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Reporting to Governance and Nominating Committee of the Board of Trustees

After the first year of operation, the Affiliated Entity shall report to the Governance and Nominating Committee (GNC) to advise on alignment with best practices in governance including but not limited to establishment of skills matrices, management of conflicts of interest, practices for objectivity and distance from management, director recruitment and renewal etc.  

The Affiliated Entity shall provide follow up reports as required by GNC concerning the establishment of governance structures, practices and policies.

Annual reporting to the Vice-Principal (Finance and Administration)

Annually, each Affiliated Entity shall submit to the Vice-Principal (Finance and Administration) or their designate, as applicable:

1. A copy of the Entity’s annual budget for the upcoming fiscal year together with a document that describes the business plans for the upcoming fiscal year. The office of the VPFA will forward a copy of the budget to the office of Planning and Budgeting as well.
2. A copy of its financial statements, audited by independent Chartered Professional Accountants, the management letter, and management's response thereto on at least an annual basis.
3. A copy of its annual income tax return.
4. Minutes of meetings of its governing body from the previous year.
5. Confirmation of adequate insurance coverage.
6. A report on any conflicts of interest, confidentiality breaches, or non-compliance with applicable laws and regulations.  If there are none, confirmation must be provided.
7. A copy of any agreements with the University that were updated during the year.
8. Other such information that may be requested by the university from time to time. For example: a list of current directors and officers, current copies of governing documents, and a brief description of the affiliate’s activities during the prior year.

The Vice-Principal (Finance and Administration) can grant an exception to a dormant or inactive Affiliated Entity to be excluded from the requirement to submit documents, or if a particular document is not applicable to a specific Affiliated Entity.

The Vice-Principal (Finance and Administration) will provide an annual update on Affiliated Entities to the Finance, Assets and Strategic Infrastructure Committee.  Significant risks or matters of interest will be noted in the report.