Real Estate Errors and Omissions Insurance Corporation

A special act corporation formed pursuant to the Real Estate Services Act solely to provide errors and omissions insurance to British Columbia real estate licensees.

Risk Report ·

E&O’s new director appointment process

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E&O’s new director appointment process

We have a new appointment process for our Board of Directors as of August 1, and we’re looking for interested individuals.

We’ve created a Selection Task Force that has the responsibility to develop, maintain and conduct an appointment process for three directors who will be appointed by E&O. It considers the skills and diversity needs of the Board and allows for the most suitable candidate(s) to be appointed. The first two vacancies to be filled by E&O appointed directors will occur on February 1 and March 1, 2022, and E&O has begun the process to fill these seats.

The desired skills, attributes and diversities sought by the Board are set out in the Skills Matrix that can be found in the Candidate Profile.

What we’re looking for

Alongside the overall list of skills, diversities, and attributes, in this current round of appointments, E&O is looking for candidates with experience in one or more of the following areas:

  • Finance
  • Investment
  • Stakeholder relations – E&O’s stakeholders include the BC Financial Services Authority, BC Real Estate Association, real estate boards and real estate licensees.

In addition to any of the above skills, it would also be an asset for applicants to have experience in real estate, including knowledge of current and emerging issues affecting the real estate industry.

If you’re interested in being considered for appointment, review the Candidate Profile and complete the Expression of Interest form, returning it no later than October 25, 2021.

Why the process has changed

Previously, the BC Real Estate Association (BCREA) appointed three directors and the Real Estate Council of BC (RECBC) appointed four. When RECBC became a government organization in 2016, the government concluded because RECBC appointed the majority of directors to E&O’s Board that E&O was controlled by RECBC. RECBC was then required to include E&O’s financials in its reporting to government.

However, recent changes in the regulation of the real estate industry in BC provided an opportunity for E&O to regain its independence and, in particular, to play a role in the selection and appointment of its Board of Directors. S. 106 of the Finance Statutes Amendment Act, 2021, S.B.C. 2021, c.2 came into force on August 1, amending s.100 (1) of the Real Estate Services Act (RESA) such that the Board appointment process for E&O directors is now:

(a) One director appointed by the Lieutenant Governor in Council;
(b) Three directors appointed by BCREA;
(c) Three directors (E&O-appointed directors) appointed in accordance with the regulations, if any, by the directors appointed under (a) and (b) above.

As a result of the legislative changes, E&O is no longer a government body. We continue to be accountable to our insureds, stakeholders, and government by several provisions in RESA, including the publication of a report on the insurance fund (s. 107 (1)) and the provision of audited financial statements or other information concerning the insurance fund to the Minister of Finance or Superintendent of Financial Institutions when required (s. 107 (4)).

Su Forbes

First appointee under new system: Susan Forbes, QC

The first Lieutenant Governor appointee to E&O’s Board is Susan Forbes, QC, who was appointed for a three-year term effective August 1, 2021. Ms. Forbes is not new to E&O as she previously sat on the Board as an RECBC appointee. Ms. Forbes’ background and that of the other current directors of E&O can be found here.