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C-2 - Act respecting the Caisse de dépôt et placement du Québec

Section 5.5
Disposition versions

Full text
5.5. At least two thirds of the members of the board of directors, including the chair, must qualify as independent directors in the opinion of the Government.
Board members qualify as independent directors if they have no direct or indirect relationships or interests, for example of a financial, commercial, professional or philanthropic nature, which are likely to interfere with the quality of their decisions as regards the interests of the Fund.
The following are deemed not to be independent directors:
(1)  a person who is in the employ of the Fund, or of one of its wholly-owned subsidiaries, or has been in such employ in the three years preceding appointment to office;
(2)  a person who is in the employ of the Government or a government agency within the meaning of section 4 of the Auditor General Act (chapter V-5.01); or
(3)  a person whose immediate family member is a senior officer of the Fund or one of its wholly-owned subsidiaries.
2004, c. 33, s. 5; 2013, c. 16, s. 90; 2022, c. 19, s. 76.
5.5. At least two thirds of the members of the board of directors, including the chair, must be independent. They must have no relationships or interests likely to affect the quality of their decisions with regard to the interests of the Fund.
An independent member must not, on pain of removal from office,
(1)  be in the employ of the Fund or one of its wholly-owned subsidiaries or have been so in the three years preceding appointment to office or be related to a person, within the meaning of the third paragraph of section 40, who has such an employment status;
(2)  be in the employ of the Government or a government agency within the meaning of section 4 of the Auditor General Act (chapter V-5.01);
(3)  have other ties as determined by the Government by regulation.
2004, c. 33, s. 5; 2013, c. 16, s. 90.
5.5. At least two thirds of the members of the board of directors, including the chair, must be independent. They must have no relationships or interests likely to affect the quality of their decisions with regard to the interests of the Fund.
An independent member must not, on pain of removal from office,
(1)  be in the employ of the Fund or one of its wholly-owned subsidiaries or have been so in the three years preceding appointment to office or be related to a person, within the meaning of the third paragraph of section 40, who has such an employment status;
(2)  be in the employ of the Government or a government agency or enterprise within the meaning of sections 4 and 5 of the Auditor General Act (chapter V-5.01);
(3)  have other ties as determined by the Government by regulation.
2004, c. 33, s. 5.
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