In the November issue of this Newsletter, we reported on Bill 8, the Ontario Broader Public Sector Executive Compensation Act, 2014. This legislation will impose limits on executive compensation for certain organizations in the broader public sector in Ontario, including hospitals, school boards, universities and colleges.
At the time of our earlier article, Bill 8 had not yet been passed into law. The Ontario Legislature has now passed the legislation. The legislation received Royal Assent on December 11, 2014 and is now in force.
Charities affected by this Act – in particular those in the health and education sectors – will need to familiarize themselves with this legislation and ensure that they are in compliance.