An overview of Minister's orders and the impact on RECO

The chart below provides an overview of the changes to the Board structure and selection process in advance of the Annual General Meeting on May 30, 2024.

RECO will continue to provide more information about the specific changes as we get closer to RECO's 2024 AGM.

If you have immediate questions about these items, please send them to AGM@reco.on.ca. We will include responses to items as appropriate in our upcoming communications.

Requirements for RECO	New (as of May 30, 2024)	Current (up to May 30, 2024)
Size of Board Minister's Order #1	Nine Directors	12 Directors
Size of Board Minister's Order #1	No election for 2024, as the RECO Board already has a full complement of Industry Directors who have been elected.	Selection of Industry Directors by annual election for three Board members each year, each serving for three years.
Maximum percentage of Board members Minister's Order #2	No more than 34% (or three) of Board Directors from the real estate sector.	Nine Directors from the real estate sector.
Maximum percentage of Board members Minister's Order #2	Three types of Board Directors: Sector Directors: formerly referred to as Industry Directors Ministerial appointees: unchanged Non-sector Directors: new category of Directors for those who are not part of the real estate sector	Two types of Board Directors: Industry Directors Ministerial appointees
Establishing rules for nominating Board members Minister's Order #3	The Board has established a Nominations Committee of the Board of Directors.	RECO’s Board previously had a Selections Committee, which was enhanced to facilitate the requirement for a Nominations Committee.
Competency criteria Minister's Order #4	All Directors, including Sector Directors, shall possess a positive orientation for proactive consumer protection initiatives.	N/A
	For Non-sector Directors, selection by the Nominations Committee based on competency profile and gaps.	N/A
	While the annual election process has been cancelled in 2024, in future years, Sector Directors will be elected based on the predicted vacancies of existing Sector Directors. Ultimately, this will result in one Director being appointed every year for a three-year term.	Industry Directors selected through an annual election process.
	Sector Directors will be selected from across the province, with the Nominations Committee establishing competency profiles, which include but is not exclusive to, geographic location.	Industry Directors selected through an election process, based on geographic boundaries associated with local real estate board territories.
Advisory Council Minister's Order #5	An Industry Advisory Council must be established to represent the interests of registrants by June 1, 2024. The Industry Advisory Council will include a Sector Director from the Board.	RECO currently has a Consumer and Industry Advisory Group, formed in 2020, which has an equal number of members from among registrants and consumers.
Advisory Council Minister's Order #5	RECO is currently developing a process for a separate Industry Advisory Council and Consumer Advisory Council, to conform with the deadline set out in the Minster’s Order.	The consumer advisory component of this group is contemplated under RECO’s Administrative Agreement with the provincial government.