Board Director(s)

Massey Henry is pleased to support the recruitment and selection of multiple board directors on behalf of the Ontario Securities Commission (“OSC”).

About Ontario Securities Commission

The Ontario Securities Commission (OSC) is responsible for regulating Ontario’s capital markets in accordance with the mandate established in the provincial Securities Act and the Commodity Futures Act. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.

The OSC is an equal opportunity employer committed to a diverse, equitable and inclusive environment that fosters belonging where diverse perspectives are represented.

The Opportunity

The OSC is seeking up to four individuals to join its Board of Directors. Board Directors are appointed by the Lieutenant Governor in Council on the recommendation of the Minister of Finance.

Each Board Director (“Director”) should have depth of expertise in the capital markets; applicants with additional expertise in any of the following areas are encouraged to apply:
 

• emerging digital technologies, including crypto assets, and their governance;
• information technology or cybersecurity;
• fintech;
• middle and/or back office;
• structured products or derivatives;
• debt capital markets;
• markets and exchanges;
• investor education,
• Chartered Professional Accountant/Chartered Accountant designation

The Director is responsible, in tandem with other members of the Board of Directors (“Board”), for the overall stewardship and strategy of the OSC, overseeing the management of its financial and operational affairs. Alongside the Board, the Director is responsible for approving and overseeing the implementation of rules, priorities, and policies, and discusses general oversight of the capital markets.

Collectively, Board Directors perform the following two distinct functions:
 

• Regulatory – make rules and policies: Board Directors approve and oversee the implementation of the Commission’s regulatory priorities and initiatives, make rules that have the force of law, adopt policies that influence the behaviour of capital market participants, and guide staff on the completion of policy initiatives.
• Governance – serve as a board of directors: Board Directors are responsible for the overall stewardship and strategy of the Commission, oversee the management of the Commission’s financial and operational affairs, and are appointed to chair or serve on one or more of the Board’s four standing committees – Audit and Finance, Governance and Nominating, Human Resources and Compensation, and Risk.

To learn more about the Commission and its governance framework, please review the Ontario Securities Commission Charter of Governance.

Time Commitment

The Board holds regulatory meetings and governance meetings, in which the Director is required to actively participate. This includes the following:
 

• In-person regulatory meetings that typically occur every other week
• In-person quarterly governance meetings
• Virtual quarterly board committee meetings
• Special meetings as needed

The position requires approximately nine-hours of time commitment per week.

The Director commits to ongoing regulatory and governance professional development and education, including completion of the Commission’s New Board Director Orientation Program, requiring approximately 18 hours at the time of onboarding.

Additionally, the Director participates in and may represent the OSC at public events.

The Individual

As policy and rule-makers, Board Director candidates should have an advanced understanding of the Canadian capital markets acquired through professional, industry, investor or leadership experience in a combination of the following areas: accounting or audit; asset management; corporate or commercial law; crypto assets; debt capital markets; equity capital markets; fintech; investment banking or mergers and acquisitions; investor education; investor or public relations; markets and exchanges; middle and/or back office; public policy or regulation; retail investor protection; securities law; structured products or derivatives; and wealth management.

Board Directors should have an advanced understanding of corporate governance and leadership in a combination of the following areas: c-suite; corporate governance; environmental, social and governance; equity, diversity and inclusion; financial literacy; human resources or compensation; information technology or cybersecurity; issuer or for-profit board; not-for-profit board; public service; risk management; and strategic planning.

Education
 

• Education in a relevant field, such as finance, accounting, law, and economics.
• ICD.D designation considered an asset.
• CPA designation considered an asset

Conflicts of Interest

Board Directors cannot be an officer or a director of a registrant, a self-regulatory organization, or marketplace, among other entities, and cannot be an officer of a reporting officer, and can only be a director of a reporting issuer with prior approval. 

In the OSC Code of Conduct, “reporting issuer” has the meaning defined in the Securities Act (Ontario).