A task force to review governance at the Mutual Fund Dealers Association of Canada is to begin consultation with MFDA members.

In February the MFDA announced that it would establish a Task Force on Governance Issues to review various issues that arose at its annual meeting in December, including: the failure to pass a by-law dealing with the definition of a public director and the terms of office of all directors; the process for nominating and selecting members of the board; the process for making and/or amending the by-laws and rules of the MFDA; and the failure to elect three proposed public directors.

The task force held its first meeting on March 27, and today the regulator said its board has adopted terms of reference for the task force, which includes consultation with interested parties (including MFDA members, board members, MFDA staff, regulators, governments, industry organizations and clients).

The task force is comprised of the board’s governance committee, along with a representative from a small dealer and one from the public. It is being chaired by Martin Friedland, professor at the University of Toronto.

Industry directors are George Aguiar, president and CEO of GP Wealth Management Corp. and Ed Legzdins, senior vice-president and head of retail investments for Bank of Montreal. The public director, Bob Wright.

Thomas Martin, chairman of Martin + Becker Financial Management Ltd. is the additional representative from a small dealer; and Paul Moore, Bennett Jones LLP represents the public.

The task force’s next meeting is scheduled for April 7, and it is scheduled to deliver its draft report to the MFDA board in time for the board’s June 4 meeting.

IE