Board Committees and Policies

Review of 2020 budget
At the September committee meeting each year, the committee members review the budget proposed by senior management, ask questions and provide their input.

Pension governance
The committee also oversees OBSI's defined benefit pension plan, defined contribution pension plan, and postretirement medical plan. This past year, the text of the defined contribution plan was reviewed and updated. The committee also requested a fund option review which was completed this year.

Review and provide input on policies
The committee reviews and approves any amendments to OBSI's financial policies. This year the Investment Policy was amended by the committee.

Implementation of OBSI's investment policy
OBSI has an investment policy outlining how any reserve funds are to be invested. The committee reviewed the policy this year with senior management. Decisions were made to adjust OBSI's investments to maximize return while ensuring the funds were invested safely and were readily accessible if needed.

Review and provide input on policies
The committee reviews and approves any amendments to OBSI's financial policies. This year, both the Investment Policy and the Board Travel Reimbursement Policy were amended and approved by the committee.

Staggered director terms methodology
For a small board, having multiple board member terms end simultaneously can create unnecessary strain on the resources of the board. The committee developed a process for staggering director terms to ensure the board continues to operate effectively.

By-law change
An amendment was made to the by-law to align the eligibility criteria for community directors with the criteria for the ombudsman.

Search for new industry director from Mutual Fund Dealers Association (MFDA) and community director
Board renewal is an important and ongoing focus for the committee. This year, the committee replaced the industry representative for the MFDA. In addition, the committee began the search process in anticipation of the pending end of term for a community director.

Development of terms of reference for the Chair
In keeping with best practices in the not-forprofit sector, the committee developed terms of reference for the chair position. The terms of reference help to ensure the chair has good line of sight to the responsibilities of the role and assists in performance review and for identifying future candidates.

Consumer and Investor Advisory Council (CIAC) renewal project
The CIAC plays an important role supporting the Board of Directors. This year, a number of long-serving members were leaving the council, creating the opportunity to revisit the statement of expectations and identify new members to represent consumer and investor views.

Enhanced orientation and education program for new directors
To help directors as they start in their roles, new program was developed to ensure they had a strong foundational knowledge of OBSI's operations and as well as their own governance responsibilities.

Search for new industry directors
Board renewal is an important and ongoing focus for the committee. This year, the committee replaced and appointed new industry directors from the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Bankers Association (CBA).

Governance evaluation policy process

Independent evaluation of the Board of Directors

Ombudsman and CEO evaluation policy and succession policy

Review of Consumer and Investor Advisory Council Statement of Expectations