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) Actand 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 for the President & CEO (PDF) (posted June 2010)
• Performance Evaluation Process (PDF) (posted April 2011)

Board of Directors

• Appointment Terms (PDF) (posted January 2013)
• Attendance Policy (PDF) (posted November 2007)
• Board Meetings Without Management (PDF) (posted December 2005)
• Education and Orientation (PDF) (posted December 2005)
• Financial Reporting and Communication (PDF) (posted December 2010)
• Performance Assessment Process (PDF) (posted December 2005)
• Relationship with Minister (PDF) (posted December 2005)
• Schedule of Board & Committee Meeting Dates & Remunerations (PDF) (posted June 2012)
• Terms of Reference for Board members (PDF) (posted June 2010)
• Terms of Reference for the Chair (PDF) (posted December 2005)
• Terms of Reference for the Vice-Chair/ Lead Director (PDF) (Posted December 2005)

Committees

• Transformation Program Committee – Terms of Reference (PDF) (posted April 2011)
• Audit Committee - Terms of Reference (PDF) (posted October 2012)
• Governance Committee - Terms of Reference (PDF) (posted October 2012)
• Human Resources and Compensation Committee - Terms of Reference (PDF) (posted April 2011)
• Investment Committee - Terms of Reference (PDF) (posted October 2012)

Corporate Secretary

• Terms of Reference for the Corporate Secretary (PDF) (posted June 2010)