- GovernanceCommitted to World-Class Governance
BCI is committed to maintaining world-class standards of governance. Good governance is critical to delivering long-term value for our clients and is key to our continued success.
BCI operates under a dual accountability model as set out in the Public Sector Pension Plans Act. We are responsible to our clients and the BCI Board. Clients establish their investment policies and management frameworks and determine the diversification of the portfolio and the eligible investments. The Chief Investment Officer is accountable to each client for their investment returns and the management of their funds.
BCI has a seven-member Board of Directors. Our Board is structured in accordance with the Public Sector Pension Plans Act. Our four largest pension plan clients each appoint a representative to our Board. The other three are appointed by the Minister of Finance – two of which must be representative of our clients. The third Minister of Finance appointee is the Chair of the Board, who does not have to be a representative of our clients. All directors are appointed to a three-year term – this term is renewable.
The Act defines BCI’s Chief Investment Officer (CIO) as the Chief Executive Officer (CEO) with responsibility for supervising day-to-day operations and for performing duties relating to the management of the invested funds, including a determination of which assets to buy and sell. The CEO/CIO is accountable to the Board for the efficiency and effectiveness of the corporation in conducting BCI’s mandate. The CEO/CIO is also responsible for reporting to each client with respect to the management and investment performance of their funds.
Among other responsibilities, the CEO/CIO (or delegate) hires staff and external managers, prepares the annual business plan and budget, and establishes policies and procedures to meet operational objectives. The CEO/CIO ensures that funds are managed in a prudent and appropriate fashion.
The Public Sector Pension Plans Act requires the CEO/CIO to prepare a business plan for approval by the Board of Directors and submission to the Honourable Minister of Finance on an annual basis.
We put clients at the forefront of all decisions and ahead of individual interests. Our success and the continued trust of our clients depend on our collective adherence to BCI’s Code of Ethics and Professional Conduct. Everyone at BCI is required to live the values and standards outlined in the Code.
The Public Interest Disclosure Act (PIDA), which came into effect on December 1, 2019, provides protection for whistleblowers who are current or former employees of qualifying public organizations in British Columbia. Starting from December 1, 2022, BCI falls under the scope of this Act and is mandated to submit yearly reports on disclosures, inquiries, and identified instances of misconduct.
BCI complies with the highest level of governance standards, and we stand by our Code of Ethics and Professional Conduct. We believe it is important to allow for suspected violations to our code to be reported anonymously to help us further safeguard our stakeholders’ confidence and protect our reputation.
BCI’s confidential reporting to provide the ability to report ethical or other issues through a third-party vendor, ClearView, that can be accessed through any of the following channels:
ONLINE http://clearviewconnects.com
PHONE 1.844.800.1789 Toll-free CAN/US
Confidential reporting through ClearView complements our current anonymous reporting practices, as outlined in our Code of Ethics and Professional Conduct.
Northern Trust
BCI’s custodian, Northern Trust, is responsible for safeguarding our publicly traded investment assets.