Meetings may also be called by any other member of the Committee, the Chairperson of the Board, the President and Chief Executive Officer (“President & CEO”), the Chief Internal Auditor or the Chief Financial Officer.
Frequency and Calling of Meetings – The Committee shall meet at the discretion of the Chair of the Committee, but not less frequently than four times each year.
Where at any meeting the Chair is absent, one of the members of the Committee who is chosen so to act by the members present shall preside and have all the powers of the Chair.
Chair and acting Chair – The Chair of the Committee shall be a non- ex officio Director other than the Director who is the Chair of the Risk Committee, as selected by the Board.
Where appropriate, Committee members will enhance their familiarity with financial accounting, and other best practices for Audit Committees, and other areas relevant to their responsibilities by keeping abreast of trends and best practices in these areas including considering topical issues and their application to the Corporation, and by participating in educational sessions or other opportunities for development.
Subject to availability, at least one member of the Committee shall have financial expertise 2.
undertake to be financially literate within a reasonable time after their appointment to the Committee.
The Committee will carry out the duties outlined in this Charter and such other functions as are assigned or delegated to it by the Board.
All members of the Committee shall be independent of Management and the Corporation.
Such change should be on a rotation basis in order to ensure that the entire Committee is not changed at any one time.
Members of the Committee should be changed on an appropriate, regular basis.
There shall be an Audit Committee, the members of which shall be two or more of the non- ex officio Directors, one of whom shall be a member of the Risk Committee, and one or more of the ex officio Directors, as named by the Board.
The Committee derives its mandate and responsibilities, beyond those in the FAA, from the Board. The mandate for the Committee includes the requirements of section 148 of the FAA. The Committee’s responsibilities are set out in detail in Section C, below. The Committee’s responsibilities include assisting with the Board’s oversight of: the integrity of the Corporation’s financial statements the financial reporting process the systems of internal accounting and financial controls the performance of the Corporation’s internal audit function and the performance of any special examinations pursuant to the Financial Administration Act (“ FAA”). The purpose of the Audit Committee (the “Committee”) of the Board of Directors (the “Board”) of Canada Deposit Insurance Corporation (the “Corporation”) is to assist the Board in fulfilling its oversight responsibilities with respect to the Corporation’s financial reporting processes, internal controls, and independent auditors. Approved by the CDIC Board of Directors: March 8, 2006Īmended: MaMaMaand March 6, 2019