having similar
responsibilities and engaged in similar
activities.
|
|
Resignation
|
13. (1) The resignation of a director
becomes effective at the time the Board
receives a written resignation or at the time
specified in the resignation, whichever is later.
|
|
Copy of
resignation
|
(2) The Board shall send a copy of a
director's resignation to the Clerk of the Privy
Council within 15 days after receiving it.
|
|