The IESO Board is proposing to amend the Governance and Structure By-Law (the “G&S Bylaw”). The amendments are intended to complement and supplement recent updates to the regulatory framework concerning appointments to the IESO Board and would expand on the existing IESO Board independence and conflict of interest governance framework. Generally, the proposed amendments would:
Establish a framework for when an IESO director would have a “material interest” in any person or entity (used herein, a “Listed Entity”) listed in section 1(2) of O. Reg. 610/98.
Establish a framework for directors to monitor and disclose interests in Listed Entities and prescribe mitigating actions in the event an interest becomes a material interest due to fluctuations in fair market value.
Require directors to report “commercial affiliations” and “material commercial affiliations” with Listed Entities to the IESO Board and, in the case of material commercial affiliations, accept any safeguards imposed by the IESO Board.
Require directors to report and accept any safeguards imposed by the IESO Board regarding certain relationships with an industry association that is substantially engaged in Ontario energy advocacy or an organization that represents the interests of any person or entity substantially impacted by, or who may substantially benefit from, decisions or activities of the IESO.
The IESO invites written comments on the proposed G&S Bylaw amendments, which can be directed to corporatesecretary@ieso.ca.
