Trustees participate in a number of standing and ad hoc committees. The following list describes the standing committees.
Benefits and Communications Committee
This committee provides advice and recommendations to the Teachers’ Pension Board of Trustees on benefit and communication issues and makes decisions on these issues under authority delegated by the board. In 2013, the committee met three times over a total of five days to address post‑retirement group benefits, plan rule amendments, reciprocal transfer agreements and communications products such as the Report to Members, the Annual Report and the After Class newsletter.
This committee assists the board in fulfilling its governance responsibilities by formalizing regular consideration of issues such as board policy development and review, the risk management review process, board strategic planning mechanisms, development of the board’s assessment tools and any other item referred to the committee by the board. This committee is newly formed, and met once in 2013.
The mandate of the Audit Committee is to act on behalf of the four public sector pension plans’ boards and help them provide:
a timely and cost‑effective system of accounting and reporting,
financial statements conforming with generally accepted accounting principles,
an independent audit of the financial statements, and
an annual report with audited financial statements.
The committee accomplishes its mandate to provide financial oversight by:
monitoring and reporting to the boards on the integrity of reporting, internal controls and compliance,
monitoring and reporting on the independence and performance of the external auditors,
monitoring and reporting on risk management as it affects financial reporting,
recommending the selection and compensation of external auditors, and
addressing any matter referred to the committee by one or more of the four boards.
Membership on the committee includes two nominees from each of the boards of the College, Municipal, Public Service and Teachers’ pension plans. All nominees must be ratified by all the boards. The committee must include at least two trustees who understand generally accepted accounting principles (GAAP), internal controls and audit committee functions. The committee must meet at least three times a year. In addition to its role of financial oversight through monitoring and reporting, the committee also evaluates its own performance annually through an established procedure. It met five times in 2013.
This group of board chairs, vice-chairs and senior administrators of the Teachers’, College and Public Service pension plans meets to discuss areas of common interest and to keep abreast of activities in the other boards. It met five times in 2013.
This committee provides a forum for considering investment issues that are common to the College, Public Service and Teachers' pension boards of trustees. It can make recommendations to each pension board on matters such as generic investment policy and procedure statements and investment issues identified either by a pension board, the BC Investment Management Corporation or the committee itself.
The committee considers investment industry trends, regulatory and legal developments, responsible investing issues, asset class reviews and updates on capital markets, among other matters. The committee met four times in 2013.
Trustee Education Committee
This committee provides a forum for the College, Public Service, Municipal and Teachers’ pension boards of trustees to develop the knowledge and skills of the trustees, to work together on common educational issues and to provide information to trustees on trends in benefits, pensions, investments, etc., in a variety of jurisdictions. The committee met three times in 2013.
Website Review Committee
The Pension Corporation administers websites for College, Municipal, Public Service and Teachers’ pension plans through a jointly shared pensionsbc.ca landing page. The committee meets, as required, to provide feedback to the Pension Corporation on significant website architecture issues and website design improvements that are common across all four boards. The committee met once in 2013.