Good governance ensures a level of oversight and risk mitigation that provides confidence to our members, stakeholders and consumers. As a public purpose, non-profit organization that supports the payments ecosystem, we recognize the need for a strong governance model to deliver on our mandate as defined in the Canadian Payments Act:
“Establish and operate national systems for the clearing and settlement of payments and other arrangements for the making or exchange of payments; facilitate the interaction of our clearing and settlement systems and related arrangements with other systems or arrangements involved in the exchange, clearing or settlement of payments; and facilitate the development of new payment methods and technologies.”
Under the leadership of the chairperson, the Board of Directors is charged to direct and manage the affairs of the organization with a focus on strategic and policy matters.
There are four board subcommittees that assist the Board of Directors in fulfilling their responsibilities:
Audit and Finance Committee (AFC)
The Audit and Finance Committee provides several crucial functions: financial monitoring and audits; and financial planning, including oversight of budget development. This committee may also oversee projects as delegated by the board.
Governance and Nominating Committee (GNC)
The Governance and Nominating Committee is responsible for the oversight of board performance effectiveness, governance policies and guidelines, and compliance; code of conduct and standards of behaviour for board and management; director nomination and qualification; board succession planning; board orientation and continuing education; and evaluation of board committees as a whole.
Human Resources and Compensation Committee (HRCC)
The Human Resources and Compensation Committee in the evaluation and compensation of the president and CEO; its review of the CEO’s evaluation of senior management; and its review of employee benefits and pension plans, human resources policies, and management succession planning.
The Risk Committee supports in relation to risk management oversight, including oversight over Payments Canada’s Enterprise Risk Management Policy and risk appetite statement.
The board also receives advice and counsel from the Payments Canada Stakeholder Advisory Council and the Member Advisory Council, to leverage the expertise and experience of those within the payments ecosystem.
The Payments Canada leadership team works closely with the Board of Directors to ensure the regulations set out in the enabling legislation are adhered to, thereby maintaining the integrity of the governance system, the organization, and the ecosystem as a whole.