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2005 DICO Annual Report.Qxd Deposit Insurance Corporation of Ontario PROTECTION - SECURITY - STABILITY 2005 Annual Report Contents 1 Transmittal Letter 2 DICO Staff, Mission Statement and Corporate Governance 3 DICO Business Model 4 Corporate Governance & Sub-Committees of the Board 5 Board of Directors 6 Message from the Chair 8 Improving Operational Performance - CEO's Report 17 Management's Discussion and Analysis 19 Management's Responsibility & Auditors’ Report 20 Consolidated Statement of Financial Position 21 Consolidated Statement of Operations and Changes in the Deposit Insurance Reserve Fund 22 Consolidated Statement of Cash Flows 23 Notes to Consolidated Financial Statements 27 List of Member Institutions Publications available on DICO’s Web Site Corporate • Annual Report Member Institutions Information • Dialogue, Newsletter on Sound Business and Financial Practices • DICO By-law # 3 • DICO By-law # 5 - Assessment Workbook for Management - Assessment Workbook for Board of Directors - Assessment Workbook Module: Commercial Lending Deposit Insurance Corporation • DICO By-law # 6 of Ontario - Application Guide By-law #6, Impaired Loans 4711 Yonge Street, Suite 700 • Director’s Handbook • Guide to DICO's OSV Process Toronto, Ontario • Deposit Insurance Brochure & FAQ M2N 6K8 • League Return (LR) & Annual League Return (ALR) Completion Guides • Member Institution Return (MIR) & Annual Member Institution Return (AMIR) 416 325-9444 Completion Guide 1-800-268-6653 Toll Free • On-Site Verification Manual FAX: 416 325-9722 • SBFP Reference Manual • Sample Policies Internet site http://www.dico.com • System Outlook E-mail:[email protected] • System Releases Printed on recycled paper 4711 Yonge Street 4711, rue Yonge Suite 700 Bureau 700 Toronto ON M2N 6K8 Toronto (Ontario) M2N 6K8 Telephone: 416-325-9444 Téléphone : 416 325-9444 Toll Free: 1-800-268-6653 Sans frais : 1 800 268-6653 Fax: 416-325-9722 Télécopieur : 416 325-9722 Wm. D. (Bill) Spinney Chair of the Board Président du Conseil d'administration March 1, 2006 The Honourable Dwight Duncan Minister of Finance Frost Building South, 7th floor 7 Queen's Park Crescent Toronto, Ontario M7A 1Y7 Dear Minister: I have the honour to submit to you and the Superintendent of the Financial Services Commission of Ontario the Annual Report of the Deposit Insurance Corporation of Ontario for the 12 month period ended December 31, 2005. Yours truly, Internet Home Page : http://www.dico.com; E -mail:[email protected] z Page d'accueil Internet : http://soad.com; Courriel : [email protected] Deposit Insurance Corporation of Ontario Staff DICO STAFF (left to right) Mission : To protect depositors Sitting: Yasmin Khoja, Bob Edmison, Adrienne Barber, Richard White, Alla Brachman, Barry Brydges Vision We will support the Ontario Credit Union and Caisse Populaire System by providing depositor Standing (first row): Grace Wen, Helen Poter, Danny protection, building financial soundness and working in collaboration with stakeholders. Pianezza, Tony D’Errico, Andy Poprawa, Rannie Values Turingan, Entela Josifi, Mercedes Ruano, Carmen In all our activities we will strive to: Gheorghe z Act with professionalism and integrity; Standing (second row): z Provide value; Alana McLeary, Sharon z Be proactive and innovative; Haslett, John Burgman, Bill z Recognize and respect the principles, values and diversity of the credit union / Foster, Jim Maxwell, Andy Rechtshaffen, Steve caisse populaire system; Kokaliaris, Naile Piranaj, z Collaborate with stakeholders; Michael White z Recognize the diversity and acknowledge the importance of our staff; Absent: Suzanne Boyer, z Provide an environment where employees are treated fairly, and given opportunity and Richard Dale, Brigitte Elie, John Hutton, Winnie Yu encouragement to develop their potential. 2 Deposit Insurance Corporation of Ontario DICO Business Model DICO has developed a business model to encapsulate the way in which the gory of governance. This also reflects the importance of strategic manage- Corporation conducts its business in light of its legislation and overall environ- ment and enterprise risk management. The importance of accountability is ment. This business model reflects DICO's position as an integral part of also highlighted in the business model, as are the major functions of the Ontario's financial safety net, with its own legislated mandate. DICO's Board of Corporation in fulfiling its mandate. Directors and management activities are considered under the umbrella cate- Ontario's Financial Institutions - Regulatory / Supervisory System MINISTRY OF FINANCE, FINANCIAL SERVICES COMMISSION OF ONTARIO, DEPOSIT INSURANCE CORPORATION OF ONTARIO Legislative Environment Credit Unions and Caisses Populaires Act Other Legislation, Statutory Requirements