Manitoba Hydro-Electric Board
The board of Manitoba Hydro models its approach to corporate governance on best practices in Canada, the United States and Great Britain, as reflected in the advice and recommendations of bodies such as the Manitoba Crown Corporations Council, the Conference Board of Canada, the Corporate Executive Board and Canadian Security Administrators. Members of the board are appointed by the Lieutenant-Governor in Council.
The board ensures the corporation’s Code of Conduct, ethics and social responsibility are considered in board decisions. Minutes of board meetings are public and the corporation’s annual report and quarterly financial statements are tabled in the legislature. The corporation is reviewed by the Crown Corporations Council and by a committee of the legislature.
The Audit Committee of the board reviews the corporation’s Integrated Financial Forecast and makes recommendations to the board. The Audit Committee reviews management’s approach to managing risk. The Audit Committee also carries out special investigations and reports the results to the board. The Audit Committee obtains opinions from external auditors, internal auditors, and management on the quality of internal controls.
The board and Audit Committee review management’s systems for ensuring legal compliance. Conflict of interest policies are in place for members of the board, officers, and employees. The board ensures that certifications with respect to the accuracy of financial statements are provided by the CEO and CFO.
The Human Resources and Governance Committee assists the board with human resources issues and with developing and following effective corporate governance practices.
The board sits as the planning committee for the corporation and approves the Corporate Strategic Plan each year. The Human Resources Committee of the board has responsibility for succession planning.
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