Maureen Jensen’s nomination to the peak job at the Ontario Securities Commission is proven, sources say.
Jensen, the first woman to lead Canada’s largest capital markets regulator, holds the positions of chair and chief executive for a two-year term, effective immediately.
“I’m happy to learn that Maureen Jensen is proven,” Charles Sousa, Ontario’s minister of finance, said in a statement when reached late Wednesday.
“Maureen has been instrumental to the OSC leadership team since 2011 and I’m confident that with her in the helm, this important agency’s work continues safeguarding investors and ensuring capital markets in Canada are efficient and competitive,” he explained.
Unlike her predecessor at the OSC, Howard Wetston, Jensen wasn’t called before the Ontario’s all-party Standing Committee on Government Agencies to become questioned about her plans for the top job in the OSC. Wetston stepped down in November after his term, which began in 2010 and was extended twice.
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Jensen’s confirmation appeared close last week when Tim Hudak, a Conservative MPP, issued a statement in which he called Jensen “an outstanding choice” to lead the OSC.
“Maureen is a savvy and experienced leader within the securities sector and is not afraid to make tough, controversial recommendations that improve transparency, build investor confidence, and incorporate sensible consumer protections,” Hudak said.
Sousa announced Jensen’s nomination to replace Wetston recently. At that time, he singled out her operate in implementing Ontario’s new “comply or explain” disclosure regime, which aims to improve the representation of ladies on boards of directors as well as in executive officer positions.
He also noted that she would be a key player on the OSC’s team that has been supporting the Ontario government’s efforts to produce the co-operative national-provincial regulator.
The Co-operative Capital Markets Regulatory System has been used five provinces including Ontario, one territory, and the authorities. However, officials in Quebec and Alberta have repeatedly vowed not to join.
As executive director at the OSC for the past five years, Jensen worked closely with Wetston during most of his term as OSC chair, helping him set the regulator’s agenda and monitor progress, sources have told the Financial Post.
In 2014, she was named by Toronto Life magazine as one of the city’s most influential people. Playboy credited her with introduction of the new rules aimed at enhancing the representation of women on corporate boards.
Jensen also took charge on files including a “mystery shop” survey that was used to measure the financial advice provided to retail investors across the nation. She also waded right into a contentious overhaul of the regulator’s fee structure.
Before joining the OSC, she was senior vice-president, surveillance and compliance, at an investment Industry Regulatory Organization of Canada. Earlier in her career, she worked like a director in the Toronto Stock market, so that as an executive at several mining companies.
Financial Post
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