Our board and committees
The Agency’s Board of Directors sees to the fulfilment of the Agency’s mandate and the terms of its contract with Canada Mortgage and Housing Corporation (CMHC). Directors are recruited from the major geographic regions where the Agency has clients. Appointed by the board of directors of the Co-operative Housing Federation of Canada (CHF Canada), they may serve up to three three-year terms of office. All directors serve on one or two committees.
Finance and Audit Committee
This committee oversees and reports to the Board on the Agency’s financial position and operating results as against approved plans and budgets. It reviews the Agency’s annual budget, liaises with the auditor, monitors the Agency’s compliance with financial policies, and reviews these policies regularly.
Governance and Human Resources Committee
This committee makes sure that the Agency is abiding by its by-laws and policies, client agreements and all applicable laws and regulations. It ensures that the Agency is well organized and its CEO appropriately compensated. The committee advises the board on human-resources policies and governance matters.
Requirements and Restrictions
Once a director takes office, they cannot be removed, unless they no longer meet the qualifications for the position.
Beyond the legal requirements for directors under the Canada Cooperatives Act, all directors of the Agency must
- be financially literate (i.e., able to read and understand a set of financial statements as complex as the Agency's)
- be prepared to attend meetings regularly and otherwise dedicate the time and energy needed for the Agency’s effective governance.
As a group, the directors must be knowledgeable about matters relevant to the Agency’s mandate and operations, including
- co-operative housing
- property management
- regional housing markets
- the housing programs under which co-operatives operate
- administration of government programs
- business management
- risk management
- information technology
- finance or accounting
- relevant areas of law.
The Agency’s by-laws state that, at the time of their appointment and afterwards, no director of the Agency may be
- a current director, officer or employee of CHF Canada or of a regional federation of housing co-operatives
- a current director, officer or employee of CMHC
- a current member, director, officer, employee or manager of a co-op advised by the Agency that it is not following its operating agreement with CMHC
- in breach of the Agency’s rules of ethical conduct and of the Ethical Conduct Agreement they sign on joining the board and each year afterwards.