How We’re Managed

Provident¹⁰ operates in a joint trustee governance structure. We are governed by a board of directors, which has been appointed by the Government of Newfoundland and Labrador (GNL) and the member unions.

The board of directors is comprised of 14 people, appointed as follows:

• Six GNL appointees
• Six union appointees
• One non-union appointee
• One inactive member appointee

The Board of Directors has overall responsibility for pension administration, corporation management, actuarial reporting, and fund investments, which includes setting the investment objectives and strategy, establishing investment policies, and monitoring fund performance and compliance. The Board acts independently of the Sponsor Body and Provident¹⁰ management and makes decisions in the best interest of plan beneficiaries.

There are three sub-committees comprised of Board members that play an advisory role to the Board: The Audit and Finance Committee, the Investment Committee, and the Governance and Human Resources (G&HR) Committee. The Investment Committee also includes two additional Board-appointed investment experts.

• The Audit Committee advises the Board on financial reporting, accounting systems, and internal controls. They review the annual financial statements, recommend and support internal accounting policies, and develop a management profile for risk assessment.
• The Investment Committee advises the Board on the investment management and oversight of the Fund. They provide guidance, and monitor implementation of, investment policies, strategies, and mandates. They also review total fund and investment manager performance.
• The Governance and Human Resources (G&HR) Committee advises the Board on best practices with regards to matters of governance and human resource policy, procedures, and practices. They provide guidance on corporate governance and ethics, executive review and compensation, and corporate communication policies and practices.

As prescribed in our Joint Sponsorship Agreement, appointment of the Provident¹⁰ Board of Directors Chair and Vice Chair alternates every two years. These appointments are confirmed based on selection among the GNL-appointed Board members and the union-appointed Board members.

The CEO and executive leadership team are responsible for all operational matters related to Provident¹⁰ and the Fund, implementing strategic plans and policies, and the general supervision of Provident¹⁰‘s affairs. The executive leadership team has extensive functional expertise, diverse educational backgrounds, and share a commitment to achieving Provident¹⁰’s short and long-term goals.

Oversight of the joint sponsorship agreement is provided by the Sponsor Body, comprised of four to six GNL representatives, four to six union representatives, one non-union employee representative and one retiree representative appointed by the Newfoundland and Labrador Public Sector Pensioners Association. The Sponsor Body directs Provident¹⁰ regarding the level of risk appropriate for the Fund’s asset mix and makes decisions regarding plan benefits.