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Corporate Governance

Corporate Governance

In January 2005 the Board Resourcing and Development Office of the Office of the Premier published its "Governance and Disclosure Guidelines for Governing Boards of British Columbia Public Sector Organizations" — what it refers to as the "Best Practice Guidelines". Those Guidelines broadly define "corporate governance" as "the structures and processes by which organizations are directed, controlled and held to account." It also involves the set of relationships amongst a corporation's management, its board of directors and its shareholders (in ICBC's case, the sole shareholder is the Government of BC).

ICBC is governed by a board of directors appointed according to the provisions of the Insurance Corporation Act, ICBC's enabling statute. The board of directors, the CEO, and ICBC management govern ICBC in accordance with corporate governance best practices, and in accordance with the provisions of the Insurance Corporation Act, the Insurance (Vehicle) Act and regulations thereto, and other legislation applicable to ICBC. Rates applicable to ICBC's basic (or mandatory) vehicle insurance coverage are subject to the review of, and are set by, the BC Utilities Commission.

Effective governance is essential to ensure the efficient use of resources, accountability for the stewardship of those resources, and to enable a corporation to function effectively in fulfilling its mandate and goals. As a Crown corporation, ICBC embraces the governance practices and procedures reflected in the Best Practice Guidelines as well as the related disclosure standards. Acknowledging that disclosure is a key aspect of best practice in corporate governance for public sector organizations, on this page you will find links to documentation reflecting ICBC's governance practices and procedures.

While ICBC strives to maintain the currency of information on this website, the corporate governance documents presented here may change without notice and should be read with that in mind.

In order to view the following items, you will need the Adobe Acrobat Reader: