The independent Investor Advisory Panel (IAP) of the Ontario Securities Commission (OSC) is seeking new members.

The OSC said Friday that a couple of the IAP’s members — former panel chairman Paul Bates, and Cary List, president & CEO at the Financial Planning Standards Council (FPSC) — are leaving the committee, which is funded by the OSC to represent investor interests, particularly in terms of OSC policymaking. As a result of these departures, the commission is now looking for replacements to serve two-year terms on the panel.

“The OSC thanks Paul Bates and Cary List for their significant contributions to the success of the Investor Advisory Panel,” said Mary Condon, vice chairwoman of the OSC. “The Investor Advisory Panel is an important voice for investors in the regulatory process, and the new members will be selected to ensure that the Panel continues to represent a broad range of relevant experience, skills, knowledge and perspectives.”

Connie Craddock, IAP chairwoman, and two of its other members, Alan Goldhar and Ken Kivenko, have all agreed to stay on for a second term on the panel. And, Craddock, who took over as chair of the panel last November, is to remain as chair for an additional one-year term. Last fall the panel also added new members, Jane Ambachtsheer, Harold Geller, Alison Knight and Ursula Menke, all of whom are continuing to serve two year terms.

Applications for the vacancies are due by May 16. A selection committee consisting of up to two part-time commissioners and a vice chair of the OSC will interview short-listed candidates; and the chair of the commission, Howard Wetston, will appoint the panel members based on the recommendations of the selection committee.

The panel meets at least quarterly in Toronto, and in addition to producing comments on OSC policy, it also reports annually to the commission on its activities. It receives up to $50,000 in funding per year for consultation and for professional services to assist in drafting comment letters. Panel members are also compensated for their time and effort at the rate of $275 per meeting ($550 per meeting for the chair) up to a maximum of 12 meetings per year; and, $275 per day for meeting preparation or post-meeting follow-up work ($550 for the chair), up to a maximum of three days work per meeting for members and up to a maximum of five days work per meeting for the chair. They can also be compensated for travel and other expenses, subject to certain limits.