Policy and Governance
The Commission played an active role in the oversight of the OSC’s regulatory and operational activities in 2008–09. In the performance of their duties, Members of the Commission are expected to demonstrate a strong commitment to the public interest on behalf of all stakeholders. Members balance their technical expertise and knowledge with their commitment to investor protection and promoting confidence in fair and efficient capital markets.
Responding to the market turmoil
The Commission devoted considerable effort to various initiatives in response to the difficult capital market conditions in 2008–09. Members focused on identifying important regulatory and risk management issues and on consulting with OSC management and staff about appropriate regulatory actions. Members are keenly aware of the degree to which recent adverse market conditions have affected both investors and market participants.
The engagement and responsiveness of the Commission are essential to the OSC’s overall effectiveness. Members and OSC staff work together to provide high-quality regulatory services that contribute to fulfilling the OSC mandate. Members hold bi-weekly policy meetings with senior OSC staff, who bring policy initiatives to the Commission for discussion, input and approval. During quarterly reporting and strategic planning sessions, management and staff regularly discuss significant developments, trends and risks with the Commission for its input and guidance.
Commission governance initiatives
In the 2007–08 year, the Commission conducted an evaluation of the effectiveness of its Board and committee processes. That evaluation identified initiatives to improve overall Commission governance. Progress was made this year in addressing these initiatives, including:
- Enhancing the Board’s contribution to setting strategic priorities and direction; and
- Enhancing the Board’s contribution to identifying, monitoring and overseeing the management of risk.
The Commission conducted a similar evaluation in 2008–09 and identified additional initiatives to enhance its governance practices such as setting annual milestones for risk management planning and reporting. The Commission will monitor the progress made toward completing those governance initiatives during the 2009–10 fiscal year.
In August 2008, the Commission adopted a new, more comprehensive Code of Conduct for the OSC. The new Code demonstrates the Commission’s commitment to strengthen its already high standards of ethics and accountability. Under the Code, the OSC Chair is the Ethics Executive who is responsible for, among other things, promoting ethical conduct at the OSC.
The Code’s conflict-of-interest provisions were approved by the provincial Conflict of Interest Commissioner in accordance with the Public Service of Ontario Act, 2006 (PSOA). The robust trading and other reporting requirements for Members and staff are consistent with both the OSC’s legal and ethical obligations. The PSOA is an important part of the Government of Ontario’s commitment to strengthening accountability and transparency in the public service.
All of the governance practices and policies of the Commission are available on the OSC website.
- Terms of Members
of the Commission - Committees of
the Commission - Meetings of the
Commission
| Name | Appointed | Current term expires | |
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| Paul K. Bates |
June/03 | June/09 | |
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| Mary G. Condon | April/08 | April/10 | |
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| Margot C. Howard | December/06 | December/11 | |
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| Kevin J. Kelly | December/06 | December/11 | |
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| Paulette L. Kennedy | April/08 | April/10 | |
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| David L. Knight* | August/04 | June/10 | |
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| Patrick J. LeSage | December/05 | February/11 | |
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| Carol S. Perry | February/05 | February/11 | |
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| Lawrence E. Ritchie | February/07 | February/12 | |
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| Suresh G. Thakrar | June/03 | June/09 | |
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| James E. A. Turner | February/07 | February/12 | |
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| Wendell S. Wigle | May/03 | May/09 | |
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| W. David Wilson | November/05 | November/10 | |
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*David L. Knight was the Lead Director of the Commission in 2008–09 and continues that role for 2009–10.
The term of office of Commissioner Wendell S. Wigle expired in May 2009 and the terms of Commissioners Paul K. Bates and Suresh G. Thakrar both expired in June 2009. The Commission extends its appreciation to Commissioners Wigle, Bates and Thakrar for their service and contributions.
| Audit and Finance Committee |
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Suresh G. Thakrar, Chair |
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| Governance and Nominating Committee | |
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Carol S. Perry, Chair |
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| Human Resources and Compensation Committee | |
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Margot C. Howard, Chair |
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| Adjudicative Committee | |
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Patrick J. LeSage, Chair |
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| Regular | Special | ||
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| Commission |
24 | 1 | |
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| Board | 5 | 13 | |
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| Audit and Finance Committee | 6 | 8 | |
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| Governance and Nominating Committee | 4 | 4 | |
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| Human Resources and Compensation Committee | 4 | 1 | |
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| Adjudicative Committee | 3 | 0 | |
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In fiscal year 2008–09, attendance by Members at meetings of the Commission, Board and the various committees was 93%.
