| 2022 |
- New committee chair
Carmela Haines was appointed the new committee chair at the Annual General Meeting in March, replacing
Bharat Mahajan who remains on the committee.
- Review of financial statements
Every quarter, the committee reviews the unaudited quarterly statements of revenue, expenses and balance sheet prepared by senior management. The committee members discuss the financial statements and any variances from budget with senior management at the quarterly committee meetings. When the audited financial statements are prepared after year-end, the committee meets with senior management and auditors to review the financial statements and makes recommendations to the board. At the September meeting each year, the committee meets with the auditor to review the audit plan approach, ask questions and approve the auditor and audit fees for the upcoming fiscal year.
- Review of reserve fund
Each year, senior management completes an operating and capital reserve fund analysis outlining whether current targets remain appropriate. The committee reviews the analysis with senior management and plans for possible shortfalls or surpluses are discussed.
- Review of 2023 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 post-retirement medical plan. The committee reviewed the pension plan’s performance, staff participation, information on member communication and plan education.
- Policy review
In 2022, the committee reviewed amendments to the Financial Controls policy.
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| 2021 |
- Review of financial statements
Every quarter, the committee reviews the unaudited quarterly statements of revenue, expenses and balance sheet prepared by senior management. The committee members discuss the financial statements and any variances from budget with senior management at the quarterly committee meetings. When the audited financial statements are prepared after year-end, the committee meets with senior management and auditors to review the financial statements and makes recommendations to the board. At the September meeting each year, the committee approves the auditor and audit fees for the upcoming fiscal year.
- Review of reserve fund
Each year, senior management completes an operating reserve fund analysis outlining whether current targets remain appropriate. The committee reviews the analysis with senior management and plans for possible shortfalls or surpluses are discussed.
- Audit services review
The committee asked senior management for request proposals for audit services from qualified public accounting firms during the year. Following a review and analysis of the proposals presented by senior management, the committee recommended Grant Thornton as auditor for fiscal 2021 to the board for acceptance.
- Review of 2022 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 post-retirement medical plan. The committee reviewed the pension plan’s structure, staff participation, information on member communication and plan education.
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| 2020 |
- Review of financial statements
Every quarter, the committee reviews the unaudited quarterly statements of revenue, expenses and balance sheet prepared by senior management. The committee members discuss the financial statements and any variances from budget with senior management at the quarterly committee meetings. When the audited financial statements are prepared after year-end, the committee meets with auditors to review the financial statements and makes recommendations to the board. At the September meeting each year, the committee approves the auditor and audit fees for the upcoming fiscal year.
- Review of reserve fund
Each year, senior management completes an operating reserve fund analysis outlining whether current targets remain appropriate. The committee reviews the analysis with senior management and plans for possible shortfalls or surpluses are discussed.
- Premises renewal project
With the move to a new location completed this fiscal year, the committee reviewed the Premises Renewal Project’s expense and capital reports.
- 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. It also reviewed and approved the audit planning letter and auditors and audit fees for 2020-2021.
- Pension governance
The committee also oversees OBSI’s defined benefit pension plan, defined contribution pension plan, and post-retirement medical plan. This past year, the committee reviewed the pension plan’s structure, staff participation, information on member communication and plan education.
- Review and provide input on policies
The committee reviews and approves any amendments to OBSI’s financial policies. This year, for example, the Financial Controls Policy was reviewed and approved by the committee.
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| 2019 |
- Review of financial statements
Every quarter, the committee reviews the unaudited quarterly statements of revenue, expenses and balance sheet prepared by senior management. The committee members discuss the financial statements and any variances from budget with senior management at the quarterly committee meetings. When the audited financial statements are prepared after year-end, the committee meets with auditors to review the financial statements and makes recommendations to the board. At the September meeting each year, the committee approves the auditor and audit fees for the upcoming fiscal year.
- Review of reserve fund
Each year, senior management completes an operating reserve fund analysis outlining whether current targets remain appropriate. The committee reviews the analysis with senior management and plans for possible shortfalls or surpluses are discussed.
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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.
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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.
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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.
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| 2018 |
- Review of financial statements
Every quarter, the committee reviews the unaudited quarterly statements of revenue, expenses and the balance sheet prepared by senior management. The committee members discuss any variances from the budget with senior management at the quarterly committee meetings. When the audited financial statements are prepared after year-end, the committee meets with auditors to review the financial statements and makes recommendations to the board. At the September meeting each year, the committee approves the auditor and audit fees for the upcoming fiscal year.
- Review of reserve fund
After careful management over several years, OBSI's reserve fund is fully funded. Each year, senior management completes an operating reserve fund analysis outlining whether current targets remain appropriate. The committee reviews the analysis with senior management and plans for possible shortfalls or surpluses are discussed.
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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 of 2019 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 post-retirement 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 will be completed in fiscal 2019.
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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.
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| 2017 |
- Review of auditor engagement letter
- Review of unaudited quarterly statements of revenue, expenses, and balance sheet
- Review and approval of auditor and audit fees
- Review of employee pension plan and investment service provider fees
- Review and approval of 2018 budget
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