Agricorp conducts itself according to accepted management principles, including ethical behaviour, accountability, prudent use of public funds, and high quality service. Agricorp's operating decisions are made independently and impartially, with operations at "arm's length" from government. As an agency of government, Agricorp is publicly accountable and is overseen by provincial and federal auditors. Many of the programs Agricorp delivers are funded by the provincial or federal governments, or both.
Agricorp was launched in 1997 as an operational enterprise under the authority of the AgriCorp Act, 1996. The act outlines Agricorp's purpose, powers, mandate and structure. As well, the act authorizes Agricorp's Board of Directors to create by laws detailing the board's operating policies. A Memorandum of Understanding between Agricorp and the Ontario Ministry of Agriculture, Food and Rural Affairs sets out financial, operational, and audit arrangements, as well as the roles and responsibilities of each party.
More and more, the way a public or private enterprise governs itself is coming under public scrutiny. As a result, Agricorp's Board of Directors has focused considerable energy into developing and enforcing appropriate structures and processes to direct Agricorp and hold it to account. A key component of good corporate governance is clearly defined roles, responsibilities, and relationships between the government, the board and senior management. The board has developed a Governance Handbook to foster good corporate governance at Agricorp.
