2021 PEICMC Annual Report

Mandate of the PEI Cannabis Management Corporation Board The duties of the PEICMC Board are to:

• remain highly-engaged in PEICMC business affairs and evolving industry factors. • make well-informed decisions in good faith and in a way that is impartial, fair, and ethical; • manage, or, supervise the management of the PEICMC’s affairs including guiding policy decisions; • approve the PEICMC’s budget, business plan, annual report, and financial statements; • make, amend, or repeal bylaws; and • exercise any additional responsibilities as defined within the regulations.

Accountability to Government and the Public The PEICMC is held accountable to government and the general public through a range of measures including, but not limited to: • The PEICMC annual report which is tabled in the legislature and available to the public that includes comprehensive details on the PEICMC’s affairs and financial outcomes during the preceding year; • Annual audited statements by the auditor general, or, a qualified auditor appointed by the Board to be included in the annual report; • Public access to records under the Freedom of Information and Privacy Protection Act; and • Publicly-appointed board members. Appointment of Members, Chair, and Vice Chair of the Corporation The Lieutenant Governor in Council, through an order-in-council, appoints the members of the PEICMC board, establishes the honorariums, and designates the chair. The board collectively designates the vice-chair from among its members. Audit Committee The Audit Committee is elected annually and consists of three commission members in addition to the chairman and the CEO as ex-officio. The committee ensures the reliability and accuracy of the PEICMC’s financial statements, helps co-ordinate and improve internal control functions, and ensures the PEICMC adheres to sound corporate governance principles.

PEI Cannabis Î.-P.-É. • 2021 Annual Report 9