Alberta Record

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

Alberta securities commission governance reset

The OIC redesignates a lead independent member for the Alberta Securities Commission and prescribes new governance powers and duties for this role, including calling and chairing independent member meetings and reviewing commission agendas…

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What changed

  • Redesignates Raymond Crossley as the lead independent member of the Alberta Securities Commission for a term expiring March 31, 2024.
  • Reappoints three individuals as members of the Alberta Securities Commission for terms expiring March 31, 2026.
  • Prescribes specific powers, duties, and functions for the lead independent member, as detailed in an attached Appendix.
  • Establishes the lead independent member as the chair of meetings for independent members, with authority to determine agendas and procedures.
  • Authorizes the lead independent member to review and make recommendations on agendas for full Commission meetings and committee meetings, in consultation with relevant chairs.
  • Grants the lead independent member the ability to request an adjournment of Commission meetings for independent members to meet.

Why it matters

  • Formalizes a new, distinct leadership role for independent members within the Alberta Securities Commission's governance structure.
  • Establishes a mechanism for independent members to coordinate their activities and provide unified input on Commission operations and agendas.
  • Introduces a formal process for independent members to pause Commission proceedings for internal consultation.
  • Potentially enhances the capacity for independent oversight and advice within the Commission's decision-making framework.
  • Adjusts the internal governance dynamics by formalizing a specific function to represent and coordinate independent perspectives.

Other governance concerns

  • Changes to the internal governance structure of a regulatory body.
  • Formalization of a new leadership role for independent members.
  • Impact on the balance of influence within the Commission's decision-making.
  • Potential for enhanced independent oversight within the Commission.

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