Whether its members and staff are members of the public service
Business Development Bank of Canada Act, 1995, c 28 s 5 (2) talks about the limit on directors from public service, according to which “No more than two of the directors, excluding the Chairperson and President, may be appointed from the federal public administration.”
What statutory steps, if any, the agency must take before making decisions that affect the public
Board of directors must follow Business Development Bank of Canada Act, Financial Administration Act (FAA), the Conflict of Interest Act (COIA), Board Code of Conduct and BDC Ethics and Values in making decisions that could affect the public.
According to BDC special examination report 2009, “Unlike private sector banks, in
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addition to meeting its financial goals and obligations, BDC operates under the public policy mandate conferred on it as a Crown corporation. This public policy mandate stems from the provisions of the BDC Act. BDC has integrated its public policy mandate into its mission and vision statements, as well as into its strategic goals.” The corporate plan summary for 2017-2018 of BDC mentioned that the corporate plan is the centerpiece of the accountability process for Crown corporations adopted by the Parliament and is an important element of BDC’s governance structure.
As a federal Crown corporation, BDC also interacts regularly with government officials to ensure alignment with government priorities and to provide updates on BDC’s work.
BDC uses its corporate plan to keep ministers and government officials abreast of and obtain approval for its activities.
What procedures the legislature has put in place to ensure that the agency is accountable for its activities (for example, the requirement to produce an annual report, undergo audit by a government auditor, submit its budget to the government for approval, or have its individual expenditures approved by the government before or after they are made).
As a federal Crown corporation, BDC is accountable for its activities to Parliament, through the Minister of Industry. A Board of Directors, consisting of a Chairperson, the President and Chief Executive Officer (CEO), and a maximum of 13 other members, guides the corporation’s activities.
According to financial Admiration Act, BDC is required
to • Maintain financial and management control and information systems and management practices that provide reasonable assurance that its assets are safeguarded and controlled. • Ensure that its financial, human, and physical resources are managed economically and efficiently. • Ensure that its operations are carried out effectively BDC present its Corporate plan summary quarterly to ensure transparency. Members of BDC must follow written Code of Ethics and Values and Board Code of Conduct so their activities will not contradict any set rules in place. As per Government of Canada guidelines and BDC “Business expense policy”, members of BDC must disclose their business expenses on BDC website. BDC is also required to have a special examination of its practices at least once every five years. Research Methods and Tools As the assignment asked for an agency that gives grants to businesses, we search for government grants on www.ic.gv.ca website. This website directed us to BDC website. The website has a link for Bank of Canada Act, the Financial Administration Act (FAA), and the Conflict of Interest Act (COIA). In addition, the website has documents on Code of Ethics and Values and Board Code of Conduct and annual reports. These reports and BDC Act have enough information to answer all the questions asked in the assignment.
You have been asked by the state representative to analyze and write a report on a very important piece of legislation. You have kept track of this legislation, but been having a...
The Audit Committee is comprised of the following five members from the Board; F. Duane Ackerman, Ari Bousbib, J. Frank Brown, Karen L. Katen, and Mark Vadon. This group is tasked with assisting the Board with the oversight of The Home Depot’s financial statements, ensuring that they are in compliance with legal and regulatory requirements. They also review and monitor the Company’s Compliance program, making changes when appropriate to ensure that the Company remains compliant. This committee must be comprised of three or more independent directors from the Board and they cannot receive any compensation other than directors’ fees from Home Depot. A requirement for this committee is to have a basic understanding of finance and accounting principles and practices. At least one member must be an “audit committee financial expert.” Mr. Brown acts as the audit committee financial expert. The members of this committee all have knowledge in basic accounting and finance principles and also bring in a variety of knowledge in different areas.
Bureaucratic agencies give information on the subject of the bill pressuring the congressional committees to listen to the interest groups and to pass the legislature.
