16. At least seven members of the board of directors, including the chair, must qualify as independent directors in the opinion of the Government.
A member of the board of directors qualifies as an independent director if the member has no direct or indirect relation or interest, for example of a financial, commercial, professional or philanthropic nature, likely to interfere with the quality of the decisions made as regards the interests of the institute.
A member of the board of directors
(1) who is in the employ of the institute or has been in such employ in the three years preceding appointment to office,
(2) who is in the employ of the Government or a government agency within the meaning of section 4 of the Auditor General Act (chapter V-5.01), or
(3) who has an immediate family member who is a senior officer of the institute
is deemed not to be an independent director.
2010, c. 15, s. 16; 2013, c. 16, s. 110.