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  • HC-5.1 HC-5.1 Establishment of Management Structure

    • HC-5.1.1

      The Board must approve and review at least annually the licensee's management structure and responsibilities.

      April 2016

    • HC-5.1.2

      The Board must appoint senior management whose authority must include management and operation of current activities of the licensee, reporting to and under the direction of the Board. The senior managers must include at a minimum:

      (a) A CEO or general manager;
      (b) A chief financial officer;
      (c) An internal auditor (see HC-5.4 and AU-1.2); and
      (d) A compliance officer (see HC-5.5 and AU-1.2).

      and must also include such other approved persons as the Board considers appropriate and as a minimum must include persons occupying controlled functions as outlined in Paragraph AU-1.2.2.

      April 2016

    • HC-5.1.3

      The licensee may appoint a corporate secretary. Whenever practical, the corporate secretary should be a person with legal or similar professional experience and training. The corporate secretary's duties include:

      (a) Arranging, recording and following up on the actions, decisions and meetings of the Board and of the shareholders (both at annual and extraordinary meetings) in books to be kept for that purpose; and
      (b) Reviewing the licensee's procedures and advising the Board directly on such matters.
      April 2016