Created in 1999 by Act of Parliament, PSP Investments is a Crown corporation with a unique governance and accountability regime. The Public Sector Pension Investment Board Act provides that PSP Investments operates at arm’s length from the Government of Canada and imposes on it reporting obligations to the Government and the contributors to the pension plans of the Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force (“the Pension Plans”).
The Board of Directors adopts, amends and repeals by-laws governing the conduct and management of PSP Investments' business and affairs. It prescribes the duties and responsibilities for all facets of the administration and operations of PSP Investments. The Board of Directors is also responsible for the selection, appointment, performance evaluation and compensation of the President and CEO, who reports to the Board of Directors.
The Terms of Reference describing the respective duties and responsibilities of the Board, its committees and the Chair of the Board are approved by the Board and reviewed on a regular basis. The Terms of Reference can be found in the "Board of Directors section of this web site.
PSP Investments reports to the ministers responsible for the Pension Plans through its quarterly financial statements and annual report. The annual report must also be made available to contributors to the Pension Plans and is tabled in each House of Parliament by the President of the Treasury Board, who is responsible for the Act.
The President and CEO and the Chair of the Board are required to meet once a year with advisory committees appointed to oversee the Pension Plans.
PSP Investments is also required to hold an annual public meeting. In addition, we communicate on an ongoing basis with the Chief Actuary of Canada, Treasury Board officials and other Government of Canada officials in the execution of our statutory mandate.
Pursuant to the Financial Administration Act (“FAA”), Deloitte & Touche LLP and the Auditor General of Canada serve as joint external auditors of PSP Investments, and are also responsible for conducting Special Examinations at least once every 10 years. PSP Investments’ joint auditors conducted a Special Examination in fiscal year 2011 and the report is available in the “News Room” section of this web site.