Order in Council 340/2017

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas sections 2 and 8 of the Financial Services Regulatory Authority of Ontario Act, 2016 (the “Act”) provide for the establishment of the Financial Services Regulatory Authority of Ontario (the “Authority”), the appointment of a board of directors and the designation of a chair of the board of directors by the Lieutenant Governor in Council;

Therefore, pursuant to the Act, upon the establishment of the Authority, the appointment of a board of directors and the designation of a chair of the board of directors by the Lieutenant Governor in Council,

Chair’s remuneration

1. The chair of the Authority’s board of directors shall be paid remuneration of $1,500 per day, provided that the total remuneration shall not exceed $146,700 per year.

Other members’ remuneration

2. The members of the Authority’s board of directors, other than the chair, shall each be paid remuneration of $1,000 per day, provided that the total remuneration shall not exceed $93,050 per year.

Expenses

3. In addition to the remuneration set out above, the members of the Authority’s board of directors, including the chair, shall be reimbursed for reasonable expenses incurred in carrying out their duties on the board of directors in accordance with the Management Board of Cabinet’s Travel, Meal and Hospitality Expenses Directive.

Now therefore this Order shall be in effect on the day sections 2 and 8 of the Act come into force.