Innovation and Business Investment Corporation

Department

Authority

Remuneration

Purpose:

Pursuant to section 5 of the Innovation and Business Investment Corporation (IBIC) Act, the IBIC is responsible for making strategic funding investments in innovation and business growth in the Province to advance economic development in accordance with the priorities of the government of the province.

IBIC is responsible for making funding decisions on projects for commercial and non-commercial clients for innovation and business development and growth related projects. This includes, but is not limited to: projects for research and development, skills development, market development, business expansion, internationalization, technology development or technology improvements and working capital.

The description of the role, responsibilities and accountabilities of the Board and its members can be found at https://assembly.nl.ca/Legislation/sr/statutes/i07-1.htm 

Structure:

Pursuant to section 7 of the IBIC Act, the Corporation shall be governed by a Board of Directors consisting of the Deputy Minister of the department or his or her designate; two Assistant Deputy Ministers of the department or their designates; and, not less than two and not more than nine other persons appointed by the Lieutenant-Governor in Council.

The Lieutenant-Governor in Council shall appoint, from the Directors appointed, one director as the Chairperson and another Director as the Vice-Chairperson.

Competency Profile:

The Board should possess the following core competencies:

• Business acumen and business development/growth experience
• Investment and lending experience
• Management and leadership skills
• International business experience
• Risk management experience
• Regional economic development experience
• Knowledge of R&D and innovation
• Knowledge of provincial business climate including opportunities and challenges
• Experience in assessing business proposals, including financial statement analysis, and overall business case analysis.

Qualifications:

Qualifications and attributes required of the Board members:

• high ethical standards and integrity
• appreciation of the responsibilities to the board and public
• flexible, responsive and willing to consider others’ opinions
• capable of a wide perspective on issues
• ability to listen and work as a team member
• no direct or indirect conflict of interest
• ability to maintain confidentiality in all matters pertaining to corporation
• strong reasoning skills

Time Commitments:

Members of the IBIC should be available to meet six times per year. Board members may also be expected to spend additional time to review materials and prepare for Board and Committee meetings.

Term:

A Board member is appointed for a term of up to three years and can be reappointed but shall not serve for longer than six consecutive years.