February 24, 2020 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today announced that the criteria used to identify candidates for upcoming Independent Director positions on its Board has been formally amended to include direct experience with consumer and retail investor issues.
“IIROC’s close attention to retail investors’ interests is a driving force behind our desire to bring direct experience in this area to our Board composition,” says Paul Allison, Chairman of the Board, IIROC. “We will continue to build on our progress to recruit Independent Directors with hands-on consumer or seniors’ experience, and look forward to enhancing this expertise.”
IIROC continuously works to ensure diverse expertise on its Board. Recently, IIROC’s Board appointed Victoria Harnish to a two-year term. Ms. Harnish is a former Deputy Minister of Finance with the Province of Nova Scotia, bringing a diversified background and commitment to giving back to the community. Ms. Harnish succeeded Lucie Tedesco, former Commissioner of the Financial Consumer Agency of Canada, which ensures federally regulated financial entities comply with consumer protection measures. Ms. Tedesco was appointed Director in 2018 but left the Board in 2019 after her appointment ended.
IIROC’s Corporate Governance Committee is made up entirely of Independent Directors and serves as the nominating committee for new Directors. The Committee has worked closely with a diverse group of stakeholders and professional bodies, including the Institute of Corporate Directors and CPA Canada, to identify candidates who meet specific, extensive director skills criteria. The Committee is at an advanced stage of identifying potential candidates from across the country, representing diverse skill sets.
The new Directors will succeed Edward Iacobucci, James Donegan and Catherine Smith as Independent Directors, subject to election by IIROC’s members at IIROC’s 2020 annual meeting. Mr. Iacobucci, Mr. Donegan and Ms. Smith will reach their term limits prior to that meeting.
The structure of the IIROC Board ensures – among other things – meaningful and diverse representation. It is composed of 15 people: seven Independent Directors; five Directors from IIROC-regulated firms; two Directors from marketplaces regulated by IIROC; and IIROC’s President and CEO.
As a pan-Canadian self-regulatory organization, IIROC is committed to investor protection and to effective, efficient regulation, driven by the changing needs and expectations of Canadians and the transformation of the financial services industry.
