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Board of Directors: (front from left) John Walton, David McMillan, Pauline Rafferty andAnna Nyarady; (back from left) Barbara Rae, Allison McNeill, Ken Mahon, Neil Sterrittand Donald Hayes; (not pictured) Ralph Bodine, Cynthia Woodward and David Stowe.Corporate GovernanceGoverning Principles of the Board of DirectorsA Board of Directors governs the Royal BC Museum Corporation, guided bylegislation, regulation and public policy. The Board is accountable to the Ministerof Tourism, Sport and the Arts to ensure the application of the Museum Act, sothat the Royal BC Museum conducts its affairs in a manner that complies with thelegislation and accepted standards of conduct, operates within approved financialstandards, and fulfils its purpose and mandate.The Board of Directors consists of not more than 11 directors, all appointed by theLieutenant Governor in Council. As a policy board, it concentrates on providingleadership and direction to the Royal BC Museum through clearly articulatedpolicies and corporate goals. In delegating authority to the Chief Executive Officer,the Board monitors the performance of the CEO and holds her accountable forresults and progress. Having established the policy framework, the Board allows theCEO to administer corporate operations and does not involve itself in managementdecision-making or the day-to-day operations of the Royal BC Museum.Finance and AuditCommitteeThe Finance and Audit Committeeensures that the Corporation’s financialand accounting policies conform to theprovisions of the Museum Act and allother applicable legislation, and thatthe Corporation’s financial reportingsystems meet the needs of the Boardand the Royal BC Museum itself.Members of the Committee includeDavid McMillan (Chair), Ralph Bodine,Donald Hayes, ex-officio membersJohn Walton and Pauline Rafferty, andstaff support Faye Zinck.Governance andNominating CommitteeThe Governance and NominatingCommittee oversees the Board’snominating and governance activities.It is responsible to the Board ofDirectors and meets as required butat least once a year. Its functionsare to establish the criteria of skillsrequired for membership on the Board,prescreen and recommend Boardcandidates, recommend persons forthe positions of Chair and Vice Chair,ensure appropriate orientation, manageevaluation of the Board, ensure that12the Board’s manual contains alldocuments relevant to its governancestructure, and recommend persons tosit as members of Board committees.Members of the Committee includeBarbara Rae (Chair), Anna Nyarady,Neil Sterritt, David Stowe, CynthiaWoodward, Allison McNeill, andex-officio members John Walton andPauline Rafferty. This Committeealso deals with all matters of corporategovernance and as such, reviews,monitors and reports on Boardeffectiveness.Site DevelopmentCommitteeThe Site Development Committeeadvises on the RBCM Master Planand assists with moving the renewalof the Royal BC Museum forward. Itis a special-purpose committee formedfor a term of up to three years.The Committee will be consulted forthe oversight and policy in respect ofthe management and control of theland and property of the Royal BCMuseum. Members of the Committeeinclude Ken Mahon (Chair), DonaldHayes, ex-officio members JohnWalton and Pauline Rafferty, andsupport staff member Angela Williams.Additional InformationAdditional information on Boardmembers and Board policies isavailable on the Royal BC Museum’swebsite, www.royalbcmuseum.bc.ca. The Royal BC Museum nowfully complies with the provincialgovernment’s “Governance andDisclosure Guidelines for GoverningBoards of British ColumbiaPublic Sector Organizations.”See www.royalbcmuseum.bc.ca/corporateservices/bestpracgov.pdf.
Management’s ReportFinancial Statements(Audited)March 31, 2006Auditor’s ReportThe financial statements of the Royal British ColumbiaMuseum Corporation have been prepared bymanagement in accordance with Canadian generallyaccepted accounting principles, and the integrity andobjectivity of the data in these financial statements aremanagement’s responsibility. Financial informationpresented elsewhere in the Annual Report is consistentwith that in the financial statements.Management is also responsible for the safeguardingof financial and operating systems, which includeeffective controls to provide reasonable assurance thatthe Museum’s assets are safeguarded and that reliablefinancial information is produced.The Board of Directors is responsible for ensuring thatmanagement fulfils its responsibilities for financialreporting and internal control. The Board exercisesits responsibilities through the Finance and AuditCommittee. The Finance and Audit Committee meetsregularly with management and the external auditorshave full and free access to the Committee. The Boardof Directors, whose members are not involved in theday-to-day activities of the Museum, are responsible forthe review and approval of the financial statements.Hayes Stewart Little & Co. has audited the financialstatements in accordance with Canadian generallyaccepted auditing standards.To the Board of Directors of the Royal BritishColumbia Museum CorporationWe have audited the balance sheet of the Royal BritishColumbia Museum Corporation as at March 31,2006, and the statements of operations and changesin net assets and cash flows for the year then ended.These financial statements are the responsibility ofthe Museum’s management. Our responsibility is toexpress an opinion on these financial statements basedon our audit.We conducted our audit in accordance with Canadiangenerally accepted auditing standards. Those standardsrequire that we plan and perform an audit to obtainreasonable assurance whether the financial statementsare free of material misstatement. An audit includesexamining, on a test basis, evidence supporting theamounts and disclosures in the financial statements.An audit also includes assessing the accountingprinciples used and significant estimates made bymanagement, as well as evaluating the overall financialstatement presentation.In our opinion, these financial statements presentfairly, in all material respects, the financial positionof the Museum as at March 31, 2006 and the resultsof its operations and changes in its cash flows for theyear then ended in accordance with Canadian generallyaccepted accounting principles.Pauline RaffertyChief Executive OfficerChartered AccountantsFaye ZinckChief Financial OfficerApril 21, 2006Victoria, BCApril 21, 2006Victoria, BC13
Page 1 and 2: Annual Report | 2005-2006
Page 3 and 4: Our VisionRevealing British Columbi
Page 5 and 6: CEO’sReportFor 120 years, the Roy
Page 7 and 8: Goal 2: The Visitor ExperienceA vis
Page 9 and 10: other provincial museum location in
Page 11 and 12: to the collections. To that end, an
Page 13: of 51 photographs chronicling theel
Page 17 and 18: Statement of OperationsFor the Year
Page 19 and 20: Notes to Financial StatementsFor th
Page 21 and 22: Notes to Financial Statements, cont
Page 27 and 28: Management Discussion and Analysis,
Page 29 and 30: Management Discussion and Analysis,
Page 31 and 32: Cannings, R.A., L.R. Ramsay, S.G. C
Page 33 and 34: Remembrance Commemorations -“Reme
Page 35 and 36: Alignment with Government StrategyT

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