Private Training Corporation

Department

Authority

Remuneration

Purpose:

The Private Training Corporation was created to ensure that students attending private training institutions are protected in the event of a school closure. To achieve this, the Corporation monitors the fiscal health of institutions and manages a Train Out Fund established in the Private Training Institutions Act. The purpose of the Train Out Fund is to ensure that, in the unfortunate event a private training institution closes, appropriate financial resources are available to enable affected students to complete their course of study. 

Structure:

• LGIC appoints no less than 5 and no more than 7 members:
  • One representative from the Department of Advanced Education, Skills and Labour
  • One representative from the Department of Finance
  • One representative from the Association of Career Colleges or its successor body
  • One owner or operator of a private training institution
  • One student of a private training institution
  • Two community representatives
• The following positions are subject to the Independent Commission:
  • One student of a private training institution, given there is no organization that represents all students at private training institutions
  • Two community representatives

• A member of the Board whose appointment has expired continues to be a member of the board until a successor is appointed.

• Minister designates a chair and vice-chair.

• A quorum is a majority of directors, one of whom must be the chair or vice-chair.

Competency Profile:

Those who make up the Private Training Corporation should collectively possess the following core competencies:

• Finance/Investment
• Legal
• Accounting/Auditing
• Risk Management
• Strategic Planning
• Senior Leadership

Qualifications:

Members of the Private Training Corporation should possess the following personal attributes:

• High ethical standards and integrity;
• Appreciation of the responsibilities to the public;
• Flexible, responsive and willing to consider others' opinions;
• Capable of a wide perspective on issues;
• Ability to listen and work as a team member;
• No direct or indirect conflict of interest; and,
• Strong reasoning skills.

Time Commitments:

Members of the Private Training Corporation should be available to meet 2-3 times per year. Where there is the potential for a train out of a private training institution, more meetings may be required. Board members may also be expected to spend additional time to review materials and prepare for Board meetings. The Board may create sub-committees and the number of meetings would be at the discretion of the Chair. Meetings are usually held during normal business hours at the Confederation Building. These meetings normally last 1-2 hours and are held in St. John's. Conference call options are available for representatives who are outside the St. John's area.

Term:

Pursuant to Section 4(5) of the Private Training Institutions Act, directors shall not hold office for more than 3 consecutive years and are eligible for reappointment.

Vacancy Profile:

Currently, the Student Representative position is vacant. This individual must be a current student attending a private training institution.

Expressions of interest are being sought from individuals who possess the background, experience and skill-set identified in the board profile above and who can bring unique perspectives to the table. Consideration will also be given to a variety of demographic factors to ensure the board is representative of the population they serve.