The latest edition of Ontario’s “sunshine list” includes about 425 employees from the financial services sector’s various regulatory agencies.
The list details compensation for all employees earning at least $100,000 annually at the provincial government and crown agencies, including provincial regulators such as the Ontario Securities Commission (OSC), the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corp. of Ontario (DICO). The $100,000 cutoff was set when the disclosure initiative was established in 1996 and has not been adjusted since then, leading to an ever-growing list.
Among the regulators, the OSC leads the way with 317 employees on the list earning a combined $52.9 million in annual compensation. Maureen Jensen, OSC chairwoman and CEO, heads the list with $642,782 in annual pay. She is followed by vice chairwoman Monica Kowal ($542,940.67) and vice chairman Grant Vingoe ($446,047.29). No other OSC employee is above the $400,000 mark.
FSCO has 83 employees on the list this year, earning just more than $10 million combined; and there are 25 DICO employees, with $3.4 million in combined annual salary.
Earlier on Friday, provincial Finance Minister Charles Sousa reiterated the government’s pledge to create a new provincial regulatory authority to replace FSCO, which would also take over DICO’s regulatory duties. The proposed new body, which would be known as the Financial Services Regulatory Authority of Ontario (FSRA), would oversee market conduct, pension plans and prudential regulation.
Read: Ontario in favour of Expert Committee’s proposed rules for advisors, financial planners
Recently, an expert committee recommended that the OSC and the new FSRA be given the authority to regulate financial planning and advice. On Friday, Sousa also indicated that the government intends to pursue some of that committee’s recommendations.
This year’s sunshine list also shows that former provincial finance minister Janet Ecker earns $291,350 a year as president and CEO of the Toronto Financial Services Alliance.
Photo copyright: uulgaa/123RF