Changes to Composition of RECO’s Board of Directors
Toronto, ON (January 3, 2024) - The Real Estate Council of Ontario (RECO) Board of Directors received a letter from the Minister of Public and Business Service Delivery on January 2, outlining five orders related to changes to the Board.
The Minister’s Orders include the following:
View the Minister’s Orders
- Decrease the number of Board members from 12 to 9 by June 1, 2024;
- Require that all Board members possess a positive orientation for proactive consumer protection initiatives, by June 1, 2024;
- Require that no more than 34% of the members of the Board are drawn from the real estate industry, including registrants, by June 1, 2024;
- Establish a nominations committee with requirements around eligibility criteria for nominated Board members; and
- Establish an industry advisory council by June 1, 2024, comprised of members representing the interests of real estate professionals, to report to and advise the Board.
in their entirety.
These changes will help:
- Enhance consumer protection;
- Enhance accountability for the sector;
- Present an opportunity for RECO’s Board to enhance the execution of its responsibilities in relation to oversight of the real estate industry and the protection of consumers, mirroring recommendations from the Auditor General of Ontario to RECO and changes made by other Ontario regulators; and
- Provide a forum for industry to identify issues and provide advice to RECO’s Board.
These orders are aligned with similar changes recently undertaken by other administrative authorities, such as the Ontario Motor Vehicle Industry Council (OMVIC) and the Travel Industry Council of Ontario (TICO), to improve oversight and establish a balanced, skills-based board.
The Board of Directors is responsible for providing ongoing strategic oversight to RECO as it fulfills its mandate of consumer protection.
RECO will work with both the ministry and stakeholders in the coming weeks and months to implement the necessary changes. These changes will necessitate updates to RECO’s by-laws, in addition to updates as a result of Ontario’s not-for-profit corporations’ statute.
For further information, please contact:
Real Estate Council of Ontario