ANNUAL REPORT 2021

Corporate Governance

Public Directors

Steven Glover

Steven Glover, MBA, FCPA, FCA
Corporate Director
(Canmore, Alberta)
Joined December 2014

Hugh McNabney

Hugh McNabney, CPA (Retired)
Corporate Director
(Orillia, Ontario)
Joined December 2016

Christopher Nicholls

Christopher Nicholls, BA, LL.B.,
LL.M., MPA (Chair of the Board)
Professor of Business Law
Western University
(London, Ontario)
Joined December 2014

Les O'Brien

Les O’Brien, Q.C.
Former Chairman
Nova Scotia Securities Commission
(Halifax, Nova Scotia)
Joined December 2015

Barbara Shourounis

Barbara Shourounis, LL.B.
Former Director
Saskatchewan Financial Services Commission
(Regina, Saskatchewan)
Joined December 2015

Vince Valenti

Vince Valenti, MBA
President
Valenti Holdings Inc.
(Manotick, Ontario)
Joined December 2016

Industry Directors

Rick Annaert

Rick Annaert, CPA, CMA
President & Chief Executive Officer
Manulife Securities Investment Services
(Oakville, Ontario)
Joined December 2020

Patricia Callon

Patricia Callon, LL.B., BA (Hons.)
(Vice-Chair of the Board)
Senior Vice-President & General Counsel
Sun Life
(Toronto, Ontario)
Joined December 2016

Katherine Dudtschak

Katherine Dudtschak, MBA
Chair & CEO
Royal Mutual Funds Inc.
(Toronto, Ontario)
Joined December 2016

Sonny Goldstein

Sonny Goldstein, CFP
President
Goldstein Financial Investments Inc.
(Toronto, Ontario)
Joined December 2015

Mark Kinzel

Mark Kinzel, BA
Vice-Chair
IG Wealth Management
(Winnipeg, Manitoba)
Joined December 2016

André Langolis

André Langolis, FCA, FCIA
President
Desjardins Financial Security Investments Inc.
(Montreal, Quebec)
Joined November 2019

Mark T. Gordon

Mark T. Gordon, LL.B.
President & CEO
Mutual Fund Dealers Association of Canada
(Toronto, Ontario)

Compensation of Directors

The retainers and fees payable to Public Directors are as follows:

Annual Retainer for Public Directors $15,000
Annual Retainer for Chair of the Board $15,000
Additional Retainer – Chair of the Audit & Finance Committee $6,000
Additional Retainer – Chair of the Governance Committee $4,000
Additional Retainer – Chair of the Regulatory Issues Committee $4,000
Attendance Fee – Board and Committee Meetings in excess of 2 hours $1,500
Attendance Fee – Board and Committee Meetings less than 2 hours $1,000

Out-of-town Public Directors who attend meetings in person receive a supplementary travel fee of $1,000 per meeting. The annual retainer for a Public Director who serves as Chair of the Board is set by the Board of Directors and is reviewed annually. Industry Directors are not compensated for their participation on the MFDA Board or its Committees, however, all Directors are reimbursed for related travel and out-of-pocket expenses. Due to the COVID-19 pandemic travel for in person meetings was not required as all meetings were held virtually.

Attendance of Directors

A total of 23 corporate meetings were held during FY 2021 including one Annual General Meeting of Members. The following is a breakdown of attendance and total compensation for FY 2021 for the Board of Directors.

Director Board Audit & Finance Governance Regulatory Issues SRO Framework Review Term Expires Total Compensation
Rick Annaert (2)(4) 5 of 5 n/a 2 of 2 n/a 2 of 2 2022 n/a
Patricia Callon (2)(4) 8 of 8 n/a 6 of 6 n/a 2 of 2 2022 n/a
Katherine Dudtschak (3)(4) 7 of 8 n/a n/a 4 of 4 2 of 2 2022 n/a
Steven Glover (1) 8 of 8 3 of 3 n/a n/a n/a 2022 $35,000
Sonny Goldstein (3) 8 of 8 n/a n/a 4 of 4 n/a 2021 n/a
Mark Gordon 8 of 8 3 of 3 6 of 6 4 of 4 2 of 2 n/a n/a
Mark Kinzel (1)(3) 8 of 8 2 of 2 n/a 3 of 4 n/a 2022 n/a
André Langolis (1)(3) 8 of 8 3 of 3 n/a 4 of 4 n/a 2021 n/a
Hugh McNabney (1) 8 of 8 3 of 3 n/a n/a n/a 2022 $29,000
Christopher Nicholls (2)(3)(4) 8 of 8 n/a 6 of 6 4 of 4 2 of 2 2022 $67,000
Les O’Brien (1)(2)(4) 8 of 8 1 of 1 6 of 6 n/a 2 of 2 2021 $34,500
Barbara Shourounis (1)(3) 8 of 8 2 of 2 n/a 4 of 4 n/a 2021 $36,500
Michael Stanley (1)(2)
(Stepped down December 3, 2020)
3 of 3 1 of 1 4 of 4 n/a n/a n/a n/a
Vince Valenti (2)(3)(4) 8 of 8 n/a 6 of 6 2 of 2 2 of 2 2022 $46,000

  1. Member of Audit & Finance Committee
  2. Member of Governance Committee
  3. Member of Regulatory Issues Committee
  4. Member of Special Committee on SRO Framework Review