Newfoundland and Labrador Future Fund Board of Trustees

Department

Authority

Remuneration

Purpose:

The Newfoundland and Labrador Future Fund (NLFF) was established to invest revenue from one-time sources and non-renewable resources to benefit future generations and to ensure the province is able to adapt and support economic growth.

The NLFF is managed by the Treasury Management Division of the Department of Finance. The Department is responsible for the planning, operation and prudent investment management of the NLFF. An investment policy guides the investment of funds in accordance with the Future Fund Act. The Board of Trustees provides oversight of the management of the NLFF.

The role of the Board of Trustees of the NLFF is to: 

• act honestly and in good faith with a view to the best interests of the NLFF and for the benefit of all current and future residents of the province;
• exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances; 
• set a course for earning the maximum return from investment of the portfolio while ensuring security of the funds; and 
• ensure transparency of the management of the NLFF.

The Trustees are responsible for the preparation of three-year activity plans and annual reports as required by the Transparency and Accountability Act. The annual financial statements of the NLFF are audited by the Auditor General.

Structure:

The Board of Trustees has six (6) members total, appointed by the Lieutenant-Governor in Council.

• Four (4) by nature of their position held in the Provincial Government:
  • Deputy Minister of Finance (Chair); 
  • Assistant Deputy Minister, Treasury Management and Budgeting; 
  • Comptroller General; and
  • Director, Treasury Management.
• One (1) person employed in a department of the Provincial Government who has expertise in environmental matters; and
• One (1) on the recommendation of the Public Service Commission using a merit-based process as a Tier 2 entity. 

Competency Profile:

Those who make up the Board should collectively possess the following core competencies/expertise.

• Previous experience in leadership positions and board governance; 
• Experience in one or more of the following; Public Sector Policy and Administration, Finance, Legal Services and/or Stakeholder Engagement; 
• High level of financial expertise/literacy; 
• Legal expertise/literacy; 
• Strong analytical skills; 
• Expertise and experience managing and directing major investment portfolios; 
• Experience in contributing to strategic discussions and their implementation; 
• Understanding of macro-economic considerations and their impact on investment strategies; 
• Understanding of the objectives of investment risk management and investment policy design; and
• Knowledge of capital markets.

The Board of Trustees must also ensure that all new Trustees receive a comprehensive orientation, ensuring that they fully understand:

• The role of the Board and its committees, if any; 
• The contribution expected from individual Trustees; and 
• The purpose/function of the NLFF.

Qualifications:

Education: Post-secondary education in Finance or a related field.

Experience/Personal Attributes:

• high ethical standards and integrity; 
• appreciation of responsibilities to the public; 
• no direct or indirect conflict of interest; 
• ability to maintain confidentially with respect to matters before the Board; 
• integrity, including familiarity with and a high regard for fiduciary obligations; 
• ability to read and interpret materials applicable to the issues being discussed; 
• freedom from influence by any factors other than the interest of the NLFF and the people of the province; 
• ability to identify the limitations of the Members’ own knowledge and the need for independent professional advice, and to understand and evaluate such advice.

Time Commitments:

Trustees should be available to meet at least four times a year or more often as required. Each trustee is expected to devote the time needed to prepare for and participate in each meeting by reading the reports and background materials provided for the meeting.

Term:

As specified in Section 5 of the Future Fund Act, the Trustee appointed on the recommendation of the Public Service Commission shall be appointed for a term of 3 years and is eligible for reappointment. Notwithstanding the expiry of the term, the person continues to be a Trustee until reappointed or replaced.

Vacancy Profile: