Maureen Jensen takes over as chair of OSC

Maureen Jensen’s nomination to the top job at the Ontario Securities Commission is proven, sources say.

Jensen, the first woman to lead Canada’s largest capital markets regulator, will hold the positions of chair and chief executive for a two-year term, effective immediately.

“I’m delighted to discover Maureen Jensen is proven,” Charles Sousa, Ontario’s minister of finance, said inside a statement when reached late Wednesday.

“Maureen continues to be instrumental towards the OSC leadership team since 2011 and I’m certain that together with her at the helm, this important agency’s work will continue safeguarding investors and ensuring capital markets in Canada are efficient and competitive,” he said.

Unlike her predecessor in the OSC, Howard Wetston, Jensen was not called before the Ontario’s all-party Standing Committee on Government Agencies to become questioned about her plans for that top job in the OSC. Wetston stepped down in November at the end of his term, which began in 2010 and was extended twice.

Related

Maureen Jensen nominated as next chair from the Ontario Securities CommissionHoward Wetston: The Bay Street sheriff who kept his eye around the big picture

Jensen’s confirmation appeared close last week when Tim Hudak, a Conservative MPP, issued an argument in which he called Jensen “an outstanding choice” to lead the OSC.

“Maureen is really 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 last month. At that time, he designated her operate in implementing Ontario’s new “comply or explain” disclosure regime, which aims to improve the representation of women on boards of directors and in executive officer positions.

He also noted that she would be a key player around the OSC’s team that’s been supporting the Ontario government’s efforts to create the co-operative national-provincial regulator.

The Co-operative Capital Markets Regulatory System continues to be drawn in five provinces including Ontario, one territory, and the authorities. However, officials in Quebec and Alberta have repeatedly vowed not to join.

As executive director in the OSC for the past five years, Jensen worked closely with Wetston during the majority 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. The magazine credited her with introduction of the new rules targeted at increasing the representation of ladies on corporate boards.

Jensen also took the lead on files including a “mystery shop” survey that was accustomed to assess the financial advice provided to retail investors across the country. She also waded right into a contentious overhaul from the regulator’s fee structure.

Before joining the OSC, she was senior vice-president, surveillance and compliance, at the Investment Industry Regulatory Organization of Canada. Earlier in her career, she worked like a director in the Toronto Stock market, and as a professional at several mining companies.

Financial Post

bshecter@nationalpost.com

Twitter.com/BatPost