Ontario Financing Authority
Michael J. Smith is a seasoned finance professional with extensive experience in public sector finance and corporate governance. Currently serving as Chair of the Audit Committee for RMC Museum Corporation and a board member of the Royal Military Colleges Museum Corporation, Michael has held the position of Senior Manager in Public Sector Finance at the Ontario Financing Authority since 2008, where strategic financial policy advice and leadership on corporate finance issues are provided. Notably, Michael served as Vice-Chair of the Queen Elizabeth II Statue Project at the Legislative Assembly of Ontario from 2015 to 2023, spearheading the installation of a statue to honor the late Queen. Previous roles include Senior Policy Advisor and Executive Assistant to the CEO at the Ontario Financing Authority, as well as a Financial Analyst with the Ontario Ministry of Finance. Michael's academic credentials include an MBA from ESCP Business School and a BSc in Mathematics & Physics from the Royal Military College of Canada. Early career experience includes serving as a Naval Officer in the Royal Canadian Navy.
Ontario Financing Authority
The Ontario Financing Authority (OFA) was established as an agency of the Crown on November 15, 1993 by the Capital Investment Plan Act, 1993 (the Act). In accordance with the Act, the OFA: • conducts borrowing, investment and financial risk management for the Province of Ontario (the Province); • manages the Provincial debt; • manages the Province's key financial relationships with investors, financial institutions, rating agencies and public bodies; • provides centralized financial services for the Province including banking and cash management; • advises ministries, Crown agencies and other public bodies on financial policies and projects; • assists Crown agencies and other public bodies to borrow and invest money; • acts at the direction of the Province in lending to certain public bodies; • invests on behalf of some public bodies; • with Ontario Power Generation Inc. (OPG), manages the investment activities of OPG’s Used Fuel Segregated Fund and Decommissioning Segregated Fund; and • carries out the day-to-day operations of Ontario Electricity Financial Corporation (OEFC) and provides a broad range of financial services to Infrastructure Ontario. In addition, the OFA’s objects include: • providing such other financial services as are considered advantageous to the Province or any public body; and • any additional objects as directed by the Lieutenant Governor in Council. In pursing its mandate, the OFA is committed to its core values of respect, innovation, teamwork and accountability.