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Three candidates nominated for investment industry regulator’s board

Friday, May 29, 2020 @ 12:19 PM | By John Chunn


The Investment Industry Regulatory Organization of Canada (IIROC) on May 28 announced that three candidates have been nominated for upcoming independent director positions on its board.

According to IIROC’s press release, the individuals, nominated at IIROC’s May 27 board meeting, are subject to formal election at its September 2020 annual meeting. They are Malcolm Heins, Jennifer Newman and 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,” said Paul Allison, IIROC’s chairman of the board. 

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, 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. 

Newman is the senior managing director, Real Estate Operations & Special Projects, for the Ontario Teachers’ Pension Plan — Canada's largest single-profession pension plan. Newman has extensive experience in financial operations, technology, risk and change management, through challenging times, in both the pension and banking sectors.

Watts is a lawyer, public speaker and advocate sought for her commentary on elder law issues. She is the president and CEO of seniors’ advocacy and policy group CanAge and is a member of the OSC’s Taskforce on Seniors. 

The press release states that the nominations further bolster IIROC’s commitment to diverse representation on its board. Most recently, in February, IIROC appointed Victoria Harnish to a two-year term. Harnish is a former deputy minister of finance with the province of Nova Scotia. The new directors will succeed Edward Iacobucci, James Donegan and Catherine Smith, whose terms are ending.

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.