Corporate governance

ICBC is governed by a board of directors, CEO and management team. They are guided by the public sector guidelines for corporate governance , and must act in accordance with the provisions of the Insurance Corporation Act, the Insurance (Vehicle) Act and Insurance (Vehicle) Act Regulations , and other legislation applicable to ICBC.

Changes to ICBC’s basic insurance are regulated by the BC Utilities Commission. They ensure that basic insurance rates are justified and reasonable.

Practices and procedures of ICBC governance

CEO

• Terms of Reference (PDF) (posted December 2005)
• Performance Evaluation Process (PDF) (posted June 2006)

Board of Directors

• Appointment Terms (PDF) (posted October 2009)
• Attendance Policy (PDF) (posted November 2007)
• Attendance Records (PDF) (posted February 2008)
• Board Meetings Without Management (PDF) (posted December 2005)
• Education and Orientation (PDF) (posted December 2005)
• Financial Reporting and Communication (PDF) (posted June 2006)
• Performance Assessment Process (PDF) (posted December 2005)
• Relationship with Minister (PDF) (posted December 2005)
• Terms of Reference for Board members (PDF) (posted June 2009)
• Terms of Reference for the Chair (PDF) (posted December 2005)
• Terms of Reference for the Vice-Chair/ Lead Director (PDF) (Posted December 2005)

Committees

• Audit Committee - Terms of Reference (PDF) (posted June 2009)
• Governance Committee - Terms of Reference (PDF) (posted June 2009)
• Human Resources and Compensation Committee - Terms of Reference (PDF) (posted June 2009)
• Investment Committee - Terms of Reference (PDF) (posted June 2009)

Corporate Secretary

• Terms of Reference (PDF) (posted December 2005)