Whether its members and staff are members of the public service
Business Development Bank of Canada Act, 1995, c 28 s 5 (2) talks about the limit on directors from public service, according to which “No more than two of the directors, excluding the Chairperson and President, may be appointed from the federal public administration.”
What statutory steps, if any, the agency must take before making decisions that affect the public
Board of directors must follow Business Development Bank of Canada Act, Financial Administration Act (FAA), the Conflict of Interest Act (COIA), Board Code of Conduct and BDC Ethics and Values in making decisions that could affect the public.
According to BDC special examination report 2009, “Unlike private sector banks, in
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As a federal Crown corporation, BDC also interacts regularly with government officials to ensure alignment with government priorities and to provide updates on BDC’s work.
BDC uses its corporate plan to keep ministers and government officials abreast of and obtain approval for its activities.
What procedures the legislature has put in place to ensure that the agency is accountable for its activities (for example, the requirement to produce an annual report, undergo audit by a government auditor, submit its budget to the government for approval, or have its individual expenditures approved by the government before or after they are made).
As a federal Crown corporation, BDC is accountable for its activities to Parliament, through the Minister of Industry. A Board of Directors, consisting of a Chairperson, the President and Chief Executive Officer (CEO), and a maximum of 13 other members, guides the corporation’s activities.
According to financial Admiration Act, BDC is required
You have been asked by the state representative to analyze and write a report on a very important piece of legislation. You have kept track of this legislation, but been having a...
The Audit Committee is comprised of the following five members from the Board; F. Duane Ackerman, Ari Bousbib, J. Frank Brown, Karen L. Katen, and Mark Vadon. This group is tasked with assisting the Board with the oversight of The Home Depot’s financial statements, ensuring that they are in compliance with legal and regulatory requirements. They also review and monitor the Company’s Compliance program, making changes when appropriate to ensure that the Company remains compliant. This committee must be comprised of three or more independent directors from the Board and they cannot receive any compensation other than directors’ fees from Home Depot. A requirement for this committee is to have a basic understanding of finance and accounting principles and practices. At least one member must be an “audit committee financial expert.” Mr. Brown acts as the audit committee financial expert. The members of this committee all have knowledge in basic accounting and finance principles and also bring in a variety of knowledge in different areas.
It is the duty of the shareholder who files the derivative suit to prove that the majority of the directors were financially interested in the challenged transaction or were not able to make an independent decision, so that the defence of business judgement does not apply in a particular case. Then a Special Litigation Committee (SLC) would be constituted and it consists of independent and disinterested directors. If the SLC is of the opinion that, the continuance of the derivative suit is in contravention with the interests of the company, then the court considers that business judgment rule protects the decision of SLC and grant that the suit may be dismissed. It is seen that, judges invoke the business judgment rule defence to protect boards of directors from legal liability in the vast majority of shareholder derivative
Bureaucratic agencies give information on the subject of the bill pressuring the congressional committees to listen to the interest groups and to pass the legislature.
To manage the operational business of the organization, servicing the Board and its committees and producing financial reports as required.
They are an autonomous District Government body. We are situated up under and oversee the Australian Securities and Speculations Commission Act (ASIC Act), and we complete a large portion of our work under the Enterprises Demonstration.
The board must meet at least once every three months, the procedure for summoning meetings can be established by the bye-laws. The board must also meet whenever requested by any director, in which case the meeting must be summoned by the chairman and held within five days. To validly meet, a quorum of at least a majority of directors is required; a higher quorum can be established in the bye-laws. Decisions are approved by the favorable vote of a simple majority of directors attending the relevant meeting. In listed companies the bye-laws can authorize virtual board meetings. Generally, the board is in charge of the management of the company. Legal representation of the company is entrusted to the chairperson of the board.
The Board of Directors is consisted of 11 members: James M. Elliot, the Chairman of the Board, 3 inside members and 7 outside members. The economy is stable and profitable, but that also means a lot of competition in the market. This poses a great opportunity for the company to grow and gain more of the market share. The only foreseeable real threat that the company will face is new competitors in the market.
... diligence to ensure independence and adequate financial and business acumen. The board should replace overly aggressive financial initiatives with achievable goals and report transparent results. To ensure results are transparent the board should have auditors review reports for errors or misdoings. The auditors should feel comfortable in providing results and the board empowered to take action. At the management level, ethical behaviour should be promoted with organizational training and communication to reinforce that employees at all levels have the responsibility to report unethical behaviour. Lastly, there should be an official company-wide code of conduct along with a whistleblower/fraud hotline25. The general counsel office should have an independent party and periodically review the hotline processes to ensure reports are being documented and investigated.
As stated previously, the DAPC is comprised of 15 members of both management and rank and file employees. Its membership is varied and will be outlined at length in the paragraphs to follow.
The board of directors has both executive and non executive directors. Executive directors have both executive and board duties to perform while non executive directors have only board responsibilities. Therefore both types of directors vary in the responsibilities and authority they have in the company affairs. Thus the non executive directors devote very little time to company affairs ( only attend board meetings, committee meetings of which they are members or sometimes pay a visit to the company premises for getting knowledge of how things are done).
2. Do the audit committee and the board of directors have sufficient oversight of management's antifraud programs and controls?
Creating a business continuity plan and disaster recovery plan that is in compliance with the latest government laws and regulations.
The role of the board: unlocking the potential. (n.d.). (DRAFT). Retrieved December 8, 2013, from http://www.ey.com/US/en/Services/Strategic-Growth-Markets/Strategic-Growth-Forum-Agenda-EVTD-USDD-97KR7Z?CMPNID=SGF2013_US_Insights_Audit_Committee_Track1_Board_Recap
A board of directors is a group of individuals that are elected as representative of the stockholders to establish corporate management related policies and to make decisions on major company issues that might affect the long term performance of company.