PSP Investments is a Crown corporation which operates at arm’s length from the Government of Canada. Its governance framework is outlined in the Public Sector Pension Investment Board Act and includes its mandate, the responsibilities of its Board of Directors and its accountability to the Government and to its contributors.
PSP Investments’ mandate is twofold:
PSP Investments’s operations and activities are overseen by a Board of Directors composed of 11 members. The Board adopts, amends and repeals by-laws governing the conduct and management of PSP Investments' business and affairs and prescribes the duties and responsibilities for all facets of the administration and operations of PSP Investments. It 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 website.
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.
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), PSP Investments must undergo a yearly external audit. The Auditor General of Canada and Deloitte LLP serve as our joint external auditors and are also responsible for conducting Special Examinations at least once every 10 years. The last Special Examination was performed in fiscal year 2011; its report is available in the News Room section of this website.