Changes to OMVIC Board of Directors composition
- Published On
- April 21, 2023
Since October 2022, we have been working with the Ministry of Public and Business Service Delivery (MPBSD) to make changes to the structure of our Board of Directors which will improve governance and ensure a balanced, skills-based board.
These changes will help to:
- Ensure the implementation of the recommendations set out by the Auditor General concerning our Board of Directors
- Enhance consumer protection
- Enhance accountability for the sector
- Present an opportunity for our board to lead in governance best practices, and
- Provide a forum for industry to identify issues and provide advice to the board
On April 19, the Chair of OMVIC’s Board of Directors received a letter from the Minister of Public and Business Service Delivery outlining the 5 orders which you can view in more detail on our website.
The orders instruct the board to:
- Decrease the number of board members from 12 to 9
- Ensure all board members possess a positive orientation for proactive consumer protection initiatives
- Ensure no more than 34% of the members of the board are drawn from the industry
- Establish a nominations committee with requirements around composition, eligibility criteria and terms, and
- Establish an industry advisory council, comprised of members representing the interests of motor vehicle dealers and salespersons to report to and advise the board.
These orders are aligned with the work being done by other administrative authorities, such as Tarion and the Home Construction Regulatory Authority, to improve governance and ensure a balanced, skills-based board.
We will work closely with our board, stakeholders and MPBSD in the coming weeks and months to implement the necessary changes. This includes an updated by-law reflecting the Minister’s orders and Ontario’s new not-for-profit corporations statute.
Finally, we will host a webinar in early June for all registrants, to provide an opportunity for them to ask questions about the by-law changes necessary to implement the orders. More details to follow in the weeks ahead.