How DICO Is Managed and Organized

Andy PoprawaPresident and CEO

As President and Chief Executive Officer, Andrew (Andy) Poprawa is accountable for ensuring that DICO’s mandate of prudential oversight, protecting depositors and maintaining confidence in Ontario’s credit unions is met. During his tenure with DICO he has overseen the elimination of a $100 million debt, the establishment of a reserve fund now in excess of $173 million and the recapitalization of the credit union industry of over $2 billion.

Andy has extensive experience in the financial services industry gained over the past 35 years as a credit union CEO, an external auditor, a regulator and a deposit insurer. In addition to the last 21 years as the CEO of DICO, he served as the chief regulator of credit unions in Ontario during the early 1990’s. Having spent ten years with the Office of the Superintendent of Financial Institutions (Canada) in various capacities including banking supervision, insurance company oversight and policy development, he has developed an in-depth understanding of the regulatory processes required to maintain confidence in financial institutions.

He has also been the CEO of a major Ontario credit union and the Chief Financial Officer of an airline subsidiary. He is a Chartered Professional Accountant, Chartered Accountant and a former auditor with an international accounting firm. He is also a Certified Government Financial Manager and received his Bachelor of Commerce degree from the University of Toronto.

Andy is keenly interested in corporate governance and has assisted DICO’s Board of Directors in developing and implementing innovative governance practices to improve the organization’s effectiveness.

He currently serves on the Institute of Corporate Directors (ICD) Ontario Chapter Executive and has served on the Conference Board of Canada's Advisory Committee on Governance. He also participates as a faculty member in the Directors College – a joint program offered by McMaster University and the Conference Board of Canada. During 2009, he completed his Chartered Directors designation from the Directors College. In 2009 he was honoured by the Directors College by being awarded the Gil Bennett Gold Standard Award. The award is presented annually to a graduate of The Directors College who demonstrates dedication to raising the bar for professional standards in corporate governance, both through their progress in the Chartered Director program and in their experience as directors. He currently serves as an independent director on several not-for-profit and corporate boards.

Andy is past Chair of both the International Credit Union Regulators Network (ICURN) and the Credit Union Prudential Supervisors Association (CUPSA) whose objectives are to share information and best practices between prudential regulatory and deposit protection agencies around the world and across Canada. He is a frequent speaker at provincial, national and international conferences on issues related to credit union regulation, depositor protection and corporate governance. He has participated in several overseas missions with Canadian International Development Agency (CIDA) to assist Eastern European, Asian, South American and Caribbean countries in establishing effective regulatory regimes for credit unions.

President and CEO, Position Description

The President and Chief Executive Officer has overall accountability for the affairs of the Deposit Insurance Corporation of Ontario, including the development and implementation of policies and programs for for prudential regulation, risk management, corporate stewardship and stakeholder relations.

Prudential Regulation

  • Ensure that all credit unions and caisses populaires licensed to operate in Ontario comply with the provisions of the Credit Unions and Caisses Populaires Act, 1994  (“Act”) as related to solvency and prudential requirements.
  • Issue interpretations and other advisories to credit unions and caisses populaires to provide guidance to ensure compliance.
  • Issue orders, approvals and other regulatory decisions as prescribed by the Act.

Risk Management

  • Maintain public confidence in the safety of the credit union system by developing and promoting effective industry management practices, providing a stabilization program and depositor protection.
  • Ensure that the Corporation's risk exposure to insurance losses is properly assessed and managed to minimize claims against the Deposit Insurance Reserve Fund and maintain competitive deposit insurance premium rates.
  • Ensure that the Corporation has adequate financial resources to meet its mandate.

Corporate Stewardship

  • Lead in the development and implementation of corporate policies and strategic planning.
  • Ensure employee commitment to the corporate vision, values and strategies.
  • Ensure effective business planning and control to maintain the financial integrity of the Corporation.
  • Recruit, direct and develop senior staff and manage their performance.
  • Establish operational priorities and the allocation of resources in accordance with the Corporation's mandate, mission and business plans.

Stakeholder Relationships

  • Maintain effective stakeholder relations with sector representatives, the Financial Services Commission of Ontario (FSCO)  and Ministry of Finance  officials.
  • Balance the interests of depositors, the system and government while ensuring the corporation's compliance with the Act .
  • Remain abreast of public events that affect the policies and objectives of the Corporation.
  • Provide the Board of Directors with all relevant information and recommendations to allow them to make informed policy decisions.