Governance is an important concept in benefit plans. In broad terms, governance is the structure and processes used to oversee, manage, and administer a benefit plan in accordance with legislation and in the best interest of Plan members.
The Disability Income Plan Advisory Council has established a review process to regularly assess its governance practices (governance self-assessment).
Disability Income Plan Advisory Council (DIPAC)
Governance Self-Assessment Questionnaire
The DIPAC Governance Self-Assessment Questionnaire is modeled on (and reflects) principles in the Canadian Association of Pension Supervisory Authorities (CAPSA) Pension Plan Governance Guidelines and Self Assessment Questionnaire. Responses to the questions are intended to be thorough and analytical to reflect the current situation of the Plan, thus pointing out areas that require improvement.
This questionnaire is completed each year by a person who possesses the best knowledge of the answer to each question, and is approved by the Chair of the Council after due consultation with the Council.
Code of Conduct and Conflict of Interest Procedures
To aid it in its governance of the Plan, the Disability Income Plan Advisory Council has adopted a code of conduct and conflict of interest procedures.
The guidelines and procedures ensure that Council members have a full understanding of the Council’s principles and values, and they assist Council members in determining appropriate business practices and behaviour. They are intended to assist Council members to maintain the independence and integrity necessary for them to fulfill their obligations to the members of the Plan.
The Council reviews these requirements annually. All Council members sign the document at least once each year to confirm their intention to comply with the requirements.