The Audit Committee, composed entirely of independent Directors, reviews the annual audited financial statements and financial operating performance, the assessment of reserves and the results of capital adequacy testing. The Committee is responsible for the development and monitoring of policies to address risk management as well as the internal control framework. It also makes recommendations to the Board with respect to the appointment of an external auditor, the external actuary and the pension plan actuary and administrator.

The Human Resources & Compensation Committee is responsible for determining the compensation payable to the Tarion President and CEO and for the determination of the pension and other benefits payable to employees. The Committee works with external compensation advisers who provide information with respect to current market compensation payable to senior executives of comparable organizations.

The Committee is also responsible for approving the annual objectives for the President and CEO, and for evaluating performance against those objectives. It also undertakes an annual succession review of the senior management team in consultation with the President and CEO. The membership of the Committee includes six independent members.

The Condominium Committee is composed of six Directors experienced in the condominium industry and has been established as a forum to facilitate research, provide informed opinion and discussion and make progressive recommendations to Tarion management and the Board of Directors. It also assists in policy development with respect to determining practices and procedures relating to planning, construction and operation of condominium developments in the province of Ontario as they relate to the mandate of Tarion. The Committee utilizes engineering and other available resources to assess emerging risks in the area of condominium development in the province and in quantifying and taking steps to minimize the degree of risk being assumed by Tarion in the execution of its mandate.

The Consumer Committee acts to provide input to management and the Board on strategic matters with respect to consumer protection initiatives and external communication by Tarion to consumers. It is composed of eight independent members of the Board who represent Tarion’s major stakeholders.

The Committee assists Tarion management with consumer policy development and provides insight and input on issues, by making recommendations regarding the development and delivery of consumer protection policies, by analyzing relevant consumer research data and by giving insight into current communication programs and trends.

The Governance Committee provides recommendations to the Board with respect to governance matters affecting the Corporation. The Committee has responsibility for developing and recommending ongoing improvements to corporate governance, and also to update as necessary the Code of Governance Practices which is executed by each Director annually.

The Committee is also responsible for recommending the Chair for each Board Committee in advance of the Annual Meeting of the Corporation, together with the membership for each Committee. In addition, the Committee recommends the Chair and Vice Chair appointments to the Board for the ensuing year. The Committee is responsible for providing input to the Board nomination process to ensure that the Board has Directors with the appropriate skills and background to address the business issues of the Corporation. The membership of the Committee includes the Chair of the Board, together with five other independent Board members.

The Investment Committee considers and recommends investment strategies, plans and policies related to the invested assets of the Corporation. The Committee oversees the selection and appointment of one or more investment managers and reviews and approves the investment policies of the Corporation each year. It also reviews reports from fund managers on investment activities and measures investment results against the investment goals of the Corporation. In addition, the Committee is responsible for the management of assets related to the pension plan of the Corporation.

The Regulatory Affairs Committee assists the Board in fulfilling its oversight responsibilities with regard to Tarion’s regulation-making powers as provided in the Ontario New Home Warranties Plan Act.

It provides due diligence on behalf of the Board of Directors for the planning, research, stakeholder consultation and effecting of each proposed regulation change; evaluates the adequacy and effectiveness of current or proposed legislation or regulations to ensure compliance with the mandate of the Corporation; and ensures that Tarion is meeting its regulatory obligations and responsibilities as set out in its mandate.

The Nominations Committee is composed of the Board Chair, an additional select Board member, and ministerial and industry appointees who meet annually to identify candidates for vacant Board positions.