The Ontario Securities Commission (OSC) is looking for three new members for its independent Investor Advisory Panel (IAP), including a replacement for the panel’s chairwoman, Anita Anand.

The seven-member panel, which was established in 2010 primarily to represent retail investor views on OSC rulemaking proposals, is nearing the end of its initial two-year term.

The OSC said Thursday that it invited all of the members of the panel to serve an additional term, but that three of them, including the chairwoman (who’s day job is as an associate professor in the Faculty of Law at the University of Toronto), have decided not to renew their appointments.

As a result, it is seeking replacements for those three positions. The new members would serve a term of two years, which may be extended by the OSC chairman for one additional term.

Panelists are paid $275 per meeting, and the chair receives $550 per meeting; up to a maximum of 12 meetings per year. They can also be reimbursed for travel and other expenses, subject to certain limits.

The IAP has funding of up to $50,000 per year to fund consultations with investors, and for professional services to assist in the drafting of comment letters. It also gets administrative support from the commission.

A selection committee consisting of two part-time commissioners and a vice-chair will interview short-listed candidates. The chair of the commission, Howard Wetston, will appoint the new panel members based on the recommendations of the selection committee. Once the members have been selected, he will also select a chair of the panel from the incumbent members.

Mary Condon, vice chairwoman of the OSC, said, “The panel has become 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.”

In its first two years, the panel has drafted 10 comment letters on various issues. Earlier this year, the commission also announced that it plans to establish an Office of the Investor to ensure investor interests are represented in everything the commission does. The new branch, once it gets up and running, is also to establish links with the IAP and the Investor Education Fund. The OSC has yet to name a director to lead that office.

Applications for the IAP are due by August 17.