Kairos Times
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 authorities.

For more information on this issue, visit http://www.inverstorvoice.ca 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 O’Brien at robrien@kairoscanada.org or at 1-877-403-8933 X 229.