David Brown, chairman of the Ontario Securities Commission, has been named the Laurier Outstanding Business Leader of the Year. He will receive the award today at Wilfrid Laurier University, in Waterloo, Ontario.

The award selection committee selected Brown in recognition of his outstanding work in promoting stronger regulatory frameworks for good corporate governance in Canada.

“Mr. Brown’s personal commitment and accomplishments certainly reflect the characteristics that Laurier wants to instill in its students,” said Scott Carson, dean of the school of business and economics, in a news release.

In accepting the award, Brown explained how regulators contribute to business and economic growth, touted the OSC’s proposed Fair Dealing Model, and gave hints of a forthcoming insider trading regime.

Brown pointed out three quarters of the country’s 1,700 securities firms do business in Ontario, and, the sector makes up 20% of Ontario’s GDP. “The numbers provide concrete proof of something that has become increasingly apparent — capital markets are a vital element of the Canadian economy. They are an especially important part of Ontario’s economy,” he said.

Brown said proper regulation is vital to maintain the health of the industry. “If people aren’t provided with reason to believe they are in a fair game, they won’t play. A growing number of Ontarians are counting on market investments to provide for their retirement. We must ensure that their confidence in our economic system is justified.”

He noted that regulation must be balanced with fairness to industry. “Overall, an effective regulatory environment can and should be a spur to growth,” he said. “It provides one of the essential ingredients of a free market economy. It gives investors the confidence they must have in the system if they are going to put their money into it.”

Regarding the proposed Fair Dealing Model, he said, “It’s a response to changing market conditions, heightened investor expectations, and pressures on the financial services industry. For more than 30 years, securities regulations in Ontario have focused on products and transactions. We have put forward a new approach, focused on the relationship between investors and their service providers.”

He pointed out that the model will also try to take the unfairness out of risk-taking by addressing illegal insider trading. A task force formed to examine this issue expects to publish its report in the next few weeks.

“Securities regulation is about economic growth,” he concluded. “It’s about opportunity. It’s about maintaining a fair investment environment. In that sense, I guess we are business people. And I’m honored to accept this award.”

Prior to his appointment wih the OSC, Brown served as a senior corporate law partner with Davies, Ward and Beck for 28 years. His primary practice included mergers and acquisitions, strategic alliances, corporate finance, reorganizations and the advising of various levels of government on related policy issues.

Brown also serves as a member of several councils, including the Canadian Public Accountability Board that was developed and launched, with his support, to oversee the audits of publicly listed companies.

The school of business and economics at Wilfrid Laurier University initiated the Laurier Outstanding Business Leader of the Year award in 1987. Brown is the 16th recipient of the award, which recognizes business leaders who exemplify the qualities and characteristics of leadership excellence and management.