The Financial Planners Standards Council’s board of directors has ratified a new governance structure that more fully recognizes and addresses its public interest mandate and engages more directly the input of certified financial planners in advancing the profession.

The new board composite now requires a majority of director seats be held by CFPs. “Our new board structure gives CFP professionals direct input into the future of their profession. They now have the opportunity to put forward the brightest from their own community to best represent them and their perspective,” said Cheryl Bauer Hyde, FPSC’s current board chairwoman.

The new governance structure also includes public representation for the first time. That role will be held by Ellen Roseman, a Toronto Star columnist this year.

Finally, the new board composition reduces FPSC’s direct reliance on its member organizations, but continues to engage them duly in furthering FPSC’s vision and strategic direction.

“Overall, these changes better reflect FPSC’s mandate. The new board structure ensures that our biggest stakeholders — both the providers of financial planning and the beneficiaries — have a clearer voice in shaping the financial planning profession. I am excited and energized to be working with this new board structure and look forward to working in the years ahead to ensure Canadians continue to be well served by competent, ethical financial planners,” said Cary List, president and CEO of FPSC.

The board structure changes were presented and accepted at FPSC’s annual meeting of members in June, 2008. The board will attend its first strategic retreat next month under the new structure.