Eileen Gillese Appointed Chair of New Financial Services Commission

June 29, 1998 (Toronto) -- Eileen E. Gillese, Dean of the Law Faculty of the University of Western Ontario, has been appointed Chair of the new Financial Services Commission of Ontario and the Financial Services Tribunal, Finance Minister Ernie Eves announced today.

"We're fortunate to have someone of Dean Gillese's experience willing to take on these responsibilities at a time when the financial services marketplace is undergoing fundamental changes that will directly affect consumers," Eves said.

"The Commission's job of protecting consumers helps ensure individuals and business have confidence in Ontario's financial services. This confidence is key to Ontario's positive economic climate."

Effective July 1, 1998, the Financial Services Commission amalgamates the Ontario Insurance Commission, Pension Commission of Ontario, and Deposit Institutions Division of the Ministry of Finance. An arm's-length agency of the Ministry of Finance, the Financial Services Commission will regulate pensions, insurance, loan and trust companies, credit unions and caisses populaires, co-operatives and mortgage brokers in Ontario.

The Financial Services Tribunal is an adjudicative tribunal within the Financial Services Commission. The Tribunal is responsible for reviewing proposed or intended decisions and hearing appeals of decisions of the Superintendent of Financial Services.

The Finance Minister also named Toronto lawyers Martha Milczynski and Colin McNairn as Vice-Chairs of the Commission and Tribunal. Ms. Milczynski and Mr. McNairn have wide-ranging experience in pensions and employee benefits, insurance, banking and international relations. Joseph P. Martin, of Eden Mills, Ontario, was also appointed a member of the Tribunal.

The appointments are subject to review by the Standing Committee on Government Agencies.

The members of the Pension Commission of Ontario will continue their appointments as members of the Financial Services Commission Tribunal. These members are: Darcie L. Beggs, Kathryn M. Bush, Louis Erlichman, Bill Forbes, Elizabeth Greville, Christopher (Kit) S. Moore, Judith E. Robinson, Joyce A. Stephenson and David E. Wires.

"Dean Gillese is one of Ontario's distinguished persons of jurisprudence. During the transition to the new Commission, she provided invaluable advice and suggestions," said Dina Palozzi, Superintendent of Financial Services and Chief Executive Officer of the Financial Services Commission.

- 30 -

Contacts: Hande Bilhan-Westlake
Minister's Office
(416) 325-1657

Elliott Katz
Communications Branch
(416) 325-0333

Eileen E. Gillese

Eileen Gillese has been a Professor of the Faculty of Law, University of Western Ontario, for the past 15 years. She is Dean of the Faculty and teaches pension law, administrative law and trusts, property law, legal research and writing. Between 1991 and 1996, she was Associate Dean, Administration. She has also been Associate Dean, Academic.

First appointed in 1988 as a member of the Pension Commmission of Ontario, Gillese became Vice-Chair in 1989 and served as Chair from 1994 to 1996.

Gillese has received the University of Western Ontario's Edward G. Pleva Gold Medal for Excellence in Teaching, and the Excellence in Teaching Award from the Legal Society of the Faculty of Law. Prior to joining academia, she was a lawyer with Reynolds, Birth and Cote.

A Rhodes Scholar, Gillese graduated from Oxford University with a B.C.L. First Class in 1979 and B.A. Hons. Jurisprudence in 1980. In 1980 she received the Wadham College Prize for Academic Distinction. She also attended the University of Alberta where she was Vice-President, Finance and Administration of the Students' Union.

- 30 -

Contacts: Hande Bilhan-Westlake
Minister's Office
(416) 325-1657
Elliott Katz
Communications Branch
(416) 325-0333