About the OSC
The OSC is a self-funded Crown corporation, accountable to the Ontario Legislature through the Minister of Finance. The OSC operates under the direction of the Commission.
Memorandum of understanding with the Minister
The Commission has a memorandum of understanding (MOU) with the Minister of Finance that describes the roles and responsibilities of the Minister, the Commission’s Chair, Executive Director and Board of Directors. It also describes the accountability relationship between the Commission and the Minister, including detailed reporting requirements. Under the Securities Act (Ontario), the Commission and the Minister are required to enter into a MOU every five years. The most recent MOU is dated November 5, 2009.
The OSC is responsible for setting its strategic direction and priorities, and managing its operations. Each year, we are required to deliver to the Minister:
- a Statement of Priorities, which describes our priorities for the current fiscal year, and
- the OSC Annual Report, which contains audited financial statements and a description of our activities for that fiscal year.
Each year, we publish our proposed Statement of Priorities for public comment on the OSC website and in the OSC Bulletin.
The OSC is committed to the highest standards of ethical conduct in all of its activities. All Members of the Commission and employees are expected to comply with the OSC Code of Conduct and related policies. OSC By-law No. 1 governs the conduct of the affairs of the OSC, including matters related to management and administration.
As representatives of a Crown corporation, the Members of the Commission and employees of the OSC are also subject to certain requirements of the Public Service of Ontario Act, 2006 (PSOA), including those governing ethical conduct and political activity. The conflict of interest rules in the OSC’s Code of Conduct adhere to the requirements applicable to public servants and former public servants under the PSOA.
We publish on the OSC website information relating to travel, meal and hospitality expenses of the OSC's senior executives and Members of the Commission on a quarterly basis, and annually for the top five claimants.
The OSC periodically undergoes reviews by legislative committees or independent committees appointed by the Government of Ontario. The OSC was most recently reviewed in 2008-09 by the provincial Standing Committee on Government Agencies. Prior to that, the Minister of Finance formed an independent committee, known as the Five Year Review Committee, to review the legislation, regulations and rules relating to matters dealt with by the OSC. The committee’s final report was released in 2003.