5.5. At least two thirds of the members of the board of directors, including the chair, must qualify as independent directors in the opinion of the Government.
Board members qualify as independent directors if they have no direct or indirect relationships or interests, for example of a financial, commercial, professional or philanthropic nature, which are likely to interfere with the quality of their decisions as regards the interests of the Fund.
The following are deemed not to be independent directors:
(1) a person who is in the employ of the Fund, or of one of its wholly-owned subsidiaries, or has been in such employ in the three years preceding appointment to office;
(2) a person 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) a person whose immediate family member is a senior officer of the Fund or one of its wholly-owned subsidiaries.
2004, c. 33, s. 5; 2013, c. 16, s. 90; 2022, c. 192022, c. 19, s. 761.