Ontario Securities Commission Notice: OSC Investor Advisory Panel Request for Applications

June 25, 2013

The Ontario Securities Commission (OSC or Commission) is inviting applications for membership on its Investor Advisory Panel. The Panel was created on August 30, 2010 and currently has up to three vacancies.

The Panel provides an investor perspective on the policy- and rule-making process of the Commission. This notice describes the Panel’s overall purpose and the application and selection process for members.

 

Mandate


The Panel provides comments in response to public requests for comment by the Commission on proposed rules, policies and discussion drafts. The Panel also provides commentary on the OSC’s proposed annual Statement of Priorities and considers specific issues at the request of the Commission.

The Panel’s Terms of Reference are also available on the Investor Advisory Panel section of the OSC website.

 

Fulfilling the mandate


The Panel consults with and seeks input from investors and organizations representing investors. The Panel receives funding of up to $50,000 per year for consultation and for professional services to assist in drafting comment letters if required.

Since its formation, the Panel has submitted several comment letters to the Commission which are posted on the website.

The Panel has administrative support through the Office of the Investor. The Office of the Investor serves as the general liaison between the Panel and the Commission and serves as the Secretary to the Panel.

The Panel meets at least quarterly in Toronto. It reports annually to the Commission on its activities for the preceding year, which includes a written Annual Report and presentation by the Panel Chair to the Commission.

The Commission reviews the activities and mandate of the Panel periodically and may amend, affirm or rescind the mandate following its review.

 

Composition
 

Consistent with its first period of operation, the Panel will consist of up to eight members, including a Chair of the Panel, with a range of relevant experience, skills, knowledge and perspectives.

Members of the Panel will serve a term of two years, which may be extended by the Chair of the Commission for one additional term.

 

Compensation


Panel members will be compensated for their time and effort in meeting the Panel’s mandate as follows:

  • Attending meetings of the Panel: $275 per meeting for members; $550 per meeting for the Chair of the Panel; up to a maximum of 12 meetings per year.
  • Meeting preparation or post-meeting follow-up work: $275 per day for members; $550 per day for the Chair of the Panel; up to a maximum of three days work per meeting for members and up to a maximum of five days work per meeting for the Chair.
  • Travel and other expenses, subject to certain limits.

 

Qualifications and Experience


Panel members must have a working knowledge of capital markets and the Commission’s regulatory responsibilities. They should also have a specific skill set from the list below that would assist the Panel in fulfilling its primary mandate and a demonstrated ability to be a productive member of a collaborative team.

Panel members should have qualifications, skills or experience in one or more of the following areas:

  • Involvement in a community-based organization with a demonstrated commitment to advancing public policy, preferably relating to the financial well-being of Ontarians;
  • Involvement in an investor or consumer association with experience representing views of Ontarians;
  • Professionals with experience advising investors, such as lawyer or accountant;
  • Institutional investors from the pension sector or other buy-side;
  • Household financial advisers; or
  • Market or academic researchers.

Weight will be given to individuals with a demonstrated ability to consult with Ontarians to support the Panel’s mandate of consulting with and seeking input from investors and organizations representing investors.

The Chair of the Panel should have the following additional qualifications:

  • Leadership in one or more of the following areas: investor or consumer issues, shareholder rights, securities law reform, investor education or public policy;
  • A thorough understanding of the capital markets, the Commission’s regulatory responsibilities, and securities regulation and policies;
  • Strong interpersonal skills, including demonstrated ability to effectively manage the Panel’s mandate and deliver collaborative work products; and
  • Represent the views of the Panel in the media and to its stakeholders.

All Panel members must be able to meet the time commitments required by the Panel’s work and have the flexibility to meet during business hours in downtown Toronto.

 

Selection Process


Panel members will be selected in part to ensure that the Panel reasonably represents a broad range of investors. A selection committee consisting of two Part-time Commissioners and a Vice-Chair will interview short-listed candidates. The Chair of the Commission will appoint the Panel members based on the recommendations of the selection committee. Once the members have been selected, the Chair of the Commission will select a Chair of the Panel from the incumbent members.

When the new members of the Panel have been selected, the Commission will publish a notice in the OSC Bulletin and on its website.

 

How to Apply


Apply in writing indicating your qualifications, skills and areas of relevant experience. You may also attach your resume. Submit your application by July 31, 2013 to:

Lisa Enright – Advisor, Office of the Investor
Ontario Securities Commission
20 Queen Street West
Suite 1900, Box 55
Toronto, Ontario M5H 3S8
Fax: (416) 593-3686
E-mail: [email protected]

 

Collection and Use of Personal Information


The personal information requested as part of the application process is being collected and used by the OSC to evaluate the suitability of all potential candidates for appointment by the Chair of the OSC to the OSC’s Investor Advisory Panel. Our authority for collecting personal information comes from section 3.11 of the Securities Act (Ontario).

Additional personal information may be required from candidates who are considered for appointment to the Panel. Candidates who are short-listed will be contacted to confirm their interest and, at that time, will be asked to provide the names of three contact persons who can provide references. They may also be asked to provide additional disclosure with respect to potential conflicts of interest.

Personal information may also be collected from the organizations referred to in the candidate’s application and from the references that have been provided. This information will only be used to evaluate candidates’ suitability and to verify the information they have provided.

 

Questions


Please direct any questions relating to the application process or the collection, use or disclosure of personal information requested as part of the application process to Lisa Enright, Advisor, Office of the Investor at [email protected].

 

The Ontario Securities Commission is committed to equal opportunity. We encourage applications from qualified women, men, visible minorities, aboriginal peoples, and persons with disabilities.