The OFA is an agent of the Crown and is classified by Management
Board of Cabinet as an operational enterprise agency.
Corporate governance involves processes that permit the effective
supervision and management of the OFA’s activities by senior
management, the Board of Directors and the Minister of Finance. It
includes identifying individuals and groups responsible for
activities and specifying their roles.
Accountability and Responsibilities
The OFA’s accountability structure flows from its governing statute,
CIPA. The Minister of Finance is the minister responsible for the
administration of CIPA with respect to the OFA. CIPA, together with
directives issued by Management Board of Cabinet, the Minister of
Finance and the Public Service Commission relating to Crown
agencies, form a framework under which the OFA is governed.
Each year, the Minister is required to submit the Annual Report to
the Lieutenant Governor in Council and then table the report in the
Legislature. In addition, the Minister reviews and approves the
OFA’s annual business plan. The Minister also maintains
communications with the OFA, through its Chair, regarding government
policies and expectations relevant to the OFA.
The Chair is accountable to the Minister of Finance
for the performance of the OFA in fulfilling its mandate. CIPA
requires that the Deputy Minister of Finance be the
Chair of the OFA. The Chair is responsible for providing advice and
information to the Minister with regard to the operation and affairs
of the OFA. In addition, the Chair provides leadership and direction
to the Board and the Chief Executive Officer (CEO), and ensures the
OFA complies with applicable government policies and directives. As
Deputy Minister of Finance, the Chair ensures organizational
capacity in the Ministry to monitor the OFA, and ensure it manages
its risks appropriately.
The Board is appointed by the Lieutenant Governor
in Council and reports to the Minister through the Chair. The OFA
Board performs a supervisory role. It oversees the management of the
OFA and helps to ensure the OFA’s mandate, as determined by the
Province, is implemented effectively. The Board is comprised of both
public servants employed by the Crown and independent directors. The
Board meets at least quarterly and receives regular reports from the
CEO and OFA staff concerning the operations of the OFA and its
compliance with applicable laws and policies. Standards of conduct
for Board members are set out in a Board approved Code of Conduct.
There are also two committees of the Board to assist it in
supervising the management of the OFA. The Audit & Risk
Management Committee approves an annual internal audit plan
and liaises with the OFA’s internal auditors and the Auditor General
of Ontario regarding financial reporting and internal controls. It
also reviews financial policies and financial statements and
recommends them to the Board. Another function of the Audit & Risk
Management Committee is the review of the OFA’s major risks and
mitigation strategies. The Human Resources Committee
assists the Board in ensuring appropriate measures are in place
relating to compensation for staff in critical areas.
The CEO may be appointed by the Lieutenant Governor
in Council on the recommendation of the Minister or under Part III
of the Public Service Ontario Act, 2006. The CEO is
accountable to the Board, including the Chair, for the day-to-day
management of the OFA and for the performance of any other functions
assigned by the Board. The CEO is responsible for managing the
ongoing activities of the OFA, including the supervision of staff.
In addition, the CEO ensures that the OFA’s policies and procedures
remain relevant and effective.
The OFA’s employees are appointed pursuant to the Public Service
of Ontario Act, 2006.