Through discussions with regulatory experts and through consulting regulatory best practices developed by organizations such as the Organization for Economic Co-operation and Development (OECD) and the World Bank,footnote 7 the Panel identified five key characteristics that regulators should embody:

Taking into account the challenges the OEB will face going forward, the OEB should reflect these characteristics in its governance and operations. Doing so will enable the OEB to respond to these challenges effectively and be viewed as a top-performing regulator. The Panel has therefore developed its recommendations to have the OEB embody these characteristics, drawing upon the input received from stakeholders, review of best practices in other jurisdictions, various analyses and reports, and our internal deliberations.

  • Independence: The regulator should be recognized as making fair and impartial decisions, free of undue influence from government or others, and focused on its core economic regulation mandate.
  • Accountability: While being independent in its decision-making, the regulator's governance should reflect that it is accountable for the advancement of public interest.
  • Certainty: Regulatory processes should be as predictable as possible. Regulated entities should understand what is expected of them and regulatory proceedings should follow a dependable schedule.
  • Effectiveness: The regulator should be clear about the outcomes it is aiming to achieve. This includes having a clear rationale for how regulatory policies and processes deliver on statutory objectives. It should be transparent with how success is measured by tracking outcomes over time.
  • Efficiency: The regulator should strive to find process improvements in all its functions to increase productivity and value for money.

Footnotes