From the Regulators

Compensation dips for top-paid Ontario securities regulators

By IE Staff |

The number of employees of the Ontario Securities Commission paid more than $100,000 rose in 2009, but overall compensation did not, according to figures released Wednesday by the Ontario Ministry of Finance.

The sunshine list of Ontario public sector workers earning over $100,000 shows that 227 employees of the Ontario Securities Commission were paid over $100,000 in 2009, taking home $37.6 million collectively. While the number of employees who made the list grew by three, their collective take home pay was down from $38.2 million in the previous year.

OSC chairman David Wilson was among the highest paid among crown agency employees again last year at $668,316. However this was down a bit from the previous year in which his salary was over the $700,000 mark.

Indeed, the OSC’s other top-paid employees, including its two vice chairs and various directors, saw their salaries decline a bit from the previous year.

A couple of top OSC executives did see their taxable benefits jump from the previous year. In 2008, head of enforcement Mike Watson received $3,449 in taxable benefits. In 2009, as special advisor to the RCMP, he received $8,379. Also, executive director Peggy Dowdall-Logie received $12,379 in taxable benefits in 2009, up from $8,249 in 2008.

The province’s other main financial regulator, the Financial Services Commission of Ontario, had 58 employees in the $100,000 club, up from 57 the previous year, and they took home a collective $7.5 million, up from $7.2 million in 2008. FSCO’s CEO, Bob Christie, was its highest-paid employee in 2009 at $355,000.