annual report 2011/12 - Manitoba Agricultural Services Corporation

Corporate GovernanceMandate of the BoardMASC was established through the introduction of The Manitoba Agricultural Services Corporation Act, and is a Crowncorporation of the Manitoba Government. MASC’s Board of Directors is comprised of up to nine directors who areappointed by the Lieutenant-Governor in Council, as are the Board chair and the two vice chairs.The Board is responsible for the overall stewardship of MASC, discharging its responsibilities either directly or throughthe assistance of three sub-committees. The Board sets MASC’s strategic direction and organizational objectives with theassistance of Executive Management, and provides final approval of all applicable budgets.The Board also makes recommendations for future programming to the Minister of Agriculture, Food and Rural Initiatives,ensures that the corporate governance policies by which MASC operates are relevant and current, and is responsible foroverseeing and monitoring corporate operations according to applicable legislative requirements and with acceptable levelsof risk.Board Committee StructureThe Board of Directors is assisted by the work of the following committees:Board Planning and Priorities Committee acts in place of the Board on matters requiring immediate action, andreviews policies as required prior to Board consideration;Board Audit and Finance Committee reviews MASC’s financial reporting, risk management, actuarial and auditfunctions, as well as monitors corporate integrity and compliance with applicable authorities; andBoard Producer Relations Committee assists the Board with interactions and communications with producers andproducer groups.2011/12 Annual Report 7