Vacancy for appointment

Financial and Consumer Services Commission

Chair

Overview:

The Financial and Consumer Services Commission (Commission) is an arm's length self-funded independent Crown Corporation established by the provincial government on 1 July 2013 pursuant to the Financial and Consumer Services Commission Act (Act). The Commission is responsible for administering and enforcing the provincial legislation that regulates the following sectors:  securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, real estate agents, mortgage brokers, payday lenders, unclaimed property, and a wide range of other consumer legislation. 

The Commission’s mandate is to:

• provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors, and
• disseminate knowledge and promote understanding of the regulated sectors and develop and conduct educational programs.

The Commission consists of a chair and a number of other members recommended by the Commission, which cannot be less than five or more than ten. 

The Province of New Brunswick and the Commission are currently seeking to fill the position of chair of the Commission.

Responsibilities for the Chair of the Commission

The role of the chair is a part-time position. The chair is responsible to preside over the Commission in its corporate capacity as a board of directors and in its capacity as a regulatory policy-maker. The chair of the Commission is accountable to the Minister, and must:

• be the spokesperson for the board for matters specific to the Commission and demonstrates and exercises leadership by representing the Commission to the general public;
• participate in financial and consumer service regulatory authorities’ forums and conferences, as appropriate;
• in conjunction with the Chief Executive Officer (CEO), manage the Commission’s relationship with the provincial Government;
• in conjunction with the CEO, ensure that policy initiatives undertaken by the Commission, and other matters relating to its operations that would be of importance to the Minister of Finance and Treasury Board (Minister) and Government, are brought to the attention of the Minister in a timely manner;
• in conjunction with the CEO, attend and/or make presentations to Government on matters affecting or pertaining to the Commission, including presentations to the Legislature’s Standing Committee on Public Accounts;
• in conjunction with the CEO, ensure that regular updates on rule-making activity are provided to the Minister;
• facilitate the delivery of accurate, timely and clear information to the board and provides assistance and advice as the Commission requires, to enable it to carry out its legislative responsibilities;
• provide leadership to the Commission by working with the board to set and approve the strategic goals and objectives within the Commission’s mandate;
• provide leadership to the members with respect to their roles of management oversight, policy development and regulation;
• provide orientation to the members with regards to the mandate of the Commission, as well as the Government’s priorities and policy direction for the Commission;
• ensure that all members are advised and informed about any key consultations or communications with the Minister;
• work with the corporate secretary to set agendas and chair Commission meetings as required to ensure the Commission performs its role in the implementation of regulatory policy and its corporate functions as a Crown corporation;
• recommend to the board appointment of committee chairs and committee members;
• lead the process for the review of the CEO’s performance;
• lead the annual succession planning process for the CEO position;
• meet with the members on an annual basis to assist in their development in their role as board members and identify any relevant professional development and education activities;
• review and approve claims for retainers, remuneration for Commission-related activities and travel expenses for the members;
• approve members’ request for professional development and education activities;
• ensure that the members comply with the Commission’s rules and policy on conflicts of interest;
• on behalf of the Commission, submit its Strategy and Business Plan, Budget, Annual Report and financial reports to the Minister, as required by the Act and the Accountability and Continuous Improvement Act;
• keep the Minister informed of upcoming board appointment vacancies and communicating the recommendations of the Commission on candidates for appointment or re-appointment to the board;
• exercise the powers and duties delegated by the Commission pursuant to paragraph 15(1)(a) of the Act; and
• exercise any other functions assigned by the Commission.

Qualifications/Commitment:

The selection of successful candidates will be based on merit, with special efforts to promote diversity.

Candidates recommended for appointment as chair of the Commission will be considered based on the following qualifications and/or demonstrated competencies:

• an advanced understanding of sound and transparent governance practices, a designation from a professional development program such as the ICD.D or previous chairperson experience;
• self-directed and collaborative individual with senior leadership capacity in one or more of the following areas:  securities, pensions, insurance, cooperative, credit unions, consumer services, enterprise risk management, strategic planning, or public policy;
• an understanding of the role of a policy-based board and its decision-making process;
• proven accomplishments in negotiation, problem solving and leading others to consensus;
• a professional degree in law, accounting, finance, economics or business with a minimum of 20 years related experience in one of these fields; 
• extensive management experience at a senior level in a public agency or in the private sector;
• regulatory experience;
• ability to think independently, to understand and communicate opinions and positions on complex issues;
• ability to encourage full board participation and inclusive thinking, and facilitate discussions; and
• excellent planning, leadership, communications, strategic thinking, and interpersonal skills.

