IIROC does not compensate Industry Directors for their participation on IIROC’s Board or on its Committees. IIROC compensates Independent Directors in accordance with the following framework:
Annual retainer – $15,000 per annum
Chair of the Board – an additional $15,000 if the Chair is an Independent Director
Vice-Chair of the Board – an additional $4,000 if the Vice-Chair is an Independent Director
Board meetings of less than two hours in duration – $1,000
Board meetings of two hours or longer – $1,500
Committee Members – $1,500 per annum
Committee Chairs – $4,000
Committee meetings of less than two hours in duration – $1,000
Committee meetings of two hours or longer – $1,500
In the event that the location of a Board meeting requires an additional travel day and the Director attends in person, a supplementary travel fee of $1,000 is allowed.
Directors to be paid half the compensation of the committee member per diem attendance fee when invited by the Chair of a Board Committee to attend the Committee’s meeting, of which they are not a member.
BOARD COMMITTEE MANDATES
Corporate Governance Committee
Recommends candidates eligible to serve on the Board and its committees; reviews IIROC governance principles and practices; identifies and manages potential conflicts of interest; establishes Board self-assessment process; and appoints individuals to the Hearing Committee.
Finance, Audit and Risk Committee
Assists Board in oversight of: accounting and financial reporting processes; qualifications, independence and performance of IIROC’s independent auditor; IIROC’s internal control systems; and IIROC’s risk management processes.
Human Resources and Pension Committee
Ensures IIROC can attract and retain personnel with the appropriate status and experience to achieve its objectives and enhance the professionalism and effectiveness of the organization; assists the Board in its oversight of IIROC’s human resources policies and procedures, benefits and pension plans and with related regulatory compliance.