Appointed by the Lieutenant-Governor-in-Council, the Board of Directors supervises the business of the OFA through a number of processes. It approves the OFA’s business plan and receives regular reports regarding financing activities. The business plan sets out the OFA’s major objectives and the strategies for achieving them. It is revised annually and is also approved by the Minister of Finance.
The Board also approves the Province’s annual financing and debt management plan and key policies applied by the OFA in capital market transactions and management of the Province’s debt and investment portfolios. The Board’s Audit Committee reviews the financial statements of the OFA, including the Provincial Auditor’s report, for recommendation to the Board, oversees the internal audit process and receives the advice of internal auditors and the Provincial Auditor regarding the adequacy of internal controls.
The Board of Directors meets quarterly throughout the year. During 2003-04, the Board of Directors was composed of the Deputy Minister of Finance, the Chief Executive Officer of the OFA, a deputy minister and three members from the private sector. The directors’ diverse backgrounds contribute to the effective supervision of the OFA.
The following individuals were members of the Ontario Financing Authority’s Board of Directors in
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Colin Andersen, Chair of the Ontario
Financing Authority and Deputy Minister of Finance. Colin Andersen
was formerly Deputy Minister, Policy, Cabinet Office. He also has
served as the Associate Deputy Minister, Ministry of Health and
Long-Term Care; the Assistant Deputy Minister, Integrated Policy
and Planning, Ministry of Health and Long-Term Care; and Assistant
Deputy Minister, Fiscal and Financial Policy, Ministry of Finance.
He has held a number of senior management positions in the Ministry
of Finance and Cabinet Office. Colin has a B.A. in Economics (Honours)
from the University of Calgary and an M.A. in Economics from the
University of Toronto. |
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Gadi Mayman , Chief Executive Officer and Vice-Chair (interim) of the Ontario Financing Authority. He is also interim Vice-Chair and Chief Executive Officer of the Ontario Electricity Financial Corporation (OEFC), interim Vice-Chair of the Ontario Strategic Infrastructure Financing Authority (OSIFA) and a director of the Ontario Clean Water Agency (OCWA). Prior to joining the Ontario Ministry of Finance in 1991, he was
a Treasury Officer at the Export Development Corporation in Ottawa
for three years and in the International Division of the Toronto
Dominion Bank. Gadi received a B.A. Sc. in Industrial Engineering
from the University of Toronto in 1981, and an M.B.A. from the University
of Western Ontario in 1988. |
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Carol Layton, Deputy Minister of
Results Delivery (Cabinet Office). Prior to this appointment, Carol
was Deputy Minister of Citizenship and Immigration as well as Deputy
Minister Responsible for Women’s Issues and Seniors. She has
held various senior positions in the Management Board Secretariat,
the ministries of Health and Long-Term Care, Finance, Attorney General
and Treasury and Economics. Carol holds a Bachelor of Environmental
Studies (Honours) degree from the University of Waterloo. |
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Frank Potter, Chairman of Emerging
Markets Advisors Inc., Toronto. Frank sits on a number of boards,
both corporate and not-for-profit. He was a former advisor to the
Department of Finance (Canada), and prior to that was Executive
Director of The World Bank in Washington, D.C. He has also held
a number of senior positions in international banking in North America,
Europe and Asia. |
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Tye W. Burt, Executive Director, Corporate Development, Barrick Gold Corporation. Tye is a member of the Board of Directors of Barrick Gold Corporation. He is also the Chairman of the Board of NRX Global Corporation, a network platform provider and portal for the global heavy equipment and parts industry. He is former Chairman of Deutsche Bank Canada and Deutsche Bank Alex.Brown Securities Canada. Before joining Deutsche Bank, he spent over a decade at Nesbitt Burns Inc. and Burns Fry Ltd. Tye is also a Member of the Law Society of Upper Canada and the Young Presidents’ Organization. Tye received his law degree from Osgoode Hall Law School in 1983
and a B.A. (Honours) from the University of Guelph in 1980.
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Jack M. Mintz, President and Chief
Executive Officer, C.D. Howe Institute. Jack also serves on the
boards of Brascan, the Royal Ontario Museum Foundation, the Atlantic
Council of Canada and the National Statistics Council. He has published
more than 180 books and articles in the fields of public economics
and fiscal federalism. He serves on the Board of Governors of the
National Tax Association in Washington, D.C., an Associate Editor
of Contemporary Accounting Research and International Tax and Public
Finance and is a research fellow of CESifo, Munich, Germany. |
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