|
|
About LAWPRO®
Corporate Governance
The Board of Directors, either directly or through its committees,
bears responsibility for the stewardship of the Company.
To discharge that responsibility, the Board supervises the
management of the business and the affairs of the Company,
including the oversight or monitoring of all significant aspects
of the operation, so that the Company effectively and efficiently
fulfills its mission, vision and values.
The Company’s corporate governance processes, structures and
information are designed to strengthen the ability of the Board
to oversee management, and to enhance long-term policyholder
value. Every director has a duty to guide the Company’s affairs
in a manner that achieves the Company’s objectives.
The corporate governance processes and mandate are
derived, in part, from the Ontario Insurance Act and regulatory
"best practices."
Board independence
Demonstrable evidence of independence is at the heart of effective governance. Independence is normally a matter of a board
demonstrating its ability to act independently of management when appropriate. Currently, only the chief executive officers of
LAWPRO and the Law Society of Upper Canada are "affiliated" to the Company within the meaning of applicable legislation.
A minority of directors are Benchers or employees of the Law Society of Upper Canada.
Board composition
Annually, the Board reviews its composition to determine
whether or not the Board is optimally structured to ensure the
achievement of the corporate strategy and business plan. Also
important is a regular assessment of the skills, experience and
independence of those on the Board.
The Board has approved a document which summarizes the Roles and Responsibilities
of LAWPRO Directors.
From time to time the Board must recruit one or more independent directors to fill Board vacancies.
Expressions of interest to join the LAWPRO Board are welcomed throughout the year and are kept on file for two years.
Subject to the Board initiating a specific recruitment process on a vacancy occurring,
LAWPRO accepts submissions only through the electronic application form. Those expressing interest will only
be contacted for further information if their skillsets and experience are considered relevant to the Board's
needs once a specific vacancy occurs.
Expression of Interest Form
If you would like to withdraw your expression of interest, please email managercorpsecretariat@lawpro.ca.
Board responsibilities
The basic oversight responsibilities of the Board include:
- Corporate performance oversight: The Board ensures
that corporate management continuously and effectively
strives to meet the two opposing goals of minimizing
premiums and achieving a satisfactory financial result,
taking account of risk.
- Appointment of CEO and related human resources issues:
The Board appoints the CEO and approves the CEO’s
objectives, assesses his or her performance and determines
compensation of the CEO. As well, the Board approves
key appointments reporting to the CEO, reviews key
executive performance and approves compensation policy
and succession plans.
- Strategic direction and policy: The Board reviews and
approves management’s proposed strategic direction and
policy matters, and ensures that policies on key issues,
including exposure to various risks, are in place, are appropriate
and are reviewed to ensure compliance with same.
- Budgeting and planning: The Board approves the Company’s
proposed budgets and other performance goals, reviews performance
against goals and recommends corrective actions.
- Regulatory compliance and financial monitoring: Through
an independent audit committee, the Board requires and
monitors regulatory compliance, appoints the auditor,
oversees the audit process and reviews and approves
financial reports. The Board also ensures that financial
systems produce accurate and timely information, and
that appropriate controls are in place.
- Ensuring its own effectiveness: The Board establishes
committee structures that assist the effective operations
of the Board, and enable a review and assessment of the
Board’s own performance.
Board committees
The members of the Board are assisted in fulfilling the responsibilities
explained above through the following committees:
Audit Committee
The Audit Committee assists the Board in monitoring:
- the integrity of the Company’s financial reporting process;
- financial & solvency risks that the Company is exposed to;
- the controls for managing those risks; and
- the independence and performance of the Company’s external auditor and actuary.
Conduct Review Committee
The Conduct Review Committee oversees the Company’s
compliance with the related party provisions of the Ontario
insurance legislation.
Executive Committee
The Executive Committee has the authority of the Board, subject
to the limitations of law and those set forth in the Company’s
bylaws, to consider urgent matters that require action prior to
the next Board meeting. Actions taken by the Executive
Committee are reported to the full Board at the next meeting.
Governance Committee
The Governance Committee:
- assists the Board in its oversight role with respect to: a)
the development of the Company’s corporate governance
policies, practices and processes; and b) the effectiveness
of the Board and its committees;
- identifies individuals qualified and suitable to become Board
members and recommends the director nominees to each
annual meeting of the shareholder;
- assists the Board in its oversight role with respect to: a) the
Company’s human resources strategy, policies and programs;
and b) all matters relating to proper deployment of human
resources within the Company, with special focus on
management succession, development and compensation;
- oversees procedures for resolving conflicts of interest,
restricting the use of confidential information and dealing
with customer complaints; and
- assists the Board in liaising with the shareholder.
Investment Committee
The Investment Committee:
- assists the Board and management in managing the invested
assets of the Company;
- develops and monitors investment policies and guidelines;
- provides recommendations to the Board in connection
with the hiring of external investment managers; and
- meets with and monitors the performance of external
investment managers.
Risk Committee
The Risk Committee assists the Board in monitoring all risks (other than financial & solvency risks) to which
the Company is subject and overseeing the development and implementation of appropriate risk management policies
and programs.
|
|
