The Corporation will be responsible for the administration of the $500 million Mackenzie Gas Project Impacts Fund. This fund, established under the Mackenzie Gas Projects Impacts Act, is designed to support mitigation strategies related to the socio-economic impacts from the Mackenzie Gas Project.

Yellowknife, Northwest Territories

The President and Chief Executive Officer shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

There shall be a board of directors consisting of either three or five persons, including the person appointed as chairperson.

The appointment of directors shall be made having regard to the need for a board that has sufficient knowledge of, and experience in, financial administration and sufficient knowledge of the socio-economic issues affecting communities in northern regions.

The Chairperson shall be appointed by the Governor in Council to hold office during pleasure for such term as the Governor in Council considers appropriate.

The directors, other than the chairperson, shall be appointed to hold office during pleasure for terms not exceeding five years, and are eligible for re-appointment. The appointment of the directors shall ensure, as far as possible, the expiration in any one year of the terms of office of not more than one half of the directors. If a director is not appointed to take office on the expiration of the term of an incumbent director, the incumbent director continues in office until his or her successor is appointed.

A person is not eligible to be appointed as a director if the person:

• is a member of the Senate, the House of Commons or the legislature of a province;
• is an employee or agent of Her Majesty in right of Canada or in right of a province;
• does not ordinarily reside in Canada ; or
• is disqualified under subsection 105(1) of the Canada Business Corporations Act.

A director ceases to be director when the director

• dies;
• resigns;
• is appointed to the Senate;
• is elected to the House of Commons or to the legislature of a province;
• becomes an employee or agent of Her Majesty in right of Canada or in right of a province;
• ceases to be ordinarily resident in Canada; or
• becomes disqualified under subsection 105(1) of the Canada Business Corporations Act.

The Minister shall provide notice to the regional organizations at least one month before appointing the first director, other than the chairperson, under section 105 of the Financial Administration Act and each successor of that director. The regional organizations, on receiving the notice, may provide the Minister with a list of nominees for the appointment. The Minister shall consider the nominees before making the appointment.

A person is not eligible to be appointed as a director if the person: is a member of the Senate, the House of Commons or the legislature of a province; is an employee or agent of Her Majesty in right of Canada or in right of a province; does not ordinarily reside in Canada; or is disqualified under subsection 105(1) of the Canada Business Corporations Act. The appointment of directors shall be made having regard to the need for a board that has sufficient knowledge of, and experience in, financial administration and sufficient knowledge of the socio-economic issues affecting communities in northern regions.

Before the appointment of the President and Chief Executive Officer or the Chairperson of a parent Crown corporation, the appropriate Minister shall consult the board of directors of the corporation with respect to the appointment.