Governance & Board
The Lieutenant Governor, through Order-in-Council, appoints the members of Innovate BC’s Board and delegates the role of the Chair. The Board Chair reports to the British Columbia Legislative Assembly through the Minister of Jobs, Economic Development and Competitiveness. The Board of Directors has fifteen members.
- sets the strategic direction and approves appropriate plans from management;
- recruits, empowers and monitors Innovate BC’s management;
- shepherds and safeguards Innovate BC resources, approving major financial decisions, ensuring internal controls are in place and addressing areas of risk; and
- measures corporate performance, reporting regularly to stakeholders to ensure compliance with applicable laws and ethical standards.
Innovate BC’s Board of Directors do not receive any remuneration for their services to the Board.
Audit and Finance
- Helps the Board fulfill its obligations and oversight responsibilities relating to the audit process, financial reporting, corporate control systems and risk management. When required, it makes recommendations to the full Board for approval.
Governance and Board Nomination
- Reviews Board policies and practices, ensuring Innovate BC fulfills its legislated mandate and implements effective due diligence over Innovate BC’s governance.
Human Resources and Compensation
- Fulfils the Board’s responsibilities with respect to Innovate BC’s staff policies and practices.
Innovate BC’s Board has adopted the guiding principles outlined in the Province of British Columbia’s Governance Framework for Crown Corporations in establishing a framework from which to operate. These principles include:
- stewardship, leadership and effective functioning of the Board; and
- performance and value, innovation and continuous improvement.