Heather Zordel was paid nearly $243,000 in the OSC’s most recent fiscal year despite not actively serving as a member of the board during that period
Heather Zordel, whose appointment this year as chair of the Ontario Securities Commission prompted two high-profile resignations and an outcry from some investor protection advocates, was the regulator’s highest paid part-time commissioner last year despite not actively serving as a member of the board during that period.most recent fiscal year – April 1, 2021, to March 31, 2022, according to the regulator’s recently released annual report.
By way of comparison, the insider trading case that Ms. Zordel adjudicated, which is known as Kitmitto, was also heard by two of her part-time commissioner peers, M. Cecilia Williams and Craig Hayman. Ms. Williams, a lawyer and former chief compliance officer at Scotiabank, was paid nearly $73,000 for her tribunal work in 2021-2022, and that work included enforcement matters other than Kitmitto. Mr.
Ms. Zordel also responded to questions about her compensation in May, when The Globe and Mail first inquired about her pay. The Ontario government’s annual public sector salary disclosure for the calendar year 2021 – a year in which Ms. Zordel was a part-time commissioner for six weeks – showed that she made $186,000. That was also higher than any other part-time commissioner.
When the Progressive Conservative government of Premier Doug Ford appointed Ms. Zordel as the chair of the revamped OSC in March, the move was heralded by some as a signal that the regulator would prioritize capital formation. Ms. Zordel, a former partner at Gardiner Roberts LLP, has spent most of her legal career advising entrepreneurs who run junior mining and energy companies, as well as growth-focused technology companies and private businesses.
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