Gerry Phillips, Chairman of Management Board of Cabinet, announced today that David Wilson has been nominated as the new chairman of the Ontario Securities Commission.

Wilson’s appointment is still subject to review by the Standing Committee on Government Agencies. If the committee concurs with this nomination, Wilson’s appointment would take effect on November 1.

Wilson is currently vice chairman of Bank of Nova Scotia and chairman and CEO of Scotia Capital in Toronto.

Scotia Capital says Willson will retire on
October 31.

I am pleased that Mr. Wilson has agreed to lend his talent and expertise to this important role,” said Phillips. “He will have the challenge of leading this key regulatory agency in a complex and fast-changing environment.”

Phillips noted that Wilson has extensive capital markets experience, a demonstrated ability to lead complex organizations, and he has also been advising the government on its work toward a common Canadian securities regulator.

David Brown, departing OSC chairman said that Wilson is an excellent leader who is well placed to guide the OSC through the challenges of regulating the province’s capital markets over the next five years.

“The OSC is indeed fortunate to have someone with the experience and expertise of David Wilson willing to lead the Commission at such a dynamic time for capital markets,” said Brown, in a release. “I welcome the nomination of David Wilson as incoming Chair and am confident that he is the right person to lead the Commission forward,” added Brown,

Brown is stepping down as OSC chairman after more than seven years.

Wilson, 60, was educated at the University of Toronto (B.Comm.) and York University (M.B.A.). He joined the corporate finance department of McLeod Young Weir Ltd. in 1971 having previously been an investment research analyst at Dominion Securities and a financial analyst at the Toronto-Dominion Bank.

From 1971 to 1978, he was based in Toronto. And, from 1979 to mid-1984, Wilson was located in Vancouver and was McLeod’s resident director for B.C. He returned to Toronto in mid-1984 to become managing director for the firm’s corporate finance department. In 1993, Wilson was appointed president and deputy chief executive officer of ScotiaMcLeod (which became Scotia Capital in 1995). In January 1998, he was appointed chairman and CEO of Scotia Capital, and in November 1999 he became co-chairman and co-CEO of Scotia Capital. In May 2002, Wilson was appointed vice chairman of Scotiabank.

Wilson is also a past chairman of the Investment Dealers Association, and was a member of the Five Year Review Committee. Currently he is a member of the board of directors for Rogers Communications Inc., a member of the governing council of the University of Toronto, a director of the University of Toronto Asset Management Corporation, and trustee of the Art Gallery of Ontario.

Born in Toronto, Wilson and his wife Shelagh (nee Higgins) have three daughters, Amy, Katie and Hilary.

In the interim, Susan Wolburgh Jenah will be acting chairwoman, as chosen by the commission.

Wolburgh Jenah is a former OSC General Counsel and Director of International Affairs. Before becoming a vice chairwoman early last year, she had served as a member of the OSC staff for more than 20 years.