Corporate governance at the OFA involves processes that permit the effective supervision and management of the OFA’s activities by its senior management, the Board of Directors and the Minister of Finance. It includes identifying those individuals and groups who are responsible for the OFA’s activities and specifying their roles. The OFA’s governance framework is fully described in the OFA’s corporate governance policy, which is reviewed annually by the Board of Directors.

The OFA’s accountability structure flows from its governing statute, the Capital Investment Plan Act, 1993, and from a Memorandum of Understanding between OFA and the Minister of Finance as well as from directives issued by Management Board of Cabinet relating to crown agencies. Together, these provide that the Minister of Finance is accountable to Cabinet for the activities of the OFA. The Chief Executive Officer (CEO) is responsible for the day-to-day operations of the OFA and is accountable to the Board of Directors. In turn, the Board of Directors reports to the Minister of Finance. OFA staff are appointed pursuant to the Public Service Act and are subject to Management Board of Cabinet policies and directives applicable to public servants.

The Minister of Finance supervises the OFA with the aid of information reported through the Chair of the Board of Directors, who is also the Deputy Minister of Finance, and through senior management of the OFA. The Minister of Finance reviews and approves the OFA’s annual corporate plan, which contains long- and short-term objectives and reports on accomplishments for the preceding year. In keeping with the government’s Agency Establishment and Accountability Directive, once every three years, the Minister of Finance recommends the OFA corporate plan to Management Board of Cabinet for approval.

The Board of Directors is appointed by the Lieutenant-Governor-in-Council. It meets at least quarterly and receives regular reports from the CEO and other OFA staff concerning the operations of the OFA and its compliance with applicable laws and policies. The Audit Committee of the OFA Board approves an annual internal audit plan for the OFA and liaises with the internal auditors (Audit Services Division of Management Board of Cabinet) and the Provincial Auditor regarding the OFA’s financial reporting and controls. It also reviews and recommends financial policies and the OFA’s financial statements to the Board. Standards of conduct for Board members are set out in a Board-approved code of conduct.

The CEO is responsible to the Board of Directors for day-to-day operations. The CEO also ensures that policies and procedures, including financial reporting, remain relevant and effective. Staff are accountable, through senior management, to the CEO.