FSRA is a board-governed regulatory agency established under the Financial Services Regulatory Authority of Ontario Act, 2016, which came into force on June 29, 2017.

The members of the Authority consist of the members of its board of directors. The board of directors consists of at least three and not more than eleven directors. The directors are appointed by the Lieutenant Governor in Council who also designates a director as chair of the board of directors, on the recommendation of the Minister.

Bryan Davies

Bryan P. Davies, Chair

Term: June 29, 2017 to June 28, 2019

Bryan Davies has extensive financial sector and governance experience in both the private and public sectors. Most recently, he served as Chair of the Canada Deposit Insurance Corporation, assuming that role in 2006. Mr. Davies also served concurrently as Vice-Chair of the Canadian Securities Transition Office from July 2009 to July 2013.

Prior to those federal appointments, Mr. Davies was Chief Executive Officer and Superintendent of the Financial Services Commission of Ontario from 2002 to 2005. Before then, he was Senior Vice President of Regulatory Affairs at the Royal Bank Financial Group.

Mr. Davies held a number of senior positions in the Government of Ontario from 1975 to 1993, including Deputy Treasurer and Deputy Minister of Economics, and was Vice President of Business Affairs and Chief Administrative Officer at the University of Toronto from 1992 to 1994.

He has served on the Boards of both publicly traded and private corporations, and has been, and remains, active in a range of non-profit organizations, focused on the cultural, heritage, and education spheres.

Kathryn Bouey

Kathryn Bouey

Term: June 29, 2017 to June 28, 2019

Ms. Bouey has led and supported a wide range of public and private sector programs and large- scale business transformation projects.

As the founding President of TBG Strategic Services, she provides executive-level strategic advice, leadership and project management. Prior to becoming a consultant, she was a deputy minister with the Government of Ontario. Over her public service career, she had progressive experience in the federal and Ontario governments in such diverse areas as: governance and accountability; financial and human resource management; procurement: pensions, insurance and related investment strategies; risk management; health; energy; realty; intergovernmental finance, social and economic policy; negotiations; and labour relations.

Ms. Bouey currently serves on the Canada Revenue Agency Board of Management. She holds an ICD.D designation and has been actively involved on a number of boards, including Hydro One (Chair, Business Transformation Committee and Member, Investment and Pension Committee), Ontario Power Generation, the Ontario Pension Board, St. Joseph’s Health Centre (Toronto), Sheridan College (Chair, Board Governance Review Task Force), the Ontario Financing Authority, the Canadian Comprehensive Auditing Foundation and SPRINT Senior Care.

Blair Cowper Smith

Blair Cowper-Smith

Term: February 28, 2018 to February 27, 2020

Blair Cowper-Smith has extensive experience in governance, pensions, law and regulatory matters. Most recently he served as the Chief Corporate Affairs Officer and member of the Executive Committee of a large Canadian pension plan. Prior to that he was a senior partner at a large Canadian law firm, serving on the Board of Directors and specializing in mergers and acquisitions, governance and stakeholder issues. He has served as a governance adviser to many boards of directors of corporations and pension plans.

With respect to regulatory matters, he has served on the committee of the Ontario Securities Commission and the Public Policy Committee of the Canadian Coalition for Good Governance. In his practice he advised clients on regulatory matters relating pensions and securities laws compliance. He regularly speaks at conferences and roundtables on pension plan matters, governance matters including board effectiveness, shareholder engagement, and infrastructure investing. He is a principal and founder of Erin Park Business Solutions.

Brigid Murphy

Brigid Murphy

Term: February 28, 2018 to February 27, 2020

Brigid Murphy has extensive property and casualty insurance experience. Most recently, she served as Vice Chairman of Travelers Canada from 2015 to 2017, and as President and CEO from 2013 to 2015. Prior to its acquisition by Travelers, Ms. Murphy served in several executive roles at The Dominion between 1996 and 2008. She was appointed Chief Operating Officer in 2010, President in 2012, and President and CEO in 2013. From 2008 to 2010, she served as Director of Regional Brokers with Aviva UK.