Candidates must want to contribute to the future integrity, structure and functioning of the New Brunswick financial and consumer marketplaces. The position requires a demonstrated interest in policy development.  nowledge of the Canadian financial and consumer services industries would be an asset.

Candidates must reside in New Brunswick and be familiar with the socio-economic issues of the various regions of New Brunswick. Fluency in both of the province’s official languages is an asset. Candidates should specify in their application their proficiency in the province’s official languages. Candidates must be technologically literate, namely have the ability to responsibly, appropriately and effectively use technology tools to access, manage, and communicate information in a fully digital environment.

A critical factor in determining appropriate candidates to become members of the Commission is the need to avoid any apparent and potential conflicts of interest - to ensure that the Commission is, and is seen by the public to be, an impartial, fair, and independent public regulator. For that reason, officers or directors of entities that the Commission regulates, or registrants and persons licensed in any of the Commission’s regulated areas are not eligible to be members or chair. Commission members, including the chair, must respect the rules, policies, directives, and procedures of the Commission and maintain strict confidentiality. 

Candidates must have sufficient time to fulfill the responsibilities of the chair of the Commission. They must be available to attend eight Commission meetings per year (approximately three meetings to be held in Saint John and five virtual meetings). They are also expected to be an ex-officio member of the Commission’s two standing committees, the Audit and Risk Management Committee and the Human Resources and Governance Committee, that meet at least four times per year. The committee meetings customarily coincide with the Commission meetings. The sequence of meetings also includes three education sessions per year. Sufficient preparation time must be allowed for each meeting, as meeting materials are voluminous.

By virtue of their appointment to the Commission, members, including the chair, are also given the joint mandate as directors of the board of the New Brunswick Credit Unions Deposit Insurance Corporation (NBCUDIC). The board of NBCUDIC meets three time per year and its meetings coincide with the meetings of the Commission.

The composition of the Board’s gender and linguistic representation, as well as the cultural and geographic diversity of the province, is a consideration for appointment. 

Candidates are invited to voluntarily disclose in their application the following:

• gender identity;
• age group;
• if they identify as:
  • a member of a visible minority
  • Indigenous (includes North American Indian/First Nation, Métis or Inuk/Inuit)
  • a person with a disability (includes co-ordination, hearing, speech, mobility, vision, etc.)
  • a newcomer to Canada
  • a member of the LGBTIQ2S+ community
• any additional diversity information not captured by the questions above.

Conditions/Compensation:

The part-time chair receives an annual retainer, as well as compensation for attendance at meetings or for duties performed for the Commission, and for time spent travelling for Commission business, in accordance with the Commission’s by-laws (remuneration rates are currently under review). The chair is reimbursed for expenses to attend meetings and events.

Submit:

Expressions of interest (via the application form on the Province’s ABC website or via a resume and a cover letter) may be submitted by e-mail, regular mail or fax. Please include details of education, work experience, references and contact information (address, telephone and e-mail) that is valid for at least the next three months.

Regular mail:

Executive Council Office
675 King Street, Fredericton, NB
E3B 1G1

By Fax: (506) 453-2266

While we appreciate the interest of those who submit an expression of interest, only those candidates selected for consideration will be contacted. Inquiries relating to specific opportunities can be made after the deadline passes and should be directed to the Commission.

Deadline for Submission :

28 July 2023

Type of Appointment :

This posting, including the criteria for the position, has been prepared by the Commission, and all submissions in response to this posting will be reviewed by the Commission. However, the final determination of the successful candidate is made by the Lieutenant-Governor in Council.

Term :

The appointment is for a term of up to five years.

Associated / Responsible Department :

E-mail address for submissions :

[email protected]

Link(s) :

Financial and Consumer Services Commission Act

Financial and Consumer Services Commission