Ryerson University statement regarding allegations of financial mismanagement involving the Ryerson Students' Union
Toronto, January 30, 2019 - Ryerson University recently learned of allegations of improper use of Ryerson Students’ Union (RSU) funds by members of the RSU Executive and a failure to report adequately on finances to the RSU Board of Directors. Today, senior leaders at the University met with the RSU Board of Directors. The University is encouraged by the meeting that took place.
The RSU is a separate corporate entity from Ryerson University and has its own corporate governance structure and is accountable to its members. The RSU Board of Directors manages the affairs of the corporation and oversees the finances. Directors and officers have a duty to act honestly and in good faith with a view to the best interests of the RSU and students.
The University takes the allegations very seriously and protecting students is of primary importance. While the University has no authority to conduct an independent investigation into RSU finances, it is the University’s view that the RSU must comply with its bylaws, policies, and the law. Ryerson has requested the RSU Board of Directors take the following steps:
- a forensic audit to investigate these allegations;
- the results of the audit be shared in full with Ryerson University; and
- engage in a process to renegotiate the terms and conditions of the transfer payment agreement between the University and the RSU to ensure that a model of good governance and accountability forms the basis for a partnership that puts the student experience first.
Ryerson University collects fees from students and transfers these funds in regular instalments to the RSU. Until the results of the forensic audit are available and there is greater transparency and confidence that the RSU is managing student fees responsibly and for their intended purposes, the University will withhold these fees, except for the funds necessary to meet the RSU’s operational obligations.
Public Affairs, Ryerson University
416.979.5000 x 4630