Governance is an important concept in pension plans. In broad terms, governance is the structure and processes used to oversee, manage, and administer a pension plan in accordance with legislation and in the best interest of Plan members.
The Board/Commission has established a review process to regularly assess its governance practices (governance self-assessment).
Governance Self-Assessment Questionnaire
The Governance Self-Assessment Questionnaire is modelled on (and reflects) principles in the Canadian Association of Pension Supervisory Authorities’ 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 Chairperson of the Board/Commission after due consultation with the Board/Commission.