Committee Mandates
Steering Committee
The Steering Committee consists of at least three members, annually appointed by the Board of Directors. It assists the Board in the following ways:
- It sets up an internal governance framework for the Foundation’s planning and control procedures, including an annual calendar of meetings (allowing for ongoing strategic dialogue between Board members and senior executives), as well as documentation procedures.
- It fulfills its duties to the Board by making recommendations in the following areas:
- Planning and control procedures
- Composition and mandate of the Board
- Evaluation of the Board’s performance
- Guidelines for directors
- Description of the Chairman and CEO’s duties
- External directorships
- Rules of conduct
- Directors’ fees and compensation
- Miscellaneous
Audit Committee
The Audit Committee assists the Board of Directors by reviewing financial statements, auditing and financial reporting procedures, and internal controls, to ensure their efficiency and accuracy. It is made up of at least three members, annually appointed from among the directors by the Board.
Investment Committee
The Investment Committee is made up of the Chairman and CEO and at least one member, annually appointed by the Board from among the Foundation’s directors. Non-Board members are also eligible. All members of this committee have basic financial knowledge, and at least one member has accounting or related financial experience. The duties and responsibilities of the Investment Committee are as follows:
- Oversee all Fund activities according to Policy regulations
- Periodically provide Fund management reviews to the Board of Directors
- Review the Policy and recommend changes to the Board of Directors as necessary
- Evaluate the performance of the Fund and its components
- Recommend the appointment (or dismissal) of the Vice-President, Investments
- Based on recommendations made by the Foundation’s Investment Directorate, approve Policy exemptions; the selection (and replacement) of external investment managers and their mandates; the appointment (and replacement) of the custodian of funds; and the selection of other external service providers
Permanent Audit Committee for Philanthropic Activities
The Permanent Audit Committee for Philanthropic Activities assists the Board of Directors by evaluating the scope and appropriateness of the Foundation’s philanthropic investments in view of progress made in achieving its mission. The committee is made up of three members of the Board, who have the option of seeking outside independent expertise.
The main functions and responsibilities of the committee are as follows:
- To verify, at least once a year, the extent to which the short- and medium-term objectives set or approved by the Board of Directors (which target the Foundation’s mission of educational success) have been attained
- Present the results of its audit to the Board of Directors
- Prepare recommendations to the Board aimed at improving—and adjusting, if necessary—the evaluation of philanthropic activities.