In today's governance structure, within the act and legislation, the CPA's board of directors is first chaired by the Bank of Canada and is majority-structured from members from financial institutions.
Today there are 16 board members, only three of which are independent board members. The new structure is important in that it is a smaller board, so a more efficient board of 13. It will be chaired by an independent member and will have six additional independent members, so it will be a majority independent board. I will also sit on the board as an ex officio member and we will retain five board positions from our members.
The notion is that it is a board that is more balanced. It is independent. It is a board that will be elected by the membership on a one vote per member basis, so in that sense, the size of the financial institution.... A large institution carries the same vote as a small institution. My belief is that this governance structure is more representative of the broader financial industry and from a payment standpoint will be reflective of some of the smaller and new entrants over time and the views thereof. Therefore, more efficient and majority independent are the key changes.