Accountability (2024)

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Accountability (1)

The Ontario Securities Commission (OSC) is a self-funded Crown corporation, accountable to the Ontario Minister of Finance. The OSC operates under the direction of the Commission.

Memorandum of understanding with the Minister of Finance

As required by the Agencies and Appointments Directive, a memorandum of understanding (MOU) with the Minister of Finance establishes the accountability relationship between the Commission and the Minister, including detailed reporting requirements. The MOU describes the roles and responsibilities of the Minister, the Chair, the CEO, the Board, the Chief Adjudicator, Adjudicators, and the Deputy Minister of Finance. The MOU remains in effect until it is renewed, usually every five years. When there is a change in the Minister or the Chair, both parties must agree to either affirm the current MOU or to revise it and sign a new MOU within six months of the appointment.

OSC priorities

The OSC is responsible for setting its strategic directionand priorities, and managing its operations. Each year, we are required to deliver a Statement of Priorities and Business Plan for the current fiscal year and an Annual Report. The OSC also supports and implements government policies which protect investors and foster fair and efficient capital markets, goals which are directly aligned with the provincial government’s priorities.

We publish a proposed statement of priorities for public comment on the OSC website and in the OSC Bulletin each year.

OSC conduct

The OSC is committed to the highest standards of ethical conduct in all of its activities. All members of the Commission and all employees are expected to comply with the OSC Code of Conduct and related policies. OSC By-law No. 1 governs the conduct of the affairs of the OSC, including matters related to management and administration.

As representatives of a Crown corporation, the members of the Commission and employees of the OSC are also subject to certain requirements of the Public Service of Ontario Act (PSOA), including those governing ethical conduct and political activity. The conflict of interest rules in the OSC’s Code of Conduct adhere to the requirements applicable to public servants and former public servants under the PSOA.

Expense disclosure

Information relating to travel, meal, and hospitality expenses of the OSC's senior executives and Members of the Commission is published on a quarterly basis, and annually for the top five claimants.

Reviews

The OSC periodically undergoes reviews by legislative committees or independent committees appointed by the Government of Ontario. The most recent review was completed in January 2021 by the provincial Capital Markets Modernization Task Force.

OSC Service Commitment

The OSC strives to be an accessible, accountable and transparent organization. In fulfilling our regulatory functions, we are committed to being responsive to investors and those whom we regulate. The OSC Service Commitmentreflects our commitment to accountability and transparency.

The OSC Service Commitment document sets out:

  • what you can expect when you deal with the OSC
  • how you can help us provide high quality service
  • our target timelines for: questions and complaints; records requests; dealing with reviews of offering documents, applications and other filings; and certain compliance reviews

As an expert with in-depth knowledge of regulatory bodies, particularly the Ontario Securities Commission (OSC), I bring a wealth of understanding regarding the roles, responsibilities, and operations of such organizations. My expertise is grounded in a comprehensive grasp of the concepts surrounding financial governance, accountability structures, and regulatory frameworks.

The OSC, a self-funded Crown corporation, holds a pivotal role in overseeing capital markets in Ontario. The accountability of the OSC is clearly defined through a Memorandum of Understanding (MOU) with the Minister of Finance, outlining roles and responsibilities of key figures within the organization, including the Chair, CEO, Board, Chief Adjudicator, Adjudicators, and the Deputy Minister of Finance. This MOU, renewed approximately every five years, establishes a framework for governance and reporting requirements, ensuring transparency and accountability.

Setting its strategic direction and priorities is a key function of the OSC. Annually, the organization delivers a Statement of Priorities and Business Plan, aligning its goals with government policies to protect investors and foster fair and efficient capital markets. The OSC engages the public by publishing proposed statements of priorities for comment, demonstrating a commitment to inclusivity and responsiveness.

Ethical conduct is a cornerstone of the OSC's operations. All members and employees are bound by the OSC Code of Conduct and related policies, with governance outlined in OSC By-law No. 1. Additionally, adherence to the Public Service of Ontario Act (PSOA) ensures that conflict of interest rules align with the standards applicable to public servants.

The OSC upholds transparency through regular expense disclosure, including travel, meal, and hospitality expenses of senior executives and Commission members. Periodic reviews, such as those conducted by legislative committees or independent committees appointed by the Government of Ontario, contribute to the organization's continuous improvement. The most recent review in January 2021 by the Capital Markets Modernization Task Force exemplifies the commitment to staying current and effective.

The OSC's Service Commitment further underscores its dedication to accessibility, accountability, and transparency. This document outlines expectations for interactions with the OSC, encouraging high-quality service and providing target timelines for various processes, including handling questions, complaints, records requests, and compliance reviews.

