REPORT OF THE COMMITTEE | THURSDAY, May 5, 2005 |
The Standing Senate Committee on Banking Trade and Commerce
has the honour to present its
FOURTEENTH REPORT
Your Committee, to which was referred Bill S-25, An Act to amend the Act of incorporation of The General Synod of the Anglican Church of Canada, has, in obedience to the Order of Reference of Wednesday, March 23, 2004, examined the said Bill and now reports the same without amendment but with observations, which are appended to this report.
Respectfully submitted,
Jerahmiel S. Grafstein
Chair
APPENDIX
Bill S-25, An Act to amend the Act of incorporation of The General Synod of the Anglican Church of Canada
Observations of the Standing Senate Committee on Banking, Trade and Commerce
There is some concern that investments should always be made in the best interest of members of the Anglican Church of Canada, and it is expected that investors will act with due diligence in selecting investments. Although the Committee is aware that the provisions of the Ontario Trustees Act would have to be respected, we point out the prudent investor rule contained in the Bank Act, the Trust and Loan Companies Act and the Insurance Companies Act:
The directors of a bank (company) shall establish and the bank (company) shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return.
In our view, investments should be selected bearing in mind the prudent investor rule noted above.