This is an excerpt of Steinecke Maciura LeBlanc’s “Governance for Regulators” handbook. To view additional sections of the handbook, click here.
Good governance for a regulator requires a shared understanding of how things should be done so as to achieve the mandate of the regulator in the most effective manner possible. Good governance requires that all Board and committee members appreciate the mandate of the organization, bring the strategic planning, policy making and oversight skills to the table, honour their fiduciary duties and agree upon the roles and responsibilities of the various individuals and components within the organization. Such a consensus enables Board and committee members to focus on the substance of their regulation of the profession in the public interest.