Ms. Murphy’s governance experience includes membership on the boards of Director of General Insurance Ombudservice, Guardian Insurance, Canadian Group Underwriters, Oceanic Insurance and The Insurance Bureau of Canada. She served as chair of the Superintendent’s Advisory Committee on Forms and Legislation from 1987 to 1992 and has been an active member of insurance industry committees and working groups.

Having served for ten years as Board Chair and Trustee of The George Hull Centre for Children and Families, and its Foundation, Ms. Murphy continues to advocate for community-based children’s mental health services.

Richard Nesbitt

Richard Nesbitt

Term: February 28, 2018 to February 27, 2020

Richard Nesbitt is a senior executive and respected scholar with extensive experience in financial services and securities. He is currently CEO of the Global Risk Institute in Financial Services. Richard was Chief Operating Officer of Canadian Imperial Bank of Commerce until he retired from that position in September 2014. He joined CIBC in 2008 following his more than 20 years of experience in the securities industry which included CIBC Wood Gundy from 1987 to 1997.

Mr. Nesbitt is a Visiting Professor at the London School of Economics, United Kingdom, an Adjunct Professor of the Rotman School of Management, University of Toronto, and chair of the Advisory Board of the Mind Brain Behavior Hive at the same University.

Mr. Nesbitt is the co-author of “Results at the Top,” a book on the issue of men’s responsibility for gender diversity to improve their organizations (Wiley 2017). He serves on a variety of corporate and community boards and was recognized with the Women in Capital Marks Visionary Award, the Queen Elizabeth II Diamond Jubilee Medal, and the University of Toronto Arbor Award.

Lawrence Ritchie

Lawrence E. Ritchie

Term: March 12, 2018 to March 11, 2020

Mr. Ritchie has a deep understanding and background in financial regulatory policy making and enforcement, securities litigation, and the financial services sector. He is a partner at the law firm of Osler, Hoskin and Harcourt LLP, chairing Osler’s cross-disciplinary Risk Management and Crisis Response national practice and co-chairing its Securities Regulatory Enforcement and Broker-Dealer litigation practice.

One of the leading securities litigators in Canada, his practice involves dispute avoidance and resolution across a range of capital markets, the financial sector, and other regulated industries, as well as advising clients on class actions, capital markets enforcement and regulatory investigations.

He served in a number of positions at the Ontario Securities Commission, including Vice-Chair and member of the Commission, member of the board of directors and executive management and adjudicative committees, and a secondment to the Canadian Securities Transition Office as its Executive Vice-President and Senior Policy Advisor. Mr. Ritchie represented the OSC at several national and international bodies, including the International Organization of Securities Commissions, the North American Securities Administrators Association, the Canadian Securities Administrators and the Canadian Joint Forum of Financial Regulators. Prior to his appointment to the OSC, he was a member of the advisory committee to Ontario’s Financial Services Tribunal. In 2015, Mr. Ritchie was appointed to the three-person expert panel that conducted a Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal and the Deposit Insurance Corporation of Ontario.

He is an adjunct professor at Osgoode Hall Law School, teaches at the Institute of Corporate Director’s Director Education Program, and writes and lectures on various legal and regulatory topics.

Judith Robertson

Judith Robertson

Term: June 29, 2017 to June 28, 2019

Judith Robertson is a senior financial services professional with international experience in technology enabled businesses, securities markets, investment products and risk management.

As Commissioner for the Ontario Securities Commission from 2011 to 2017 Ms. Robertson served as regulator, board member and adjudicator. Previous positions include: President and CEO of Belzberg Technologies Inc., Executive Vice President with Perimeter Financial Corp., CEO of Markets Inc., Managing Director with Barclays Global Investors, and Vice President with CIBC Wood Gundy.

Ms. Robertson has obtained the ICD.D and CFA designations and is an Ivey MBA and University of Toronto graduate. She is a member of the Institute of Corporate Directors and a former member of the Society of Ontario Adjudicators and Regulators. She has been an active participant in industry committees and has served on several not-for-profit boards including TVOntario and MPrime Network.


By-Law 1: General
By-Law 2: Borrowing
By-Law 2A