Search is on for leadership of new SRO

Canadian securities regulators actively seeking candidates for CEO and board

Search is on for leadership of new SRO

The Canadian Securities Administrators (CSA) has officially begun its search for nominees to lead Canada’s planned new single self-regulatory organization (SRO).

In a statement, the CSA said that the special joint committee it set up to lead the recruitment process is now actively seeking candidates for the SRO’s CEO and its board, which will include six industry directors and eight independent directors. One of the independent directors will be selected as the SRO’s chair.

“Candidates should have a strong commitment to the goals and objectives of the new SRO to enhance investor protection and public confidence, ensure fair and efficient markets, accommodate innovation and to adapt to continually evolving industry conditions,” the statement said.

According to the statement, the committee is aiming for “broad diversity of thought, background, and experience.” Other aspects of diversity will be considered including gender, ethnicity, and other qualities and identities to reflect the diversity of the Canadian population. Geographic representation will also be a consideration, the statement said.

The nominations for board of directors are expected to include existing board members of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), as well as some new candidates.

“In this way, the new SRO’s board will benefit from the continuity of the knowledge and experience of the current boards, while also adding new voices and perspectives,” the statement said.

To help with the recruitment, the committee has retained the services of Russell Reynolds Associates, a global leadership advisory and search firm, which will interview and evaluate all candidates. Selected candidates will go on to be interviewed by the special joint committee, which will then recommend final candidates to the CSA and the boards of IIROC and the MFDA.

“The evaluation and selection process has been constructed with the intent to be transparent and fair to all applicants,” the statement said.

Role descriptions for the CEO and board director positions are now posted on the CSA website, as well as the IIROC and MFDA websites.