CALGARY, Sept. 9, 2015 /CNW/ - The Alberta Securities Commission (ASC) today announced that Bill Rice will retire from his position as Chair and Chief Executive Officer on September 30, 2015 as planned after successfully fulfilling two consecutive five-year terms.
"The ASC is a strong and effective organization today as a consequence of Bill's commitment and leadership," said Richard Shaw, Chair of the ASC's Governance Committee and Lead Independent Member. "The board is grateful for his innumerable contributions to the Commission and his distinguished tenure as Chair and CEO for the last ten years."
"I am extremely proud of the strong team we have built, both at the senior management level and across the Commission," said Bill Rice. "I am confident that the ASC will continue to do an excellent job of fulfilling its mandate of ensuring a fair and efficient capital market and protecting investors."
Tom Cotter, Vice-Chair of the ASC, has been appointed interim Chair and CEO effective October 1, 2015. Mr. Cotter joined the ASC in 2014. Prior to his employment with the Commission, Mr. Cotter was a partner in the business law group with a national law firm, where he advised companies and investment firms on public offerings, private placements, cross-border financings, mergers and acquisitions, reorganizations, recapitalizations, going-private transactions, corporate governance, proxy contests and regulatory compliance. He holds an LLB from the University of Calgary.
The appointment of Mr. Cotter to interim Chair is part of the orderly transition and appointment of a new Chair and Chief Executive Officer, the process of which was delayed earlier this year due to provincial elections. The Governance Committee of the Commission is overseeing the executive search process, with the responsibility for appointing a permanent Chair and CEO ultimately resting with the Minister of Finance, Alberta.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets
SOURCE Alberta Securities Commission
For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488