Common use of Establishment and Composition of Nominating Committees Clause in Contracts

Establishment and Composition of Nominating Committees. The Council of Ministers must appoint a nominating committee to recommend candidates for appointment to the Board of Directors and the Tribunal on the following basis: (a) The nominating committee for the initial Board of Directors and Tribunal will be composed of one member selected by each of the Ministers from a Major Capital Market Jurisdiction, the Minister of Finance of Canada, the Minister representing Saskatchewan and the Minister representing New Brunswick. (b) After the initial Board of Directors and Tribunal are established, the nominating committee (for the Board of Directors and the Tribunal) will be composed of: a) one member selected by each of the Ministers from a Major Capital Markets Jurisdiction and the Minister of Finance of Canada and either: an equal number of members selected by the Board of Directors from among its members in the case of the board nominee process; or an equal number of members selected by the Tribunal in the case of the Tribunal nominee process; and b) one member selected by the provincial and territorial Participating Jurisdictions that are not Major Capital Markets Jurisdictions; or, if there are more than five provincial and territorial Participating Jurisdictions that are not Major Capital Markets Jurisdictions, two members selected by those provincial and territorial Participating Jurisdictions with the members selected being representative of the two regions comprised of the provincial and territorial Participating Jurisdictions that are not Major Capital Markets Jurisdictions.