and DICO's Business Objectives Guidelines, Including FOR THE BENEFIT OF DEPOSITORS: z Management Board of Cabinet Directives z Provide Deposit Insurance z Other Acts, i.e. French Language Services Act, Employment z Promote Standards of Sound Business and Financial Standards Act, etc. Practices z Act as Stabilization Authority Governance Board of Directors Strategic and Policy Direction Risk Management Governance Human Resources Audit and Finance Committee Committee Committee Committee z z Accountability Strategic Management Enterprise Risk Management z Corporate Plan DICO's Business Strategies: DICO's Key Risk Categories: z Annual Report z Risk Assessment / Management z Insurance z Stakeholder Meetings z Minimizing Insurance Costs z Operational z Protecting Depositors z Reputational z Collaborative Relationships z Financial z Efficiency & Effectiveness Major Functions z Policy Development z Risk Assessment z Litigation Management z By-law Review & Development z Insurance z Asset & Liability Management z Advice on Legislation z Member Compliance with Legislation & z Finance & Treasury z Standards of Sound Business & Financial By-laws z Human Resources Management Practices z Intervention / Failure Resolution z Legal & Corporate z Depositor Communication & Awareness z Payout Management z Information Systems Technology & z Internal Communications z Claims & Recoveries Management Management z Liaison with Stakeholders z Payment Obligations z Internal Audit z International Assistance z Certificate of Insured Deposits z Differential Premium System Control Environment 2005 Annual Report 3 Corporate Governance Sub-Committees of the Board The Deposit Insurance Corporation of Ontario is an (as at December 31, 2005) agency of the Province of Ontario established in 1977 and operates under the Credit Unions and Caisses Populaires DICO’S BOARD OF DIRECTORS MEETINGS 2005 Act, 1994. The Act sets out DICO's objects, powers and duties as well as general terms for deposit insurance and # MEETINGS % ATTENDANCE BY other governing parameters. DICO functions within the DIRECTORS legal framework established by the Act, Management DICO BOARD 4 94% Board of Cabinet Secretariat Directive on Agency AUDIT AND FINANCE COMMITTEE 4 100% Establishment and Accountability and other applicable RISK MANAGEMENT COMMITTEE 4 100% laws. The Corporation is ultimately accountable to the Legislature through the Minister of Finance for the con- HUMAN RESOURCES COMMITTEE 2 100% duct of its affairs. Audit and Finance Committee The Act requires that the DICO Board of Directors This committee reviews the investment policies and pro- "shall manage the affairs or supervise the management of cedures as well as monthly and annual financial state- the affairs of the Corporation…". The Board of ments of the Corporation. It reviews the results of the Directors is composed of up to eleven persons all of external auditors' audit of the annual financial statements. whom are appointed by the Lieutenant-Governor-in- The committee also reviews recommendations made by Council to serve for various terms of usually up to three the internal auditor regarding internal controls and proce- years. At least four of the members of the Board must dures and ensures that appropriate action is taken. be appointed from individuals nominated by the credit • David Yule, Chair union and caisse populaire movement. • Laura Talbot-Allan DICO follows a unique appointments process to ensure • Wm. D. (Bill) Spinney, ex-officio that it recruits the best qualified people to its Board. The Governance Committee Corporation has established a skills profile in addition to This committee reviews and makes recommendations to a position description for directors. DICO has also estab- the Board on governance, corporate policy issues, by-laws lished a gender, experience, skills and geographic repre- and policies. The committee also acts as a co-ordinator of sentation profile for the Board as a whole to ensure that the Board for special projects such as corporate strategic it maintains an appropriate balance of these attributes. planning. All potential candidates for the Board are screened and • Wm. D. (Bill) Spinney, Chair interviewed by a committee of the Board prior to being • Sherry MacDonald recommended for appointment to the Minister. In each • Laura Talbot-Allan case, DICO provides the Minister with more than one • David Yule, Vice-Chair candidate for each position. Once the Minister has made a selection, that recommendation is forwarded to the Human Resources Committee Cabinet for approval. This committee reviews and makes recommendations to the Board on policies relating to the Corporation's DICO follows best practices in corporate governance human resources plans, compensation, employee benefits including: and related
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