Advocates seek public access to OSC conference

(October 29, 2004) Investor advocates are demanding free public access to the Ontario Securities Commission’s annual one-day industry conference, Dialogue with the OSC.

The conference, scheduled for Monday, is traditionally industry-only, but that’s something advocate Robert Kyle would like to change. “It is disingenuous for the OSC to state that they wish to address the concerns of the investing public but charge us $450 a head to listen to them. What other government agency charges those it is mandated to protect?”

In response to such complaints, the commission has sent complimentary passes to a number of advocates. According to sources, the list includes Kyle, Glorianne Stromberg, Jim Roche, Ken Kivenko, Joe Killoran, Diane Urquhart, Larry Elford, Sandra Gibson, and David Yudelman.

But Kyle is not impressed by the OSC’s gesture. “The OSC will not placate the investing public by providing 10 tickets to consumer protection organizations and individuals,” he says. “All Ontarians should have access to what the OSC is doing about the dilapidated securities regulatory system.”

Kyle says he would have like to see the entire conference shown to the public via the Internet, an idea the OSC ruled out due to cost considerations.

“Over the past five years, they’ve forwarded a $60 million surplus to the provincial government,” Kyle states. “Do you the think the government will be upset if they spent $6,000 on a webcast so that all Ontarians can have access to the conference?,” he asks.

Still, the OSC isn’t ignoring investor issues at the conference. A panel discussion entitled “Empowering Investors” is scheduled for Monday afternoon. The panel will discuss ways to ensure that consumers get a voice at the table and will examine the role of activist institutional investors, retail investor advocacy groups and civil remedies for investors, the OSC says. Stan Buell, head of the Small Investor Protection Association, is part of the investor panel.

Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com