The corporation’s business is carried out by its management, under the direction of the Board of Directors. The Board, and each committee of the Board, has complete access to management. Also, the Board and committee member’s has access to independent advisors as each considers necessary or appropriate. Mallor, Barnes, Bowers, & Langvardt (2010) state that the Board of Directors also, issues shares, Adopts articles of merger or sha...
For almost 100 years the Better Business Bureau has offered many different Services and Programs that are essential to control a trustworthy relationship between a business and the customer. The BBB is offered in 50 States and 12 provinces, and was founded in 1912. The BBB currently has a total of 400,000 North American businesses that are accredited by the BBB. The BBB is a non-profit organization that focuses mainly on advancing marketplace trust. There are 128 independently incorporated local BBB organizations in the Canada and the US, coordinated under the Council of Better Business Bureaus (CBBB) which is situated in Washington D.C.
It is the duty of the shareholder who files the derivative suit to prove that the majority of the directors were financially interested in the challenged transaction or were not able to make an independent decision, so that the defence of business judgement does not apply in a particular case. Then a Special Litigation Committee (SLC) would be constituted and it consists of independent and disinterested directors. If the SLC is of the opinion that, the continuance of the derivative suit is in contravention with the interests of the company, then the court considers that business judgment rule protects the decision of SLC and grant that the suit may be dismissed. It is seen that, judges invoke the business judgment rule defence to protect boards of directors from legal liability in the vast majority of shareholder derivative
They are an autonomous District Government body. We are situated up under and oversee the Australian Securities and Speculations Commission Act (ASIC Act), and we complete a large portion of our work under the Enterprises Demonstration.
The Board of Directors is consisted of 11 members: James M. Elliot, the Chairman of the Board, 3 inside members and 7 outside members. The economy is stable and profitable, but that also means a lot of competition in the market. This poses a great opportunity for the company to grow and gain more of the market share. The only foreseeable real threat that the company will face is new competitors in the market.
... diligence to ensure independence and adequate financial and business acumen. The board should replace overly aggressive financial initiatives with achievable goals and report transparent results. To ensure results are transparent the board should have auditors review reports for errors or misdoings. The auditors should feel comfortable in providing results and the board empowered to take action. At the management level, ethical behaviour should be promoted with organizational training and communication to reinforce that employees at all levels have the responsibility to report unethical behaviour. Lastly, there should be an official company-wide code of conduct along with a whistleblower/fraud hotline25. The general counsel office should have an independent party and periodically review the hotline processes to ensure reports are being documented and investigated.
Organizations that only have top management as the board members are more susceptible to accounting malpractices. Members of the board should preferably own shares in the company to ensure diligence when it comes to the interests of the company. Apart from the Board of Governors, there should also be an audit committee in place to oversee the financial dealings of the bank. Members of the board and the audit committee should have basic financial knowledge. Some of the members should also be experts in finances so that they can detect any anomaly that may take place in terms of financial reporting. An overhaul of the regulatory framework is required to empower authorities to intervene immediately, and make improvements. New technology is required. Manual antiquated processes should be eliminated because this causes greater human error and poor
A board of directors is a group of individuals that are elected as representative of the stockholders to establish corporate management related policies and to make decisions on major company issues that might affect the long term performance of company.
The board membership, irrespective of executive or non executive membership, is very crucial in the governance and management of the company. However, as the duties and responsibilities of directors vary according to their type of directorship; the rewards should also match the responsibilities carried out and be in line with the performance shown over period of time.
Creating a business continuity plan and disaster recovery plan that is in compliance with the latest government laws and regulations.
As stated previously, the DAPC is comprised of 15 members of both management and rank and file employees. Its membership is varied and will be outlined at length in the paragraphs to follow.
The role of the board: unlocking the potential. (n.d.). (DRAFT). Retrieved December 8, 2013, from http://www.ey.com/US/en/Services/Strategic-Growth-Markets/Strategic-Growth-Forum-Agenda-EVTD-USDD-97KR7Z?CMPNID=SGF2013_US_Insights_Audit_Committee_Track1_Board_Recap