Strong oversight to help deliver a stronger Canada
The Board provides oversight and guidance on behalf of the Government of Canada, which is Canada Post’s shareholder, on the strategies and related affairs of Canada Post.
The Board of Directors holds management accountable for its business performance and strategic objectives. As of March 24, 2022, the Board has a full slate of 11 members, including the President and Chief Executive Officer, all of whom are appointed by the Governor in Council. The Board or its committees met 27 times in 2021.
The Board exercises due diligence over:
- strategic initiatives and corporate plans;
- service and operational performance;
- internal controls and financial reporting;
- major contracts and investments;
- recruitment of senior officers;
- health and safety, labour and compensation management;
- environmental, social and governance (ESG) strategy and priorities;
- effective reporting to the shareholder.
Enabling A Stronger Canada – Delivered
In 2021, Canada Post unveiled its new purpose: A Stronger Canada – Delivered. As stewards of the Corporation, the Board’s directors played a key role in overseeing the strategic imperatives tied to this new purpose by:
- approving the next five-year corporate plan, as is required of Crown corporations;
- providing guidance in the development of Canada Post’s first ESG strategy;
- overseeing the progress made toward reconciliation with our Indigenous and northern communities.
As we develop plans in consultation with our shareholder, we continue to focus on:
- providing a service all Canadians can count on with, among other things, expanded capacity to meet their growing needs for ecommerce deliveries;
- fulfilling our commitment to social and environmental leadership;
- doing right by our people, which encompasses our responsibilities for health and safety, aligning with our bargaining agents and ensuring our workforce reflects Canada and the priorities of Canadians.
Board composition and renewal
2021 was a year of great change for the Board of Directors:
- Suromitra Sanatani, formerly the Acting Chair, became the permanent Chair;
- three new directors – Krista Collinson, André Hudon and Ann MacKenzie – were appointed;
- the terms of long-standing members Sharon Sparkes and Bernd Christmas came to an end.
In March 2022, a new director – Ron Cuthbertson – was appointed, filling a vacancy. The Board has near gender parity, with five of its 11 members identifying as women. Diversity will continue to be a key consideration in the Board renewal process.
Independence of the Board
The Corporation has a Statement of Board Values and Board Charter, a document outlining standards of conduct for directors and a bylaw that requires directors to be independent of management.
The Board holds its regular meetings with the President and Chief Executive Officer as a member and with the President and Chief Executive Officer’s direct reports as invitees. The Board holds in-camera sessions with the President and Chief Executive Officer and with outside directors only. The Audit Committee meets in camera with external and internal auditors. The Board engages independent counsel and advisers as it deems necessary.
Committees of the Board
Additional oversight is accomplished by the Audit Committee, the Environmental, Social and Governance Committee, the Human Resources and Compensation Committee, the (ad hoc) Labour Relations Committee and the Pension Committee.
The Board regularly assesses its effectiveness through a self-assessment survey. It has set criteria for desired skills and attributes used to identify potential gaps in succession. Board remuneration complies with guidelines issued by the Privy Council Office.
Alignment and oversight of Canada Post’s subsidiaries ensure consistent governance practices in companies in which Canada Post holds a majority interest.
Governance in principle
Canada Post holds the view that effective organizations require governance practices that are comprehensive but dynamic. Good governance is an essential component in ensuring that the Corporation continues to serve Canadians in an effective and sustainable manner.