The Board of Directors for Yukon Development Corporation models its approach to corporate governance on best practices in Canada as reflected in the advice and recommendations of bodies such as the Conference Board of Canada and the Government of Canada.
The Board ensures that the Corporation’s Code of Conduct Guidelines are followed and that the decisions of the Corporation are in the public interest. The Corporation’s annual report is tabled in the Yukon legislature and quarterly reports on the activities of YDC and its subsidiary Yukon Energy Corporation are provided to the Minister. The Board Chair and the Corporation’s Chief Executive Officer appear as witnesses before the Yukon legislature’s Committee of the Whole upon the request of the Minister.
The primary purpose of the Audit Committee is to assist the Board in fulfilling its oversight and fiduciary responsibilities with respect to the Corporation’s:
- financial reporting
- financial control systems and ensuring accountability for the use of assets
- financial reporting principles and policies
- relationships with and ensuring the independence of auditors
- legal and ethical conduct
To fulfill this role, the committee meets at least four times per year and reports regularly to the Board. The committee is composed of a minimum of three and a maximum of four Directors of the Corporation.
This committee was set up to help the Board fulfill its oversight responsibilities and to ensure Yukon Development Corporation has an effective governance system in place.
Remuneration for Yukon Development Corporation board members is based on Category D of the published Government of Yukon rates for Boards and Committees.
As stipulated in Order in Council 2009/2182 the Board Chair’s remuneration is capped at $38,000 per year.
Board members receive $100 per half day meeting and $200 per full day meeting. They do not receive any remuneration for meeting prep time.