Maureen Jensen’s term as OSC chair extended until 2021
Maureen Jensen has received a three-year extension of her term as chair and chief executive of the Ontario Securities Commission.
Initially appointed to a twoyear term as head of the country’s largest securities watchdog in February 2016, she will now stay in the top job at the OSC through Feb. 10, 2021.
It is understood the shorter initial term was selected because Ontario is among a handful of provinces pursuing a joint federal-provincial co-operative capital markets regulator that would have replaced the OSC.
That project is still underway but has faced delays and hit roadblocks, including a court challenge in Quebec, which is not one of the participating provinces.
Under Jensen, the OSC has focused on board diversity, unveiled the country’s first paid whistleblower program for securities infractions and pushed for standards to force financial advisors to put client interests ahead of their own and that of their firms.
“Maureen Jensen is an outstanding leader who brings exceptional value and expertise to the province’s securities sector,” Ontario finance minister Charles Sousa said in a statement announcing the extension of her term.
Sousa added that she has also worked to advance the government’s push towards the co-operative federal-provincial capital markets regulator.
Jensen said she remains “strongly committed” to moving forward with key reforms, including those that would better protect investors, reduce regulatory burdens and support innovation in the capital markets.
Under Jensen, the OSC broke ranks with the majority of provincial regulators with a plan to impose a “best interest” standard on financial advisers in their dealings with clients. Only New Brunswick joined the country’s largest securities regulator in pushing ahead with the reform.
The OSC also led the way with rules that force companies to disclose details about diversity policies and the number of women on their boards in senior management. In that case, however, provincial securities regulators across the country ultimately followed suit with diversity disclosure regimes.