Corporate Governance

AFSC is governed by a Board of Directors that provides strategic direction to the organization and directs corporate governance practices.

Board members work with AFSC management to ensure successful corporate governance. Governance practices are developed to respond to the high expectations of AFSC’s stakeholders. By providing a disciplined approach to business concerns, AFSC’s corporate governance practices ensure the corporation fulfills its mandate within prudent risk management parameters.

Board Stewardship

The board is responsible for the governance of AFSC and overseeing the management of AFSC’s business and affairs. The Board guides AFSC’s strategic direction. The Board ensures broad strategies, overall risk appetite and policy direction of the government is reflected in AFSC’s business plans. The Board approves and monitors AFSC’s business plans, operational plan, and financial results. The board appoints and evaluates the performance of AFSC’s CEO and is ultimately accountable to the Minister. Board members must act honestly and in good faith, leaving aside personal interests to advance the public interest and mandate of AFSC.

Code of Conduct and Ethics

A code of conduct and ethics is acknowledged in writing by each member and is reviewed annually. The code of conduct and ethics reaffirms the commitment to high standards of business conduct and ethics to ensure that everything the Corporation does is legal, fair and reasonable.

Mandate of the Board

The Board is responsible to the Minister of Agriculture and Forestry. The roles and responsibilities of the Board are set out in the Agriculture Financial Services Act and in a Mandate and Roles accord between the Minister and the Board.

Composition of the Board

Members have varied skills and experience as entrepreneurs, primary agricultural producers, and agri-business owners and operators. Recruiting of new Board members is handled by the Government of Alberta Corporate Human Resources, unless otherwise indicated, and upon ministerial approval, a formal recommendation is provided to Members of Cabinet and then the members are appointed via a Ministerial Order.

Appointments are for a fixed term of up to three years, with the potential for reappointment based on satisfactory performance, to a maximum of 10 years of continuous service. To learn about the board members, please see the Board of Directors page.

To download a document on the mandate and roles of the board and the composition of the board, click here.

Board Bylaw and Charter

The Board, while retaining overall responsibility of overseeing the conduct of the business affairs of the Corporation, has for effective governance delegated specific duties to standing committees consisting of several Board members each.

The Board establishes the following Board Committees to assist the Board in carrying out the duties of the Board:

Governance & HR Committee

The Governance & HR Committee makes recommendations to the Board with respect to governance practices, committee structure and memberships, strategic management of human resources and corporate communication.

Finance & Audit Committee

To assist the Board in its oversight responsibilities on matters relating to fiscal management and financial reporting, internal controls, internal and external audit, and compliance with laws and regulations, including the code of conduct.

Risk Committee

The Risk Committee takes into consideration the mandate set out for the Corporation, including consideration of the principal risks associated with AFSC’s business.