8 Ontario Clean W ater Agency 2012 Annual Report Corporate Governance OCW A s gover nance structur e powers and r esponsibilities ar e set out in CIP A and we ar e accountable to the Legislatur e thr ough the Minister of the Envir onment A Memorandum of Understanding MOU with the Ministry of the Envir onment MOE further clarifes the Agency s r oles and duties OCW A is gover ned by a Boar d of Dir ectors who ar e appointed by the LieutenantGover nor inCouncil on the r ecommendation of the Minister The Boar d which is accountable to the Pr ovincial Legislatur e thr ough the Minister follows best practices in corporate gover nance and adher es to a Boar d Code of Conduct The Boar d is r esponsible for setting the Agency s strategic dir ection monitoring overall performance and ensuring appr opriate systems and contr ols ar e in place in accor dance with the Agency s gover ning documents T o help fulfll its corporate gover nance mandate and oversight r esponsibilities the Boar d has established several key committees including the Audit and Finance Committee the Compliance and Operational Risk Management Committee the Gover nance and Nominating Committee and an OTEP T ask For ce Quarterly Boar d and Committee meetings ar e complemented by at least one annual strategic planning session Ef fectively managing risk is integral to our business which is why we have established a compr ehensive Enterprise Risk Management Pr ogram ERMP that is aligned with the r equir ements set forth in the Ontario Public Service OPS Agency Establishment Accountability Dir ective The ERMP plays a vital r ole in helping the Agency s various business ar eas identify evaluate mitigate monitor and r eport on key risks which ar e r egularly r eviewed by our Executive Management T eam EMT and r eported to the Boar d The Agency also undertakes an annual r eview of risk management strategies and contr ols which ar e appr oved by our Boar d along with our ERM policy W e strive to manage our operations in a manner that is fair ethical transpar ent and which pr ovides the best overall value for our various stakeholders W e pursue and implement gover nance best practices at all levels of the organization as part of our continuing mission to enhance transpar ency and accountability to our clients the gover nment and the citizens of Ontario OCW A Meets MOE Medical Of fcer of Health and Ministry of Labour r egulatory r equir ements Pr ovides facility r eports for OCW Aoperated municipal water and wastewater facilities Generates a publicly available Annual Report appr oved by the Minister of the Envir onment and tabled in the Pr ovincial Legislatur e Pr oduces a thr eeyear Business Plan submitted annually to the Minister of the Envir onment for appr oval Has annual fnancial audits conducted by the Of fce of the Auditor General and periodic V alue for Money Audits Pr ovides accessibility to Agency r ecor ds under the Fr eedom of Information and Pr otection of Privacy Act Complies with Ontario Public Service dir ectives including the Agency Establishment Accountability Dir ective and the Public Sector Expense Review Act 2009 that r equir es public disclosur e of expenses Public Sector Compensation Restraint to Pr otect Public Services Act 2010 the Per quisites Dir ective and the Pr ocur ement Dir ective and Utilizes an Enterprise Risk Management ERM system to identify and assess business and operational risks Accountability