MRAC has six committees. Depending on the committee role each group may operate as delegates of the MRAC Board of Directors under rule 5.18 of the MRAC Rule Book.
The committees meet separately and report to the Board. The committee structure allows MRAC Directors to focus on specific areas that complement their expertise and enhance their skills and knowledge in that area. The committees’ advice is used by the Board to make informed decisions during efficient meetings.
Transitional Business Committee (TBC)
All MRAC Board members are on the TBC, which allows the Board to make decisions in between Board meetings so the Corporation can continue to run efficiently. All out of session resolutions are reconfirmed at the next MRAC Board meeting.
Finance Committee (FC)
The FC meets and reports to the Board quarterly. It receives and reviews financial reports and budgets. The CEO is a member of the FC, and the Corporation’s accountant attends FC meetings.
Rent Review Committee (RRC)
This committee meets as needed when portfolio-wide rents are considered and when a major financial change has occurred It meets at least annually to review MRAC’s rents.
Appeals Committee (AC)
The AC meets when a client or tenant asks for a MRAC decision to be reviewed.
Legal Committee (LC)
The LC was established to consider major legal issues on behalf of the Board.
Governance and Risk Committee (GRC)
The GRC meets to make recommendations to the Board on compliance matters, to audit existing governance practices to ensure compliance and to review MRAC’s risk and risk mitigation strategies.