NOTICE OF ELECTION OF COUNCIL MEMBERS NOVEMBER 6, 2023
Notice is hereby given that the annual election of council members will be held on Monday, November 6th, 2023, at which time three council members are to be elected for a term of three years.
Serving on Council is a tremendous opportunity to contribute to RIBO’s mandate of ensuring the public is protected in their interactions with insurance brokers. It is a rewarding experience and involves a significant commitment. If you are interested and have the desire, we encourage you to put your name forward.
What is RIBO’s role?
RIBO, is the self-regulatory organization responsible for overseeing all licensed general insurance brokers in Ontario and exists solely to protect the public interest. RIBO is not and never has been an advocacy group for the brokerage community.
- Our vision is a property and casualty insurance marketplace where consumers and brokers are well informed and protected, and where transactions are conducted fairly.
- Our mission is to maintain a customer-centric regulated environment where brokers can provide informed guidance, responsive service, and foster confidence by protecting the interests of all Ontarians.
- Our mandate is to protect and advocate on behalf of the Ontario public by regulating insurance transactions with brokers.
What is Council’s role?
RIBO is governed by a Council consisting of nine elected brokers and four public members appointed by the provincial government. The Council acts as a board of directors supervising the management and affairs of the corporation and is responsible for setting policies and guidelines.
The role requires Council members to uphold and maintain RIBO’s core values and to ensure fair transactions between consumers and insurance brokers in Ontario. As a Council member you have a duty to act in the best interests of RIBO and its public protection mandate. Importantly, this role does not entail representing the firm for which a member works for, nor is it for promoting personal interests.
Who can run for Council?
All RIBO licensees who are in good standing may submit nomination papers. The specific requirements are set out here. Eligible applicants from all backgrounds and demographics are welcome to apply.
What’s involved? What is the time commitment?
RIBO Council members are involved in setting the organization’s strategic direction, overseeing its progress and financial health, and reviewing and approving policies and by-laws, along with serving on two or more committees.
If you are considering running for council, please review the “What makes for a good council member?” below.
A time commitment of two to four days a month is required for preparation and attendance of committee and Council meetings. Your total time commitment will depend on the committees on which you serve.
In general, all committee and Council meetings are held during regular business hours. As a general rule, Council meetings are held in-person at the RIBO office in downtown Toronto, while Committee meetings are typically held online. Council meetings can be attended online when required, however in person attendance is strongly preferred. Brokers interested in running for election, are encouraged to discuss this time commitment with their employer prior to running for Council.
Council members are paid a per diem for time spent on committee and Council work. The rate is set annually by the Administration and Finance Committee at a level equal to that specified by the Ontario Government’s Agencies and Appointments Directive – Schedule B, Member rate for Part-Time appointees. Found online at https://www.ontario.ca/page/agencies-and-appointments-directive#section-7. In addition, Council members are reimbursed for necessary out-of-pocket expenses (including travel)
How to Run for Council
Follow these steps when running for council.
- Confirm you are eligible to run by referencing the eligibility criteria.
- Perform a self-assessment against RIBO’s Composition Matrix
- Complete the online Candidate Profile consisting of:
Your responses to questions about your alignment with the Composition Matrix, along with:
a) a general biography
b) a professional-style, colour, portrait photo or “headshot”
- Send a link to the Council Nomination Form to fellow licensees who are in good standing to obtain 15 online signatures supporting your candidacy.
- Completed Candidate Forms must be received by RIBO no later than 4:00 pm Eastern, Tuesday, September 5, 2023.
Each registered insurance broker will receive a link to the voting platform in mid- October which will contain the information on the candidate form and ballot. This information will also be posted on the RIBO website.
Those considering running for council are invited to attend an Information Session to learn more about what’s involved in being a Council Member, the nomination and election process, and to have their questions answered. The session is being held live on Thursday, August 10, 2023 at 2:00pm EST. Visit the Registration page to sign up.
A recording of the session will be posted on this page following the call.
(NEW) Council Composition Matrix.
While not a strict qualification criteria, the Composition Matrix aims to highlight the desirable personal attributes each council member should possess as well as the collective skills and experience that should be reflected on Council in order to best support its mandate of public protection. This includes the goal of reflecting both identity and professional diversity.
What makes for a good Council member?
Council has identified five critical attributes that all Council members should have. Recognize that this list differs from eligibility criteria, however if you possess most or all of these attributes, we encourage you to run for Council.
|Leadership||Possesses experience-driven perspective, sound judgement, and ability to engage with others. Is adept at promoting and guiding vison and change. Demonstrates integrity and respect|
|Strategic Thinker||Generates and applies unique insights to challenges and opportunities; able to challenge conventional thinking, create vision and encourage innovation|
|Communicator and Influencer||Expresses thoughts and ideas clearly and honestly; listens actively and respects other opinions; collaborates in the best interest of Council and RIBO stakeholders; seeks to understand and resolve issues positively; actively promotes the interests of the public/consumer and RIBO|
|Fiduciary Responsibility||Acts in the best interest of the public to support RIBO in fulfilling its mandate without conflict of interest|
|Committed to Active Participation||Demonstrates a willingness and ability to provide the necessary time and effort to be a fully active Council Member, including taking the time to prepare for, attend and engage in Council and Committee meetings.|
Interested potential candidates are encouraged to make use of the Self-Assessment Tool to better understand how well they align with attributes listed above.
What makes for a good Council?
A key aspect of what makes for a good Council is diversity of thought, experience, and background, along with the full range of skills required to guide the organization.
Council’s role is broad and requires various skill sets and experiences that lead to rich discussion, meaningful direction, and knowledgeable oversight.
To support this goal, Council has developed the following Skills Matrix which identifies the skills that Council, as group, should possess.
|Executive Leadership||Experience as a president, chief executive officer, or as a senior leader of an organization at least similar in size to RIBO; demonstrated success with developing and implementing a big- picture strategic vision.|
|Brokerage Operations||Direct knowledge of the day-to-day operations of a general insurance brokerage in Ontario, including one or more of the following: ‘bricks and mortar’ brokerage, digital brokerage, Wholesaler or Managing General Agent. Possesses knowledge of personal lines and commercial-focused brokerage.|
|Governance and Policy||Experience and expertise serving on a board of directors|
|Finance and Audit||Experience and expertise related to financial reporting and analysis|
|Professional Self- Regulation||Experience serving on a board, committee, or working for a self- regulated organization, and/or professional association, preferably with a focus on consumer protection and experiences and/or a global view of the organization.|
|Business Acumen and Management||Demonstrated good business judgement and history of achievement, with a strong understanding of consumer experiences. Experience in one or more business disciplines such as human resources, communications, marketing, people management, consulting, technology, performance management or risk management.|
|Strategic Planning||Experience developing strategy and overseeing implementation in an organization at least similar in complexity to RIBO|
- Nomination Period begins: August 1, 2023
- Deadline to submit Nomination Packages: Tuesday, September 5, 2023 @ 4:00 p.m. Eastern
- Election portal opens: October 16, 2023
- Election Period ends: Monday November 6, 2023 @ 4:00 p.m. Eastern
Additional Information Contact:
- For more information, feel free to contact email@example.com