Accountability and Governance
InBC operates under the requirements of the InBC Investment Corp. Act, and the mandate and policy direction given by the Government of British Columbia. InBC is governed by a Board of Directors appointed by the government.
Board of Directors
Pursuant to the InBC Investment Corp. Act, the Board oversees the affairs of the corporation to ensure prudent stewardship and alignment with the policy direction from the government. The Board is also responsible for the oversight of risk management of InBC.
The Board Chair is a liaison between the Government of B.C. (InBC’s shareholder) and the Board. There are up to nine directors on the Board of Directors. Two of these directors are appointed from the public service. The remaining seven directors are representatives from industry, finance, academia and other areas of leadership in the province.
Two Board Committees have been established by InBC’s Board of Directors:
- Audit, Investment and Risk Committee: The main duties of this committee are to oversee the financial planning and reporting, non-financial impact metrics, external audit, accounting systems and controls, and risk management. This committee is established by InBC’s Board of Directors.
- Governance and Human Resources Committee: This committee oversees the performance of the Chief Executive Officer (CEO) and Chief Investment Officer (CIO), supports the development of the strategic plan, reviews annual reports, and recommends potential new Board members to the government as required.
Chief Executive Officer
The Board of Directors is responsible for appointing InBC’s CEO. The CEO is responsible for leading InBC including the supervision, management and operations of InBC on a day-to-day basis. Investment decision-making is not part of the CEO’s responsibility.
Chief Investment Officer
The CEO appoints the CIO after consulting with the Board. The CIO is responsible for all investment-making decisions and the management of all InBC’s investments as outlined in the Investment Policy Statement set by the Board of Directors.
External Advisory Circle
The CEO and the CIO, acting jointly, may appoint an Advisory Circle of individuals external to InBC. The Advisory Circle is an operational committee that provides advice and supports InBC’s investment team with due diligence. The Advisory Circle does not have any authority to make investment decisions.
The primary responsibilities of the Advisory Circle are to support the Chief Investment Officer by:
- Providing industry insights on market outlook and investment strategies.
- Advising on potential areas of risk specific to an individual investment and/or across the portfolio.
- Advising the CIO and investment team on information pertaining to specific sectors, regions and demographics.
Investment Review Committee
The Investment Review Committee supports the CIO in making investment decisions. This committee includes the CEO, CIO, CFO and senior investment team members at InBC.
The responsibilities of the Investment Review Committee are to advise on potential areas of risk, advise on alignment with InBC’s investment policy and reviewing potential conflicts of interest. The committee can make recommendations but do not have authority to make decisions.
Meet Our Board Members
Board Chair, Christine Bergeron is the president and CEO of Vancity, Canada’s largest community credit union. Prior to becoming CEO, she was Vancity’s chief member services officer, leading its member experience and community engagement divisions. Bergeron’s achievements earned her a spot on the Business in Vancouver 2007 Top 40 Under 40 list. Much of her career has involved working with entrepreneurs, financing innovative companies and building financial firms focused within the clean tech, sustainability and impact investing sectors. Bergeron is a board member of Aviso Wealth and represents North America on the United Nations Environment Programme Finance Initiative’s Banking Board.
Vice Chair, Suzanne Trottier is the vice-president of Indigenous trust services with First Nations Bank Trust. Trottier is a proud Métis who grew up in Manitoba with maternal roots to the Lake Manitoba First Nation. Previously, she was the director of capacity development and intervention with the First Nations Financial Management Board and vice-president of Ernst & Young Corporate Finance Inc. Active in her community, Trottier is a board member and member of the Risk Committee and the Audit Committee for the Business Development Bank of Canada. Previously, she was treasurer for North Fraser Métis Association and Actions Enfrance. Trottier was also a board member of Aboriginal Finance Officers Association of Quebec and a committee member for the National Financial Literacy Committee and the National Indigenous Financial Literacy Committee. She is a chartered financial analyst and an ICD.D with the Institute of Corporate Directors. Trottier holds a master of business administration in finance from the University of Western Ontario and a bachelor of arts in sociology from the University of Manitoba.
Kevin Campbell is the managing director of investment banking and is on the board of directors of Haywood Securities Inc., a Vancouver-based investment dealer. He is also founder and chair of the Altruition Scholarship Foundation. Campbell has previously served on the Provincial Child Care Council and B.C. Emerging Economy Task Force, as well as the boards of the Vancouver International Film Festival and Lundin Foundation.
