The governance of the RHRA is established through the Retirement Homes Act, 2010, its regulations, by-laws and an MOU with the government through the Ministry of Seniors Affairs to the Minister. The Board of Directors is accountable to the Minister through the Chair of the Board.
The Board of Directors is responsible for corporate governance, regulatory oversight and guiding the development of RHRA’s strategic plan and priorities. The board along with management is focused on the most progressive governance and regulatory oversight practices. The board is committed to ongoing efforts that continually strengthen its governance practices, oversight of the organization and maintain its support of government’s public accountability mandate.
Key responsibilities of the Board:
- Approves RHRA’s strategic plan and priorities, business plan and budget, and ensures the integrity of the RHRA’s reported financial performance;
- Oversees appointment, development, monitoring and succession planning of the CEO and Registrar, Risk Officer and Complaints Review Officer;
- Ensures appropriate enterprise risk management;
- Manages performance and monitors oversight;
- Monitors external communication and stakeholder relationships; and
- Oversees quality of board governance to support governance excellence.
Board and Committee Activity
The Board meets approximately four times per year. Board activities are supported by the work of two committees.
- Governance, Regulatory Affairs and Nominations Committee: Assist the Board of Directors in fulfilling its oversight responsibilities and risk management function regarding: the board’s and RHRA’s governance structure and processes; recruitment/nomination and education/development of board members; evaluation of the effectiveness of the board and of individual directors; the Complaints Review Officer and Risk Officer; regulatory affairs; and stakeholder collaboration/outreach oversight.
- Finance, Audit and Human Resources Committee: Assist the Board of Directors in fulfilling its oversight responsibilities and risk management function regarding: financial reporting, audit, enterprise risk management, the Emergency Fund and human resources and compensation.