Victoria Airport Authority Annual Report 2012

Recommendations

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Provide an orientation and education program for each new Nominee to the Board. Each Director receives comprehensive orientation when appointed. Directors hear from various guest speakers throughout the year. Examine the size of the Board with a view to determining the impact of the size on effective decision-making. There are twelve Board members representing the following nominating bodies: two District of North Saanich; two Town of Sidney; one District of Central Saanich; one District of Saanich; one City of Victoria; one Capital Regional District; one Province of British Columbia; two Government of Canada; one Greater Victoria Chamber of Commerce. The Board also has the authority to appoint up to three Directors. The Board should review compensation of Directors in light of risks and responsibilities. The Governance Committee conducts an annual review of Directors’ remuneration, per diem meeting fees and expenses so they are consistent with those of comparable Canadian airports. Committees should generally be composed of outside Directors, a majority of whom are unrelated. VAA Board Committees are composed entirely of non-management Directors, all of whom are unrelated. The Board should appoint a Committee responsible for corporate governance. The Board’s Governance Committee is responsible for corporate governance. The Board should develop position descriptions for the Board and the CEO, and the Board should approve the corporate objectives. Responsibilities are defined in the Board’s Policy and Procedures Manual, which is posted to the public website and the Board’s Intranet. The Board reviews and approves corporate objectives on an annual basis. Establish structures and procedures to ensure the Board functions independently of management. Directors are non-management and Standing Committees are chaired by members of the Board. The Board meets independently of management at the end of every Board meeting. The Board also meets In Camera as required. Audit Committee should be composed of outside Directors. The roles and responsibilities of the Committee should be specifically defined so as to provide members with appropriate guidance regarding their duties. The Committee is to have direct communication with the external auditors and oversee management reporting and internal control. The Audit and Finance Committee is comprised entirely of outside Directors. The Committee meets directly with the external auditors. Terms of Reference are defined in the Board’s Policy and Procedures Manual and are available on the public website and the Board’s Intranet. 32 | VICTORIA AIRPORT AUTHORITY
DIRECTORS AND COMMITTEE PARTICIPATION 2012 Nominator Nominee Committees Greater Victoria Chamber of Commerce Capital Regional District Lindalee Brougham • Board Chair • Chair, Steering Committee • Ex-officio, all Committees Colin Smith • Board Vice-Chair Town of Sidney Mel Rinald • Board Secretary • Chair, Airport Consultative Committee • Steering Committee • Planning and Development Committee • Chair, Governance Committee • Steering Committee • Audit and Finance Committee Town of Sidney Mel Satok • Vice Chair, Planning and Development Committee • Governance Committee • Airport Consultative Committee District of North Saanich District of North Saanich District of Central Saanich R. Chad Rintoul • Chair, Planning and Development Committee • Steering Committee • Airport Consultative Committee James P. Crowley • Audit and Finance Committee • Planning and Development Committee Graeme Roberts • Audit and Finance Committee • Airport Consultative Committee District of Saanich Glen Crawford • Chair, Audit and Finance Committee • Steering Committee • Governance Committee 2012 ANNUAL REPORT | 33
Page 1 and 2: Victoria Airport Authority Annual R
Page 3 and 4: Land Development . . . . . . . . .
Page 5 and 6: In partnership with Sidney Anglers
Page 7 and 8: GOALS • Provide and operate a saf
Page 9 and 10: Non-Stop Destination Non-Stop Seaso
Page 11 and 12: Air Terminal Building Victoria Flyi
Page 13 and 14: The new 135 square metre Spinnakers
Page 15 and 16: Environmental Assessment VAA screen
Page 17 and 18: SAFETY AND SECURITY Safety Policy
Page 19 and 20: HEALTH AND WELLNESS Excellence Cana
Page 21 and 22: COMMUNITY RELATIONS VAA maintains a
Page 23 and 24: 2012 ANNUAL REPORT | 23
Page 25 and 26: VIATeC’s 2012 Food Bank Challenge
Page 27 and 28: Department of National Defence 443
Page 29 and 30: On January 1, 2012, Lindalee Brough
Page 31: VICTORIA AIRPORT AUTHORITY CORPORAT
Page 35 and 36: CAPITAL INITIATIVES AND BUSINESS PL
Page 37 and 38: MANAGEMENT RESPONSIBILITY FOR FINAN
Page 39 and 40: VAA STATEMENT OF FINANCIAL POSITION
Page 41 and 42: VAA STATEMENT OF CASH FLOWS Year en
Page 43 and 44: (d) Hedge accounting: The Authority
Page 45 and 46: 3. Tangible capital assets: Cost Ac
Page 47 and 48: 5. Retirement allowance liability:
Page 49 and 50: (e) Beacon Avenue pedestrian overpa
Page 51 and 52: 11. Financial instruments: (a) Inte

Victoria Airport Authority Annual Report 2012

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