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First Chair of the OSC Under New Structure, Heather Zordel, Resigns

Financial Post | Denise Paglinawan  | Oct 25, 2022

OSC hearing rooms - First Chair of the OSC Under New Structure, Heather Zordel, ResignsHeather Zordel, the chair of the Ontario Securities Commission, has resigned less than a year after her appointment to the role.

  • Why so sudden?
    • Ontario Finance Minister Peter Bethlenfalvy accepted Zordel’s resignation on Oct. 21, a ministry spokesperson confirmed this week. No reason was given for her departure.
    • In an email statement, Zordel said her decision to resign was due to personal reasons and workload, adding that she wished the OSC board and tribunal members and all the staff continued success. She said she had worked for the OSC for three and a half years “during a period when significant changes were made to the organization, including the separation of the tribunal.”

See:  Conrad Black: Controversy Over the Nomination of Heather Zordel as New Non-Executive Chair at the OSC

  • Heather Zordel's appointment: 
    • The Ontario government appointed Zordel as chair of the OSC board in March for a two-year term. She was the first chair of the provincial securities regulator under its new structure, in which the roles of chair and chief executive were split into distinct positions.
      • The division of the agency’s adjudicative and regulatory enforcement roles came after a 10-month review by the province’s Capital Markets Modernization Task Force, which made more than 70 recommendations to reform the OSC in 2021.
      • The Globe and Mail reported that Zordel’s ascent to non-executive chair prompted two former part-time commissioners, Lorie Haber and Craig Hayman, to resign in protest and that a majority of part-time commissioners Zordel had served with had earlier opposed her renewal.

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