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This Act has "Not in Force" sections. See the Table of Legislative Changes.

Financial Information Act

[RSBC 1996] CHAPTER 140

Contents
1Definitions
2Statement of financial information
3Additional information that must be provided on request
4Minister may order audit if corporation does not comply
5Power to make regulations
6Directives
7Transitional for new corporations
Schedule 1
Schedule 2

Definitions

1  In this Act:

"corporation" means

(a) a corporation, association, board, commission or society to which a grant or advance may be made, or the borrowings of which may be guaranteed by the government, under the authority of the enactments in Schedule 1, or

(b) a public body, as defined in section 1 of the Financial Administration Act, that is listed in Schedule 2;

"minister" means

(a) in respect of the corporations referred to in paragraph (a) of the definition of "corporation", the minister who administers the Acts in Schedule 1, or

(b) in respect of the corporations in Schedule 2, the minister designated by the Lieutenant Governor in Council.

Statement of financial information

2  (1) A corporation must prepare statements of financial information in accordance with this section in a form and containing information prescribed by the Lieutenant Governor in Council.

(2) Within 3 months after the end of each fiscal year of a corporation, it must prepare a statement of financial information for that fiscal year that includes the following:

(a) a statement of assets and liabilities;

(b) an operational statement;

(c) a schedule of debts;

(d) a schedule of guarantee and indemnity agreements.

(3) Within 6 months after the end of each fiscal year of a corporation, it must prepare a statement of financial information for that fiscal year that includes the following:

(a) a schedule showing

(i) in respect of each employee earning more than a prescribed amount, the total remuneration paid to the employee and total amount paid for the employee's expenses, and

(ii) a consolidated total of all remuneration paid to all other employees;

(b) a schedule showing

(i) the total amount paid to each supplier of goods or services during the fiscal year that is greater than a prescribed amount, and

(ii) a consolidated total of all other payments made to suppliers of goods or services during that fiscal year.

(4) A corporation must

(a) keep in its office copies of the financial information statements prepared under this section, and

(b) make a copy available at its head office during usual business hours for inspection by any person.

(5) On the request of the minister and without charge, a corporation must supply the statements of financial information prepared under this section to the minister or to any person whom the Minister of Finance requests be supplied with that statement.

(6) If requested by a member of the public, a corporation must provide a copy of a statement of financial information prepared under this section on payment of the prescribed fee.

Additional information that must be provided on request

3  On request of the minister, the Minister of Finance or a committee of the Executive Council that is designated by the Executive Council, a corporation must provide to the requesting minister or committee

(a) its strategic plans, business plans, capital and operating budgets, as requested by that minister or committee, and

(b) any other requested information in respect of the corporation in relation to matters covered by this Act or section 4.1 of the Financial Administration Act.

Minister may order audit if corporation does not comply

4  (1) If a corporation neglects or refuses to comply with this Act, the minister or the Minister of Finance may appoint a person to

(a) audit and examine the records, bank accounts and financial information of the corporation, and

(b) prepare and make available to the public, as the applicable minister directs, a statement of financial information required under section 2 for the fiscal year in respect of which the corporation has neglected or refused to prepare it.

(2) If an audit and examination is authorized under subsection (1), a corporation and every officer and employee of it must take all necessary steps to

(a) make available the facilities and records of the corporation, and

(b) assist in the conduct of the audit and examination.

(3) A person who hinders or obstructs the person conducting the audit and examination under subsection (1) during the course of its conduct commits an offence.

(4) All charges and fees of the person who conducts an audit and examination under subsection (1) may be paid out of the consolidated revenue fund.

(5) On payment under subsection (4), the amount that was paid is a debt due to the government from the corporation that was audited and examined.

Power to make regulations

5  (1) The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act.

(2) Without limiting subsection (1), the Lieutenant Governor in Council may make regulations as follows:

(a) prescribing the financial information to be contained in statements and schedules specified in section 2 that must be provided by any corporation or class of corporation;

(b) determining the minimum financial limits and classifications for the reporting under section 2 (3) (a) and (b);

(c) prescribing fees for the purposes of section 2 (6);

(d) adding additional Acts to Schedule 1 and additional corporations, as defined in paragraph (b) of the definition of "corporation", to Schedule 2.

Directives

6  The Minister of Finance may issue directives

(a) providing for the form and manner of providing public access to financial information held by the government and any corporation, and

(b) respecting compliance by corporations with this Act.

Transitional for new corporations

7  If the Lieutenant Governor in Council makes a regulation under section 5 (2) (d) adding an Act to Schedule 1 or a corporation to Schedule 2, a corporation that is affected by the regulation is not required to comply with this Act in respect of the fiscal year that it was in at the time the regulation became effective.

Schedule 1

British Columbia Innovation Council Act

British Columbia Railway Finance Act

College and Institute Act

Community Services Interim Authorities Act

Hospital Insurance Act

Hydro and Power Authority Act

Islands Trust Act

Library Act

Local Government Grants Act

Municipal Aid Act

School Act

Thompson Rivers University Act

Transmission Corporation Act

University Act

Schedule 2

552513 British Columbia Ltd.

BC Immigrant Investment Fund Ltd.

BC Transportation Financing Authority

B.C. Games Society

B.C. Pavilion Corporation

British Columbia Assessment Authority

British Columbia Enterprise Corporation

British Columbia Housing Management Commission

British Columbia Lottery Corporation

British Columbia Pension Corporation

British Columbia Securities Commission

British Columbia Transit

Columbia Basin Trust

Columbia Power Corporation

Community Living British Columbia

Creston Valley Wildlife Management Authority

Destination BC Corp.

First People's Heritage, Language and Culture Council

Forensic Psychiatric Services Commission

Forestry Innovation Investment Ltd.

Industry Training Authority

Insurance Corporation of British Columbia

Insurance Council of British Columbia

Justice Institute of British Columbia

Knowledge Network Corporation

Legal Services Society

Medical Services Commission

Oil and Gas Commission

Pacific Carbon Trust Inc.

Partnerships British Columbia Inc.

Provincial Rental Housing Corporation

Royal British Columbia Museum

Royal Roads University

Transportation Investment Corporation

Workers' Compensation Board