"As a Board, it is our mandate to provide prudent strategic and fiscal direction and guidance in a changing retail and regulatory landscape. Together with NLC’s management team, we will ensure effective strategic direction and choices, and budgeting and financial management, as well as robust oversight of enterprise risks throughout the Corporation."
NLC’s Board of Directors provides oversight and strategic direction to NLC’s executive management team, which in turn is responsible for the day-to-day activities of the Corporation. Together, the Board and the Executive make a united effort to provide best practice, socially responsible regulations, and retailing and wholesaling of beverage alcohol and cannabis to the Province, governed by a strong sense of corporate responsibility, transparency and accountability to the people of Newfoundland and Labrador.
In accordance with the Liquor Corporation Act, NLC is governed by a Board of Directors of up to nine persons. The independent directors are chosen and appointed for specific terms by the Government of Newfoundland and Labrador, following recommendation by the Independent Appointments Commission, an independent body established by Government to provide merit-based recommendations for appointments to approximately 160 Agencies, Boards and Commissions. NLC’s President and Chief Executive Officer and the Deputy Minister of the Department of Finance are also members of the Board, serving in a non-voting capacity.
The Board of Directors operates within a highly regulated environment. The Liquor Corporation Act, Liquor Control Act and Regulations, the Cannabis Control Act and Regulations and other similar legislation provide direction to the Board in guiding NLC’s business affairs. The Corporation’s by-laws, vision, mission statement and values further direct both the Board and management in decision-making. The Board’s strategy, periodic three-year business plans, and annual operating plans and budgets are subject to the approval of Government. The Corporation’s annual financial statements are subject to audit by the Province’s Office of the Auditor General, which also has the authority to examine specific areas of NLC’s operations and activities through special audits.
The Board must provide prudent fiscal direction and guidance to the management team, ensuring effective budgeting and financial management, as well as management of enterprise risks. These processes fulfill the Board’s commitment to provide overall governance.