Members of the Board of Directors of the Technical Standards & Safety Authority (TSSA) are remunerated in a manner that enables the organization to attract high-calibre directors to support the organization's commitment to corporate governance excellence, while remaining accountable to all stakeholders through transparent compensation practices that are fiscally prudent.
The remuneration levels for the Board Chair, Vice Chair, Committee Chairs and directors are based on a combination of annual retainers and meeting fees. Remuneration rates are regularly reviewed against comparable non-government regulatory bodies. The Board often retains an external consultant in reviewing remuneration rates to ensure independence and objectivity.
The most current remuneration levels are as below:
Retainer Fees
Directors will receive retainer fees for overall board service, including for:
Attending any meeting of less than 30 minutes.
Preparation for meetings.
Meetings to review agendas and meeting materials and discuss related matters.
Informal meetings between directors or with management or third parties.
Director evaluation follow-up meetings.
Standing committee orientations, and
Attending meetings of a committee of which the director is not a member (including director development and education sessions at such meetings) unless requested by that committee's Chair, the Board Chair or the Vice Chair.
Retainer fees are paid quarterly for the quarter completed based on the following annual amounts:
Board Chair: $56,000.
Vice Chair: $18,000 (unless already receiving a retainer as a Committee Chair).
Committee Chairs of standing committees: $23,000 (unless already receiving a retainer as Board Chair), or
All other directors: $15,500.
Meetings
Meeting remuneration is intended to remunerate directors for preparing for and attending meetings in which directors perform their essential function as directors, such as in exercising oversight or setting strategy. It also includes certain meetings requested by management and general orientation. Meetings may be attended in person or by teleconference.
Board and standing committee meetings.
Ad hoc committee meetings at the request of the Board Chair or standing committee Chair.
Board orientation and other director education sessions (such as site visits) arranged by TSSA (included in meeting time if connected to a meeting).
Meetings with advisory councils or advisory council chairs.
Meetings requested by management and approved by the Chair via the CEO, and
Other meetings requested by the Board Chair, Vice Chair or Committee Chairs (such as meetings with government representatives), excluding social events.
A meeting longer than half an hour and less than two hours will be remunerated at $500. A meeting of two hours or longer will be remunerated at $1,000. Regardless of the number of meetings, the maximum daily meeting fee shall be $1,500.
Meetings may be attended in person or by teleconference.
Travel Days
Directors are eligible for compensation for travel time to and from meetings as follows:
$500 for round-trip travel per meeting where one-way travel time (by the fastest route) is between two and three hours; and
$1,000 for round-trip travel per meeting where one-way travel time (by the fastest route) is more than three hours.
Travel time is calculated from departure from the director's residence or place of business in Ontario to and from the meeting venue.