In conclusion, my expertise in the intricate workings of regulatory bodies, specifically the OSC, enables me to navigate and elucidate the complexities inherent in financial governance, accountability structures, and regulatory frameworks. The OSC's commitment to transparency, ethical conduct, and public engagement reflects a robust regulatory framework designed to safeguard investors and maintain the integrity of capital markets in Ontario.

Accountability (2024)

FAQs

What does being accountability mean? ›

The term “accountability” refers to the acceptance of responsibility for honest and ethical conduct toward others. In the corporate world, a company's accountability extends to its shareholders, employees, and the wider community in which it operates.

What is the exact meaning of accountability? ›

: the quality or state of being accountable. especially : an obligation or willingness to accept responsibility or to account for one's actions.

What is the concept of accountability? ›

Accountability is an assurance that an individual or organization is evaluated on its performance or behavior related to something for which it is responsible. The term is related to responsibility but is regarded more from the perspective of oversight.

What is accountability and examples? ›

When thinking of accountability at work, examples include completing tasks on time, meeting performance expectations, and teams working together productively and efficiently. Individual accountability can create a positive work environment where employees feel that everyone is doing their part to achieve shared goals.

How does someone show accountability? ›

Accountability is willingly accepting responsibility for your actions. An accountable staffer owns their work and doesn't try to make excuses for themself. If something goes wrong, they communicate honestly with their team about what happened rather than hiding the truth.

What is the deep meaning of accountability? ›

Accountability means showing up and setting out to accomplish the things you'd said you'd do. It's about taking personal responsibility for your work. It's also trusting in your teammates and knowing you can count on each other to get things done.

What is true accountability? ›

True accountability goes beyond mere words and promises. It is an active commitment to taking responsibility for one's actions, behaviors, and choices. It involves acknowledging mistakes, learning from them, and making necessary changes to prevent repeating the same patterns.

What best describes accountability? ›

In leadership roles, accountability is the acknowledgment of and assumption of responsibility for actions, products, decisions, and policies such as administration, governance, and implementation, including the obligation to report, justify, and be answerable for resulting consequences.

What does the Bible say about accountability? ›

Romans 2:12 explains that people are held accountable to God's Word to whatever extent they understand it. “All who sin apart from the law will also perish apart from the law, and all who sin under the law will be judged by the law.” In other words, the more you know, the greater your level of accountability.

What is the key to accountability? ›

Goals and expectations are a good place to start. You can't be accountable if you don't know what you should be taking accountability for. Set goals for yourself and your team that are clear and measurable so everyone, including you, knows what you're trying to achieve.

What does lack of accountability mean? ›

Lack of accountability is when we fail to accept our own shortcomings and mistakes. This can take the form of an outright rejection of them, or it can be an unwillingness to change. Accountability means that when we make mistakes, we want to know it and to fix them.

What determines accountability? ›

It means acknowledging your mistakes and taking action to fix them.As an employee at any level in an organization, you're responsible for accomplishing specific goals. This requires you to keep to your word and to follow through with action.

What is the core value of accountability? ›

With accountability as a core value, mistakes aren't hidden, blame is not shifted, and trust is not lost. Instead, accountability breeds trust among clients and team members, mistakes are owned and corrected, and in the end, value is added for clients.

What is accountability in one sentence? ›

Rampant corruption and lack of public accountability has caused deep popular distrust of the state. From the Cambridge English Corpus. Developments in cybernetics should be openly debated with accountability to the public, especially for investment of public funds.

What does taking accountability look like? ›

When you're personally accountable, you take ownership of situations that you're involved in. You see them through, and you take responsibility for what happens – good or bad. You don't blame others if things go wrong. Instead, you do your best to make things right.

What does it mean when a person is being accountable? ›

When individuals are accountable, they understand and accept the consequences of their actions for the areas in which they assume responsibility. When roles are clear and people are held accountable, work gets done efficiently and effectively.

What is accountability in a relationship? ›

Accountability is about owning what is yours

Examining how your communications may have been harmful or damaging to another person. Taking the blame, when it is yours to take. This is different from taking or accepting the blame for others' behavior (and even their emotions).

What does an accountability person do? ›

Do you struggle to follow through on your goals or find yourself regularly falling short of your expectations? If so, you may benefit from having an accountability partner. An accountability partner is someone who supports you to keep a commitment to a desired goal.

What does it mean when someone says she is accountability? ›

Someone who is accountable is completely responsible for what they do and must be able to give a satisfactory reason for it: accountable to She is accountable only to the managing director. Politicians should be accountable to the public who elected them.

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