About the OSC


Accountability


The Ontario Securities Commission is a self-funded Crown corporation, accountable to the Legislature of Ontario through the Minister of Finance.

Memorandum of Understanding with Minister of Finance

The Ontario Securities Act requires the Commission and the Minister to enter into a Memorandum of Understanding (MOU) every five years.

The MOU sets out the accountability relationship and describes the respective roles and responsibilities of the Minister and the Chair and Board of Directors of the Commission. This includes the requirement to provide the Minister with:

  • annual reports;
  • annual business plans;
  • operational budgets; and
  • plans for proposed significant changes in the operations or activities of the OSC.

Charter of Corporate Governance Roles and Responsibilities

The Commission’s governance structure is designed to meet the requirements set out in relevant securities legislation and the MOU. To enhance the transparency of its governance structure, the Commission adopted a Charter of Corporate Governance Roles and Responsibilities.  The Charter describes how Members of the Commission discharge their statutory responsibilities and duties.

The Commission publishes its annual Statement of Governance Practices on its website along with its Annual Report. The Commission reviews annually the Charter, the mandates of the Board committees, and the mandates of the Chair, Vice-Chairs, and Lead Director.  All of the Commission’s governance documents are published on the website.

By-laws and Code of Conduct

Members of the Commission must adhere to the OSC’s Code of Conduct and By-Law as they discharge their responsibilities.

By-laws are subject to the approval of the Ontario Minister of Finance. By-law No. 1 governs the internal corporate affairs of the Commission and sets out requirements relating to:

  • the responsibilities of the Board, the Chair, the Vice-Chairs, the Executive Director and the Secretary to the Commission;
  • the meetings of the Board and its committees;
  • the appointment of officers; and
  • the appointment of the Commission’s auditors.
The OSC’s Code of Conduct was approved by the provincial Conflict of Interest Commissioner under the Public Service of Ontario Act, 2006, and came into force on August 20, 2008.  The Code deals primarily with conflicts of interest, trading in securities and confidentiality of information.  All Members of the Commission and all OSC employees are required to comply with the Code, which embodies and enforces the ethical values and principles that guide the organization in its daily activities.

In addition to the Ministry of Finance’s oversight of the Commission, the statute and the MOU mandate delivery to the Minister of:

  • The OSC Annual Report, which contains audited financial statements and a description of the affairs of the OSC for that fiscal year; and
  • An annual Statement of Priorities, which describes the Commission’s priorities for the current fiscal year
To foster the OSC’s transparency and accountability to its stakeholders, the Commission also discloses:

  • Its annual Statement of Governance Practices;
  • The remuneration schedule of the part-time Members of the Commission; and
  • Information relating to travel, meal and hospitality expenses of the OSC's senior executives and Members of the Commission, which is published on the OSC website on a quarterly basis, and annually for the top five claimants.


Related - Annual Rpt | Statement of Priorities | Statement of Government Practices