TI Corp is established under the Transportation Investment Act. TI Corp’s primary mandate is to manage and ensure successful delivery and implementation of the Port Mann/Highway1 Improvement Project and repay the project debt by 2050.
Transportation Investment Corporation (TI Corp) is a Crown corporation wholly owned by the Province of British Columbia. TI Corp was established on June 25, 2008 under the Transportation Investment Act (SBC 2002).
By legislation, TI Corp is governed by a Board of Directors appointed by the Lieutenant Governor in Council. The Board of Directors, through the Chair, reports to the Minister of Transportation and Infrastructure (designated as the Minister Responsible for TI Corp) and is responsible for overseeing the conduct of business, directing management and ensuring that all major issues affecting TI Corp’s affairs are given appropriate consideration.
The Board of Directors adheres to the following corporate governance principles, which are set in accordance with Part 2 “Best Practice Guidelines: Governance” of the Province’s Governance and Disclosure Guidelines for Governing Boards of British Columbia Public Sector Organizations:
- Act in the best interests of the Corporation
- Develop, maintain and adhere to terms of reference for the Board, Chair, Directors and Committees
- Ensure there is a planning process; become engaged in the process, and then review, question, validate and, ultimately, endorse the Service Plan and monitor performance
- Follow the board-approved TI Corp Governance Guidelines
As a Crown agency, TI Corp operates under a Government Letter of Expectations that outlines both the Corporation’s and the shareholder’s responsibilities, and is jointly signed by the Minister of Transportation and Infrastructure and the Chair of TI Corp.
TI Corp’s Board of Directors follows the governance practices contained in the Board Resourcing and Development Office (BRDO) corporate governance guidelines.
As a public Crown corporation and as part of the Government of British Columbia’s Public Sector Employer’s Council (PSEC), TI Corp operates under PSEC’s best practices for transparent and full disclosure of public sector executive compensation.
Statement of management responsibility
TI Corp’s financial statements are prepared by management in accordance with Canadian generally accepted accounting principles.
Management is responsible for preparing the financial statements and has established a system of internal control to provide reasonable assurance that assets are safeguarded, transactions are properly authorized, and financial records provide reliable information for the preparation of financial statements.
The Board of Directors is responsible for reviewing and approving the financial statements and meets with management and the external auditor to discuss the results of the audit examination and financial reporting matters. The external auditor has full access to the Board with and without the presence of management.
The Auditor General of British Columbia performs an independent audit of the financial statements annually. The Auditor’s report outlines the scope of his examination and expresses an opinion on the financial statements of the Transportation Investment Corporation.