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Public Sector Pension Investment Board Act (S.C. 1999, c. 34)

Act current to 2021-02-15 and last amended on 2017-12-31. Previous Versions

Financial Management (continued)

Financial Statements (continued)

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

 [Repealed, 2005, c. 30, s. 48]

Reporting

Quarterly Statements

Marginal note:Statements to go to ministers

 The Board shall send copies of the quarterly financial statements prepared in accordance with subsection 35(6) to the Minister, the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness within 45 days after the end of the three-month period to which they relate.

  • 1999, c. 34, s. 47
  • 2005, c. 10, s. 34

Annual Report

Marginal note:Annual report required

  •  (1) The Board shall as soon as possible, but in any case within 90 days after the end of each financial year, provide the Minister, the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness with an annual report on the operations of the Board in that year.

  • Marginal note:Report available to contributors

    (2) The Board shall make the report available to contributors under the Canadian Forces Superannuation Act, the Public Service Superannuation Act, and the Royal Canadian Mounted Police Superannuation Act as soon as is feasible after it is provided to the ministers under subsection (1).

  • Marginal note:Tabling in Parliament

    (3) After receiving the annual report, the Minister shall cause it to be laid before each House of Parliament on any of the next 15 days during which that House is sitting.

  • Marginal note:Contents

    (4) The annual report shall contain

    • (a) the financial statements for the financial year prepared as required under section 35;

    • (b) the annual auditor’s report referred to in section 132 of the Financial Administration Act;

    • (c) a certificate, signed by a director on behalf of the board of directors, stating that the investments of the Board held during the financial year were in accordance with this Act and the Board’s investment policies, standards and procedures;

    • (d) a statement of the Board’s objectives for the financial year and a statement of the extent to which the Board met those objectives;

    • (e) a statement of the Board’s objectives for the next financial year and for the foreseeable future;

    • (f) a statement of the corporate governance practices of the Board;

    • (g) a summary of the Board’s investment policies, standards and procedures established under paragraph 7(2)(a) and a comparison of its most recent investment policies with investments actually held by it;

    • (h) a summary of the code of conduct for officers and employees of the Board established under paragraph 7(2)(e);

    • (i) a report of any special examination referred to in subsection 139(1) of the Financial Administration Act; and

    • (j) any prescribed information or other information that the Minister may require.

  • 1999, c. 34, s. 48
  • 2005, c. 10, s. 34, c. 30, s. 49

Meetings

Marginal note:Meetings

 The Board shall meet once a year with the members of the three advisory committees established respectively under section 49.1 of the Canadian Forces Superannuation Act, section 41 of the Public Service Superannuation Act and section 25.1 of the Royal Canadian Mounted Police Superannuation Act in order to discuss the Board’s most recent annual report.

Regulations

Marginal note:Regulations

 The Governor in Council may make regulations

  • (a) respecting the application to the Board and its subsidiaries of provisions of the Pension Benefits Standards Act, 1985 and regulations made under that Act;

  • (b) adapting provisions of the Pension Benefits Standards Act, 1985 and regulations made under that Act in the manner that the Governor in Council considers appropriate for the purpose of applying them to the Board and its subsidiaries;

  • (c) respecting the limitations to which the Board is subject when it makes investments, so long as those limitations relate to

    • (i) borrowing and the use of derivatives,

    • (ii) the establishment of a percentage of the funds that must be held available for investment in Government of Canada bonds and the procedure used to determine that percentage, or

    • (iii) the period during which the Board must, in acquiring securities other than debt obligations of Canadian corporations for investment, substantially replicate the composition of one or more widely-recognized broad market indexes of securities traded on a recognized stock exchange in Canada; and

  • (d) prescribing anything that this Act provides may be prescribed or may be determined by regulation.

Offence

Marginal note:False statements

  •  (1) Every director, officer, employee, agent, mandatary or auditor of the Board or of any of its subsidiaries who, in carrying out a duty under this Act or the by-laws, prepares, signs, approves or concurs in any statement, report or other document respecting the affairs of the Board or the subsidiary that contains any false or deceptive information is guilty of an offence.

  • Marginal note:Punishment

    (2) Every person who commits an offence under subsection (1) is liable on summary conviction

    • (a) in the case of a natural person, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months, or to both; or

    • (b) in any other case, to a fine not exceeding $500,000.

Winding-up

Marginal note:Insolvency and winding-up

 No Act relating to the insolvency or winding-up of any corporation applies to the Board and in no case shall the affairs of the Board be wound up unless Parliament so provides.

Amendments to the Public Service Superannuation Act

 [Amendments]

Amendments to the Canadian Forces Superannuation Act

 [Amendments]

  •  (1) [Amendment]

  • (2) [Repealed, 2003, c. 26, s. 38]

 [Amendment]

 [Amendments]

 [Repealed, 2003, c. 26, s. 40]

 [Amendments]

Amendments to the Royal Canadian Mounted Police Superannuation Act

 [Amendments]

 [Amendments]

Amendments to Other Acts

 [Amendments]

 
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