Facts: ICCRC current regime Violating the laws: Section 194(1) of the CNFPCA

Section 194(1) of the CNFPCA states:
“A corporation may have an audit committee and, if it does, the committee shall be composed of not less than three directors, a majority of whom are not officers or employees of the corporation or any of its affiliates.”

Fact: Since 2011, most of the time, the ICCRC failed to have three members on its Finance and Audit Committee as required by the CNFPCA and its own Mandate. What value a financial statement has if it is contrary to the statute? Wait for more contraventions!

Do we need a regulator like this?