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.
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.