What is governance? Governance is the process of providing the framework and standards for the oversight, management and administration of the pension plan. The Board of Trustees implemented a governance policy to ensure that the plan is administered and invested effectively, prudently and in compliance with all applicable legal requirements. It identifies the roles and responsibilities of all parties involved and has been prepared recognizing the principals established by the Canadian Association of Pension Supervisory Authorities as set out in their Pension Plan Governance Guidelines. It is an internal document drafted by the Board of Trustees.
The Board of Trustees and the Administrator have a fiduciary duty to act and administer the Fund in accordance with the Rules and Regulations of the plan, the Trust agreement, applicable pension legislation and in the best interest of the plan members. Each year the Board of Trustees undergoes a performance evaluation to ensure that the trustees, administrator and contracted professional advisors are compliant with the roles and responsibilities as outlined in the Governance Policy.
The administration of the plan and management of the fund must at all times satisfy all applicable statutory and legal requirements. Governance Policy provisions should never be taken as replacing or superseding any plan or fund statutory or legal requirement.