Launch of Canadian Foundation for the Advancement of Investor Rights (FAIR Canada)



    TORONTO, Sept. 29 /CNW/ - The Canadian Foundation for the Advancement of
Investor Rights (the "Foundation" or "FAIR") today announced the launch of its
operations as a non-profit, independent national organization to represent the
interests of Canadian investors in securities regulation. "While regulators
and government policy makers receive input from industry, listed issuers,
financial institutions and their legal and other advisors, too often they have
limited input from investors, particularly retail investors who lack the
necessary legal, accounting and financial resources that are available to
other stakeholders to advance their interests" said Mr. Pascutto, FAIR's
initial Executive Director.
    Mr. Pascutto originally proposed the concept of a national non-profit
investor advocacy organization to the boards of directors of Market Regulation
Services Inc. (RS) and the Investment Dealers Association of Canada (IDA). The
Boards of the IDA and RS, which recently merged to form the <a href="http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B02441921C814CBCA4F1130D20942A1B&Language=en">Investment</a>
<a href="http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B02441921C814CBCA4F1130D20942A1B&Language=en">Industry Regulatory Organization of Canada (IIROC)</a>, have approved one time
start up funding from their discretionary and restricted funds to create FAIR.
    Mr. Stanley Beck, the Chair of FAIR, said "We would like to acknowledge
the decisions of two financial industry self-regulatory organizations to use
restricted funds to finance the establishment of a national investor rights
organization. We believe that the use of restricted funds for this purpose
will provide real tangible benefit to the investing public and the Canadian
financial markets".
    In addition, Osgoode Hall Law School has agreed to provide FAIR with
physical premises and other support for three years, as part of the school's
ongoing efforts to engage on issues at the intersection of law, business and
public policy.

    
    Objects of FAIR Canada
    ----------------------

    Fair Canada will seek to advance the interests of investors and the
integrity and fairness of Canadian capital markets by:

    -   making submissions to securities regulators, stock exchanges,
        government and other bodies on priorities, policy, legislative change
        and enforcement to advance the interests of investors;

    -   proactively identifying emerging issues that affect investors and
        seeking reform to mitigate harm to investors; and

    -   identifying actual conduct by issuers, registered persons and other
        market persons that is, or may be detrimental to, investors and where
        appropriate encouraging action to enhance investor rights and
        protections.

    Initiatives for First Year
    --------------------------

    During its first year of start-up activities, the Foundation will focus
on:

    -   building an organization staffed with individuals with expertise in
        investor rights issues;

    -   establishing relationships with investor rights, corporate governance
        and consumer organizations to help identify the issues which are of
        greatest concern to them;

    -   developing a web site and establishing other processes to facilitate
        dialogue and communication between investors and the Foundation; and

    -   creating ties with law and business law schools across Canada with
        the objective of involving them in developing educational programs on
        investor rights.

    "During our first year of operations, we plan to focus our efforts on
identifying and addressing some key issues related to listed issuers and
shareholder rights, said Executive Director Ermanno Pascutto. We intend to
carry out research to compare the rights of Canadian investors, as
shareholders and as consumers of financial services, with investors in the U.
S., U.K. and other leading jurisdictions".

    Governance of FAIR
    ------------------

    The Board of Directors of FAIR is composed of:

    -   Stanley Beck, Q.C., Chairman of the Board of FAIR, President -
        Granville Arbitrations (commercial and labour arbitration and
        mediation), former Chair of the Ontario Securities Commission and
        Professor and Dean at Osgoode Hall Law School

    -   Neil de Gelder - Executive Vice President of Stern Partners (an
        investment firm with investments in private and public companies); a
        leading Vancouver corporate lawyer for some 25 years and a former
        Executive Director of the British Columbia Securities Commission

    -   Stephen A. Jarislowsky - Chairman and CEO of Jarislowsky Fraser, one
        of the largest investment management firms in Canada, and a co-
        founder of the Canadian Coalition for Good Corporate Governance
        (CCGG)

    -   Claude Lamoureux - Recently retired head of the Ontario Teachers
        Pension Plan and co-founder of the Canadian Coalition for Good
        Corporate Governance

    -   Ermanno Pascutto - Executive Director of the Foundation, Canadian and
        Hong Kong lawyer, former Executive Director of the Ontario Securities
        Commission and former Deputy Chairman Hong Kong Securities and
        Futures Commission

    -   Whipple Steinkrauss - Former Assistant Deputy Minister, Business
        Practices Division, Ontario Government, Ministry of Consumer and
        Commercial Relations, Director of the Consumer Council of Canada, and
        past Member of the OSC Investor Advisory Committee

    -   Ed Waitzer - Partner, Stikeman Elliott (including Chair from 1999 to
        2006); Jarislowsky Dimma Mooney Chair in Corporate Governance at
        Osgoode Hall Law School and Schulich School of Business and former
        Chair of the OSC
    





For further information:

For further information: Ermanno Pascutto, Executive Director, Canadian
Foundation for Advancement of Investor Rights, Suite 5100 Commerce Court West,
199 Bay Street, Toronto, Ontario, M5L 1B9, (T) (416) 869-6891 or (E)
ermanno.pascutto@faircanada.ca

Organization Profile

FOUNDATION FOR THE ADVANCEMENT OF INVESTOR RIGHTS

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CANADIAN FOUNDATION FOR ADVANCEMENT OF INVESTOR RIGHTS

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