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Canada Pension Plan Investment Board Act (. S.C. 1997, c. 40) Act current to 2024-05-28 and last amended on 2017-12-31. Previous Versions. See coming into force provision and notes, where applicable. Shaded provisions are not in force. Help.
- Canada Pension Plan Investment Board Act
Short Title. Marginal note: Short title 1 This Act may be...
- Related Provisions
Initial administration costs — Investment Board. 64 (1)...
- Canada Pension Plan Investment Board Regulations
Canada Pension Plan Investment Board Regulations. 1 -...
- Canada Pension Plan Investment Board Act
- Interpretation
- Constitution of The Board
- Capital and Shares
- Objects and Powers
- Designated Securities
- Management
- By-Laws
- Committees
- Investments
- Financial Management
Marginal note:Definitions 2The definitions in this section apply in this Act. appropriate provincial Minister 1. appropriate provincial Minister, in respect of a province, means the province’s minister of the Crown who has primary responsibility for that province’s finances. (ministre provincial compétent) Board 1. Board means the Canada Pension Pl...
Marginal note:Board established 1. 3 (1)There is established a corporation to be known as the Canada Pension Plan Investment Board. 2. Marginal note:Not agent of Her Majesty(2)The Board is not an agent of Her Majesty. 3. Marginal note:Not part of federal public administration(3)Directors, officers, employees and agents of the Board are not part of ...
Marginal note:Capital 1. 4 (1)The capital of the Board is $100. The Minister shall pay the capital of the Board out of the Consolidated Revenue Fund. 2. Marginal note:Shares(2)The capital is divided into 10 shares having a par value of $10 each. The shares shall be issued to the Minister to be held on behalf of Her Majesty in right of Canada. 3. Ma...
Marginal note:Objects 5The objects of the Board are 1. (a) to assist the Canada Pension Plan in meeting its obligations to contributors and beneficiaries under the Canada Pension Plan; 2. (b) to manage any amounts transferred to it under sections 108.1 and 108.3 of the Canada Pension Plan, and its right, title or interest in any designated securiti...
Marginal note:Replacement security 1. 6.1 (1)On the maturity of a designated security of a province that was issued before January 1, 1998, the Board shall purchase another security issued by that province if the Board is requested to do so, in writing, by the appropriate provincial Minister of that province at least 30 days before the date of matu...
Board of Directors
Marginal note:Board of directors 7The Board shall be managed by a board of directors of 12 directors, including the Chairperson. Marginal note:Principal duties 1. 8 (1)Subject to this Act, the board of directors shall manage or supervise the management of the business and affairs of the Board. 2. Marginal note:Specific duties(2) Without limiting the generality of subsection (1), the board of directors shall 2.1. (a)establish written investment policies, standards and procedures in accordance...
Directors
Marginal note:Appointment of directors 1. 10 (1)Each director shall be appointed by the Governor in Council, on the recommendation of the Minister, to hold office during good behaviour for such term, not exceeding three years, as will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors. 2. Marginal note:Committee to advise Minister(2)The Minister may establish a committee to advise the Minister on the appointment of dire...
Chairperson
Marginal note:Chairperson 1. 12 (1)The Governor in Council shall, on the recommendation of the Minister made after the Minister has consulted with the board of directors and the appropriate provincial Ministers of the participating provinces, designate one of the directors as Chairperson to hold office during good behaviour for such term as the Governor in Council deems appropriate. 2. Marginal note:Removal(2)The Governor in Council may remove the Chairperson for cause. 3. Marginal note:Presi...
Marginal note:By-laws 1. 27 (1) The board of directors may make by-laws that are consistent with this Act to govern the conduct and management of the Board’s business and affairs, including by-laws 1.1. (a)for the administration, management and control of the Board’s property; 1.2. (b)governing the calling of meetings of the board of directors and ...
Establishment
Marginal note:Audit and investment committees 1. 30 (1)The board of directors shall establish an audit committee and an investment committee. 2. Marginal note:Other committees(2)The board of directors may establish other committees as it deems necessary and assign to them such duties as it considers appropriate.
Audit Committee
Marginal note:Duties of audit committee 31The audit committee shall 1. (a)require the Board’s management to implement and maintain appropriate internal control procedures; 2. (b)review, evaluate and approve those internal control procedures; 3. (c)review and approve the Board’s annual financial statements and report to the board of directors before those statements are approved by the board of directors; 4. (d)meet with the Board’s auditor to discuss the Board’s annual financial statements an...
Investment Committee
Marginal note:Duties of investment committee 34The investment committee shall 1. (a)perform the duties that are delegated to it by the board of directors; 2. (b)approve the engagement of investment managers empowered with discretionary authority to invest the assets of the Board; 3. (c)meet with the officers and employees of the Board to discuss the effectiveness of the Board’s investment policies and the achievement of the Board’s objects; 4. (d) require management to implement and maintain...
Marginal note:Investment policies, standards and procedures 35Subject to the regulations, the board of directors shall establish, and the Board and its subsidiaries shall adhere to, investment policies, standards and procedures that a person of ordinary prudence would exercise in dealing with the property of others. Marginal note:Duty of investment...
Financial Year
Marginal note:Financial year 38The financial year of the Board is the period beginning on April 1 in one calendar year and ending on March 31 in the next calendar year.
Financial Statements
Marginal note:Books and systems 1. 39 (1) The Board shall, in respect of itself and each of its subsidiaries, cause 1.1. (a)books of account and records to be kept; 1.2. (b)financial and management control and information systems and management practices to be maintained; and 1.3. (c) a record of the investments held during the financial year to be kept, showing 1.3.1. (i)the book value of each investment, 1.3.2. (ii)the market value of each investment and such information as will permit the...
Auditor’s Report
Marginal note:Annual auditor’s report 1. 40 (1) The Board shall cause an annual auditor’s report to be prepared, in respect of itself and each of its subsidiaries, on 1.1. (a)the annual financial statements referred to in section 39; 1.2. (b)any revised financial statement referred to in subsection 41(3); and 1.3. (c)the record of investments referred to in paragraph 39(1)(c). 2. Marginal note:Contents(2) A report under subsection (1) shall be addressed to the Board and shall 2.1. (a) include...
Public Sector Pension Investment Board Act (. S.C. 1999, c. 34) Act current to 2024-05-14 and last amended on 2023-06-22. Previous Versions. See coming into force provision and notes, where applicable. Shaded provisions are not in force. Help.
May 28, 2024 · Canada Pension Plan Investment Board Act. S.C. 1997, c. 40. Assented to 1997-12-18. An Act to establish the Canada Pension Plan Investment Board and to amend the Canada Pension Plan and the Old Age Security Act and to make consequential amendments to other Acts.
The CPP Investment Board was incorporated as a federal Crown corporation by an Act of Parliament in December 1997 and made its first investment in March 1999. The Board’s purpose is to invest the assets of the Canada Pension Plan in a way that maximizes returns without undue risk of loss.
The bill reforms the Canada Pension Plan (CPP) regime by making amendments primarily to the Canada Pension Plan and the Canada Pension Plan Investment Board Act.
The CPP Investment Board was established by an Act of Parliament in December 1997. We are accountable to Parliament and to federal and provincial ministers who serve as the CPP stewards. However, we are governed and managed independently from the CPP itself, and operate at arm’s length from governments.
