The OEB initiated a consultation to develop guidance on corporate governance for OEB rate-regulated utilities (i.e., Ontario Power Generation, electricity distributors and transmitters as well as natural gas utilities). Two experts, KPMG and Elenchus, were retained to prepare reports which provided the OEB with recommendations for utility governance.
On December 20, 2018, the OEB issued its Report of the OEB: Best Practices regarding Governance of OEB Rate-Regulated Utilities. The Report describes best practices for utility corporate governance and sets out the OEB’s mandatory reporting and record keeping requirements on utility governance.
The release of the Report brought to a close work conducted over several years in relation to corporate governance for OEB rate-regulated utilities. In addition to the reports by KPMG and Elenchus, the Report was also informed by multiple rounds of stakeholder consultations and stakeholder input on the OEB’s Draft Report of the Board.