IIROC nominates three new Independent Directors to its Board

Type: Media Release> General

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New Directors bring significant consumer advocacy, investor protection and pension plan experience

May 28, 2020 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today nominated candidates for three upcoming Independent Director positions on its Board – all of whom extensively meet the criteria of direct experience with seniors and/or vulnerable retail investors, consumers and pension plans.

The individuals, nominated at IIROC's May 27th Board meeting, are subject to formal election at its September 2020 annual meeting. They are:

  • Malcolm Heins
  • Jennifer Newman
  • Laura Tamblyn Watts

“IIROC's Board is confident that the nominees demonstrate a strong commitment to risk management, investor protection and an improved investor experience,” says Paul Allison, IIROC's Chairman of the Board. “Mr. Heins, Ms. Newman and Ms. Tamblyn Watts have established themselves throughout their careers and advocacy work as strong champions for effective and responsive regulation.”

About Malcolm Heins: Mr. Heins is a lawyer and a former insurance industry executive. He was appointed CEO of the Law Society of Ontario in 2001 and retired in early 2012. In 2015, Mr. Heins was appointed to Chair the Ontario Expert Committee to Consider Policy Alternatives for the Regulation of Financial Advisory and Financial Planning Services. He is currently a member of the Ontario Securities Commission's (OSC) Investor Advisory Panel (IAP) and sits on various boards, including Legal Aid Ontario. Over his career and in particular in his capacity as a regulator, Chair of the Expert Committee and a member of the IAP, Mr. Heins has been an advocate for the public interest and consumer protection.

About Jennifer Newman: Ms. Newman is the Senior Managing Director, Real Estate Operations & Special Projects, for the Ontario Teachers' Pension Plan - Canada's largest single-profession pension plan - with a commitment to seek the best investment results for over 300,000 active and retired pension plan members. Ms. Newman brings extensive experience in financial operations, technology, risk and change management, through challenging times, in both the pension and banking sectors.

About Laura Tamblyn Watts: Ms. Tamblyn Watts is a lawyer, public speaker and advocate sought for her commentary on elder law issues. She is among Canada's most resounding voices for seniors and vulnerable investors, in her role as President and CEO of seniors' advocacy and policy group CanAge, and is a member of the OSC's Taskforce on Seniors. Ms. Tamblyn Watts is CARP's former Chief Public Policy Officer and a former board member of the Ombudsman for Banking Services and Investments.

These nominations further bolster IIROC's commitment to meaningful and diverse representation on its Board. Most recently, in February, IIROC appointed Victoria Harnish to a two-year term. Ms. Harnish is a former Deputy Minister of Finance with the Province of Nova Scotia, with a diversified background and commitment to giving back to the community. The new Directors will succeed Edward Iacobucci, James Donegan and Catherine Smith, whose terms are ending.

IIROC’s Corporate Governance Committee, comprised entirely of Independent Directors, 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 IIROC Board 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.

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About IIROC:

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

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