12 November 2004,
Vol 3, #9
A monthly bulletin for ecumenical justice activists and friends from
KAIROS: Canadian Ecumenical Justice Initiatives/Initiatives œcuméniques
canadiennes pour la justice.
The Standing Committee on
Finance and Economic Affairs of the Ontario Legislature has recently
tabled a key report on the operations of the Ontario Securities Commission
(OSC), the government agency that regulates the investment industry.
KAIROS, after consultation with other key players in the social investment
field, has written a
letter to the Chair of the Management Board of
Cabinet, supporting all of the recommendations of the above
report. KAIROS emphasizes two key recommendations:
1. The creation of a single national body to regulate the investment
industry, replacing the thirteen agencies currently operating in the
provinces and territories.
Why? Such a change would make it
easier for socially responsible investors to apply concerted pressure for
change. The investing public, especially socially responsible investors,
would find it easier to promote greater disclosure and accountability
through improved administration of the rules governing securities. At the
same time, the corporate community would find it less costly and
burdensome to deal with a single agency
2. The separation of the policing and judging functions of the Ontario
Securities Commission (OSC).
Why? There are many documented cases of small investors, particularly
seniors, who have lost substantial sums to unscrupulous investment dealers
and advisors, but who have had to resort to lengthy and expensive personal
litigation to obtain justice. This suggests that the current OSC structure
is inadequate to deal with securities violations and complaints of
unethical behaviour. A separate tribunal for hearing cases would make it
more likely that such cases would be resolved by the appropriate
For more information on this issue, visit
a comprehensive website maintained by Robert Kyle, Investor Advocate and
director of the Consumers Council of Canada.
For information on KAIROS’ Corporate Responsibility Program, contact Rory
firstname.lastname@example.org or at 1-877-403-8933 X 229.