Common use of Functions and Duties Clause in Contracts

Functions and Duties. ‌ The Board must carry out the following functions and duties: (a) adopt an annual budget for Pension Plan administration, investment management of the Pension Fund and the activities of the Board; (b) prepare an annual report, including audited financial statements, on the Pension Plan and Pension Fund; (c) obtain an actuarial valuation and report on the Pension Plan and the Pension Fund at least every three years; (d) retain professional, technical and other advisors that it considers necessary and determine the remuneration and reimbursement for expenses to which they are entitled; (e) provide for the financial administration of the Pension Plan by: (i) having an accounting system established for the proper reporting and accountability to the Board in a timely manner and at a reasonable cost; (ii) having annual financial statements of the Pension Plan prepared in accordance with generally accepted accounting principles;‌ (iii) having a financial reporting audit performed on the financial statements referred to in subparagraph (ii); and‌ (iv) providing to the Minister of Finance and Corporate Relations for the Province of British Columbia and to the Partners an annual report on the Pension Plan, including the audited financial statements.

Functions and Duties. ‌ The Board must carry out the following functions and duties: (a) adopt an annual budget for Pension Plan administration, investment management of the Pension Fund and the activities of the Board; (b) prepare an annual report, including audited financial statements, on the Pension Plan and Pension Fund; (c) obtain an actuarial valuation and report on the Pension Plan and the Pension Fund at least every three years; (d) retain professional, technical and other advisors that it considers necessary and determine the remuneration and reimbursement for expenses to which they are entitled; (e) provide for the financial administration of the Pension Plan by: (i) having an accounting system established for the proper reporting and accountability to the Board in a timely manner and at a reasonable cost; (ii) having annual financial statements of the Pension Plan prepared in accordance with generally accepted accounting principles;‌principles; (iii) having a financial reporting audit performed on the financial statements referred to in subparagraph (ii); and‌and (iv) providing to the Minister of Finance and Corporate Relations for the Province of British Columbia and to the Partners an annual report on the Pension Plan, including the audited financial statements.