CIPF is a not-for-profit organization, incorporated by Letters Patent under the provisions of Part II of the Canada Corporations Act, with a non-share member structure. The Letters Patent set out the objects of the corporation of CIPF.
CIPF’s By-law No. 1 is a general by-law that deals with the administration of corporate affairs, including matters relating to the Board of directors, appointment of auditors, and appointment and duties of officers. Some specific provisions of this By-law are that:
- Membership in the Corporation shall consist only of the persons who compose the Board from time to time
- The property and business of the Corporation shall be managed by a Board consisting of not fewer than 8 or more than 12 directors and composed of an equal number of Industry Directors and Public Directors together with the Chair and the President and Chief Executive Officer of the Corporation
- The number of directors shall be determined from time to time by a resolution passed at a meeting of the Members of the Corporation
- The nomination and election of directors shall be made bearing in mind the desirability of appropriate and timely regional representation and, in the case of Industry Directors, experience with the various aspects of the nature of the business carried on by SRO Members
Currently, the Board is comprised of 12 directors - five Public and five Industry Directors together with the Chair and the President and Chief Executive Officer. The Board of Directors is responsible for the stewardship of the Fund, overseeing the management of the Fund's business and affairs and for setting the standard of good governance. On an annual basis, all CIPF Directors are required to officially acknowledge that they have not had a conflict of interest.
The Board may discharge its responsibilities by delegating certain duties to committees of the Board and to management. The specific duties delegated to each committee of the Board are outlined in the terms of reference for those committees.