Mar 31, 2020
The Foundation is established under the Legal Profession Act,1990 of Saskatchewan. During our fiscal 2020 year, certain amendments to this governing legislation have come into force that impact our board structure and investment policies.
Effective January 1, 2020 the Foundation is permitted to invest surplus monies in equity products. Previously monies were required to be invested “at interest”. The board, through its Audit & Investment Committee, has been reviewing its investment policies considering this legislative change.
Effective March 16, 2020, other legislative changes will impact the future composition of our board. The changes modify the appointment process by eliminating, for example, the requirement that Law Society appointments to be members of the society and for the Minister of Justice or designate to be a board member. In addition, going forward the board Chair will be chosen by the board, previously the legislation required appointment by the Law Society from within the five board members they appoint.