The nomination of 59-year-old Maureen Jensen as the new head of the Ontario Securities Commission is seen as a palatable choice as the province is constantly on the push for that establishment of a national regulatory body.
If approved, the current OSC executive director is going to be appointed to a two-year term as the capital markets watchdog’s chair and leader – moving widely praised by legal and regulatory players.
“Because of her age… Jensen is likely not looking — nor seen to become looking — to have an industry appointment after her OSC stint,” said Richard Leblanc, a professor of law, governance and ethics at York University. That should help ease concerns that Canada’s biggest province would dominate any effort to produce a co-operative national-provincial regulator.
The nomination is subject to an Ontario government committee review.
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When her predecessor Howard Wetston was appointed chair from the OSC in 2010, he was widely seen as a shoo-in to lead a pan-Canadian regulator. Wetston stepped down in November.
In a statement announcing Jensen’s nomination Tuesday, Ontario finance minister Charles Sousa singled out her work in implementing Ontario’s new “comply or explain” disclosure regime to promote increased representation of ladies on boards of directors as well as in executive officer positions.
Sousa’s statement said Jensen is also “an instrumental part of the OSC’s executive team” that’s been supporting the Ontario government’s efforts to create the co-operative national-provincial regulator. So far, the Co-operative Capital Markets Regulatory System has the authorities, five provinces including Bc, and something territory aboard. But there’s also fierce opponents, including officials in Quebec and Alberta who have repeatedly vowed not to join.
If all goes according to plan, she ought to be in the new position by spring, according to a finance department spokesperson, who added that her suggested term is 2 years.
Jensen joined the OSC in 2011 as executive director, leaving her position as senior vice-president, surveillance and compliance, at an investment Industry Regulatory Organization of Canada. Just before that, she had worked a as director in the Toronto Stock Exchange, and as a professional at a number of mining companies.
Sources say she worked closely with Wetston during his term as OSC chair, which ended in mid-November, and often helped him set and track the regulator’s agenda.
However, Jensen’s nomination as chair came like a surprise with a market observers because the OSC’s vice-chair Monica Kowal was named acting chair when Wetston stepped down.
At that point, sources told the Financial Post there is one internal candidate into consideration to permanently replace Wetston, and three external candidates. If formally appointed, Jensen will function as the first permanent female chair from the OSC, based on the finance ministry spokesperson.
Anita Anand, a professor of law in the University of Toronto along with a keen follower of regulatory matters, said Jensen brings a wealth of experience towards the job.
“She’s been a key player in the OSC since joining as executive director and it is very thoughtful around the table,” said Anand. “I am very excited for the organization and even for Ontario’s capital markets.”
York University’s Leblanc said the Ontario government “could not have picked a much better choice” to lead the provincial securities regulator.
“Maureen is independent, possesses industry as well as capital markets experience, and has political acumen and highly developed consensus skills and also the utmost integrity,” he explained.
In 2014, Jensen was named by Toronto Life magazine among the city’s most influential people. Playboy credited her with introduction from the new rules targeted at enhancing the representation of women on corporate boards as well as in senior management.
At the OSC, Jensen took charge on files together with a “mystery shop” to evaluate advice presented to retail investors by advisers across the nation. She also waded right into a contentious overhaul of the regulator’s fee structure.
bshecter@nationalpost.com
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