O. Reg. 681/20: INVEST ONTARIO
filed November 27, 2020 under Development Corporations Act, R.S.O. 1990, c. D.10
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made under the
Development Corporations Act
Made: November 26, 2020
Filed: November 27, 2020
Published on e-Laws: November 27, 2020
Printed in The Ontario Gazette: December 12, 2020
Amending O. Reg. 357/20
(INVEST ONTARIO)
1. (1) Subclause 3 (a) (iv) of Ontario Regulation 357/20 is revoked and the following substituted:
(iv) providing a co-ordinated and streamlined investment experience that gives companies access to business development teams and a set of tools, services, credits, incentives and supports customized to address investor needs, whether provided by the Crown, the government, a ministry, a Crown agency or any other board, commission, authority or unincorporated body of the Crown,
(2) Subclause 3 (a) (vi) of the Regulation is revoked and the following substituted:
(vi) working in co-operation with the domestic and international business community, other levels of government and ministries, Crown agencies, boards, commissions, authorities and unincorporated bodies of the Crown; and
2. Subsection 8 (2) of the Regulation is amended by striking out “and” at the end of clause (b) and by adding the following clause:
(b.1) govern the remuneration and benefits of employees of the Corporation; and
3. Sections 9 and 10 of the Regulation are revoked and the following substituted:
Chief Executive Officer
9. (1) The board of directors shall appoint a Chief Executive Officer.
(2) The Chief Executive Officer is responsible for the operation of the Corporation, subject to the supervision and direction of the board of directors.
(3) The Corporation shall pay such remuneration and benefits to the Chief Executive Officer as is determined by the board of directors, subject to the Minister’s approval.
Employees
10. (1) The Corporation may employ or otherwise engage persons as it considers necessary for the proper conduct of the business of the Corporation.
(2) The Corporation may enter into agreements with any minister of the Crown or chair of a Crown agency for the provision of services to the Corporation by employees of the Crown or employees of the Crown agency, as the case may be.
(3) The Corporation may provide its eligible employees with pension benefits under the Public Service Pension Plan if the Corporation is designated as an employer under the Public Service Pension Act, 1989.
(4) The Corporation shall pay such remuneration and benefits to employees of the Corporation as is determined by the board of directors, subject to the Minister’s approval.
4. Section 11 of the Regulation is amended by adding the following subsection:
(2) The Corporations Information Act does not apply to the Corporation.
5. The Regulation is amended by adding the following section:
Other reports
17.1 The Minister may require the Corporation to provide other reports on such topics as the Minister specifies.
6. Section 19 of the Regulation is revoked and the following substituted:
Audit
19. (1) The Corporation’s board of directors shall appoint one or more licensed public accountants to audit the accounts and transactions of the Corporation for the previous fiscal year.
Auditor General
(2) The Auditor General may also audit the accounts and transactions of the Corporation for any fiscal year.
Minister-appointed auditor
(3) The Minister may at any time appoint a licensed public accountant, other than the person appointed under subsection (1), to audit the accounts and transactions of the Corporation for any period of time specified by the Minister.
Commencement
7. This Regulation comes into force on the day it is filed.