Iglika Ivanova is an economist and policy analyst with a decade of experience in analyzing Canadian labour markets and public policy. Ivanova is a senior economist and public interest researcher at the BC Office of the Canadian Centre for Policy Alternatives, where she has produced high-impact research on key social and economic challenges facing Canada and developed evidence-based policy proposals to build a more just, inclusive and sustainable economy. She is an active member of academic and professional economist networks, Canadian Association for Business Economics and the Canadian Economics Association. Ivanova’s areas of expertise include B.C. and Canadian labour market issues, job quality, low-wage work and living wages, poverty, income inequality, gender inequality, government finance, economic and social policy, and applying a gender and intersectional lens to public policy decisions.
Carole James served as minister of finance and deputy premier of British Columbia from 2017 to 2020. She has been recognized for her work and leadership through her many elected appointments, locally, provincially and nationally, serving in elected roles for over 25 years. Her public service has included National Democratic Institute Elections Missions in Morocco, Algeria and Georgia. James was a director for child and family services at Carrier Sekani Family Services and co-ordinator for Northern Aboriginal Authority for Families. Active in her community, she was chair of the Greater Victoria School Board, president of the BC School Trustees Association, and first and second vice-president of the Canadian School Boards Association. James is an honourary life member of the Vancouver Island Cooperative Preschool Association and the B.C. School Trustees Association, and she served as a foster parent for over 20 years for children and adults with developmental disabilities.
Ingrid Leong is a CPA with deep expertise in finance and sustainable investing. Ingrid works primarily within the high net worth and family enterprise space and has held a number of executive roles in the areas of thematic and ESG investing, governance and financial effectiveness. In her role as CIO of The Houssian Foundation, Ingrid led the development and implementation of the Foundation’s fully mission aligned investment strategy, focused on climate and gender equality. Through this work, she has played a leadership role in the global impact investing community, particularly as it relates to gender lens investing. Ingrid has served on numerous boards, including Ballet BC, first as Chair of the Finance & Audit Committee and following this, as Chair of the Governance & Nominating Committee. She also serves on a number of advisory committees for venture and private equity funds focused on driving impact in the areas of climate, education, healthcare and gender equality. Currently, Ingrid serves as Vice-Chair of the Board of Directors of The Forum (formerly Forum for Women Entrepreneurs) and is also a member of Board of the Canada Council for the Arts.
Glen Lougheed is a serial tech entrepreneur, active angel investor and mentor. He holds a Masters of Business (MoT) from SFU, and a BA in Business and Economics from Bishop’s University. Glen has served as the CEO and founder of several start-ups. These include dimeRocker, Overinteractive Media and NodeFly Systems. Currently, Glen is working on Applied Post and Backrail Systems, a project which has been nominated for the Canadian Fintech and AI Award. In addition, he served as special advisor, innovation and technology to the Minister of Jobs, Economic Recovery and Innovation and he is the Co-Chair of the Regenerative Agriculture and Agritech Task Force.
Fazil Mihlar was appointed effective December 7, 2022, as Deputy Minister, Ministry of Jobs Economic Development and Innovation. Prior to this role, Fazil was Deputy Minister, Ministry of Energy, Mines and Low Carbon Innovation; Deputy Minister, Ministry of Jobs, Economic Development and Competitiveness; Deputy Minister, Climate Leadership; Assistant Deputy Minister, Institutions and Programs Division, Ministry of Advanced Education; and Assistant Deputy Minister, Oil and Strategic Initiatives Division, Ministry of Natural Gas Development. Before joining government in 2013, Fazil was Associate Editor of The Vancouver Sun newspaper. Fazil holds a B.A. in Economics from Simon Fraser University, an M.A. in Public Administration from Carleton University and a Marketing Diploma from the Chartered Institute of Marketing in London, England. He has also completed a Certificate Course on Risk Management at Harvard University and the ICD-Rotman Directors’ Education Program with the Institute of Corporate Directors.
Heather Wood is British Columbia’s deputy minister of finance and secretary to Treasury Board. She has also held the roles of deputy minister and secretary to Treasury Board, associate deputy minister Treasury Board staff and assistant deputy minister Policy and Legislation Division. Prior to joining the BC Public Service in 2011, Wood was an assistant deputy minister within the Department of Finance for the Province of Manitoba, a position she held for more than three years.