The legislative framework governing CMHC consists primarily of the Canada Mortgage and Housing Act, the National Housing Act and the Financial Administration Act. Pursuant to the CMHC Act, the stewardship of the Corporation is the responsibility of the Board of Directors, which is comprised of the Chairperson, the President and Chief Executive Officer; the Deputy Minister of the Minister for CMHC; the Deputy Minister of Finance; and, eight other directors.
The Chair and the President and Chief Executive Officer are appointed by the Governor in Council. The Deputy Minister of the Minister for CMHC and the Deputy Minister of Finance are appointed based on the office they each hold. The eight other directors are appointed by the Minister designated for the purposes of the Canada Mortgage and Housing Act and the National Housing Act with Governor in Council approval. With the exception of the President and Chief Executive Officer, all members of the Board are independent of CMHC Management.
The Board of Directors meets a minimum of five times per year. To gain regional perspective, the Board holds some of its regularly scheduled meetings outside the National Capital Region. These meetings are an opportunity for Board members to visit housing projects and to discuss housing issues with local stakeholders.
The Corporate Governance and Nominating Committee, the Audit Committee, the Risk Management Committee, the Human Resources Committee, the Pension Fund Trustees, and the Housing and Capital Projects Committee support the Board of Directors in carrying out its stewardship of CMHC. These committees examine matters in their respective areas that come before the Board of Directors for consideration. Their respective Charters are posted on CMHC’s website and are reviewed on a regular basis by the Board to ensure that these committees continue to carry out their responsibilities effectively.