Alberta Record

· Order in Council / Alberta Securities Commission governance changes · in-force

Alberta securities commission governance changes 2024 59

This Order in Council reappoints members to the Alberta Securities Commission, redesignates a lead independent member and a vice-chair, and formally defines the powers and duties of the lead independent member.

High impactInstitutional independenceThe public, directlyIndependent watchdogs

What changed

  • Sections 17(2) and (3) of the Financial Statutes Amendment Act, 2023, are brought into legal effect.
  • The effective date for these legislative provisions is April 16, 2024.
  • Reappoints Raymond Crossley and Douglas Mair as members of the Alberta Securities Commission for terms expiring March 31, 2027.
  • Redesignates Raymond Crossley as the lead independent member of the Alberta Securities Commission for a term expiring March 31, 2025.
  • Reappoints Kari Horn as a member and redesignates her as Vice-chair of the Alberta Securities Commission for a term expiring April 30, 2030.
  • Prescribes specific powers, duties, and functions for the lead independent member, including calling and chairing independent member meetings and advising on governance.
  • Amends Order in Council 76/2023 and 96/2021, and rescinds Order in Council 117/2018, related to previous appointments and structures.

Why it matters

  • This action completes the legislative process for specific provisions within the Financial Statutes Amendment Act, 2023.
  • The proclaimed sections will now govern relevant financial matters as outlined in the Act.
  • Establishes a new formal governance role, the lead independent member, within the Alberta Securities Commission.
  • Formalizes a mechanism for independent members to meet, set their own agendas, and provide input on Commission and committee agendas.
  • Creates a channel for independent members to advise the Chair on governance system issues and facilitate internal communication.
  • May enhance the internal oversight and independent voice within the Commission by formalizing specific responsibilities for a lead independent member.

Other governance concerns

  • Implementation of new legislative provisions affecting financial governance.
  • Formalization of internal governance structures for an independent regulatory body.
  • Clarity of roles and responsibilities for independent members.
  • Potential impact on the balance of influence between the Chair and independent members.

Primary sources (3)