Maureen Jensen nominated as next chair of the Ontario Securities Commission

The nomination of 59-year-old Maureen Jensen as the new head from the Ontario Securities Commission is viewed as a palatable choice because the province is constantly on the push for the establishment of the national regulatory body.

If approved, the present OSC executive director will 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 probably not looking — nor seen to be looking — to have an industry appointment after her OSC stint,” said Richard Leblanc, a professor of law, governance and ethics at York University. That ought to 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 of the OSC this year, he was widely seen as a shoo-in to lead a pan-Canadian regulator. Wetston stepped down in November.

In an argument announcing Jensen’s nomination Tuesday, Ontario finance minister Charles Sousa designated her work in implementing Ontario’s new “comply or explain” disclosure regime to advertise increased representation of ladies on boards of directors and in executive officer positions.

Sousa’s statement said Jensen can also be “an instrumental area 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 are also fierce opponents, including officials in Quebec and Alberta who have repeatedly vowed not to join.



If all goes according to plan, she should 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 the Investment Industry Regulatory Organization of Canada. Prior to that, she’d worked a as director at the Toronto Stock Exchange, so that 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 frequently helped him set and track the regulator’s agenda.

However, Jensen’s nomination as chair came like a surprise to some 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 was one internal candidate under consideration to permanently replace Wetston, and three external candidates. If formally appointed, Jensen will function as the first permanent female chair of the OSC, according to the finance ministry spokesperson.

Anita Anand, a professor of law in the University of Toronto and a keen follower of regulatory matters, said Jensen brings an abundance of experience to the job.

“She’s been a key player at the OSC since joining as executive director and it is very thoughtful round 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 in addition to 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 increasing the representation of women on corporate boards and in senior management.

At the OSC, Jensen took the lead on files including a “mystery shop” to evaluate advice presented to retail investors by advisers across the nation. She also waded right into a contentious overhaul from the regulator’s fee structure.

bshecter@nationalpost.com

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