Alberta regulator appoints interim chair

(May 9, 2005) The Alberta government has appointed former auditor general Peter Valentine as interim head of the province’s securities commission. Valentine replaces Stephen Sibold, whose five-year term as chair ended last week.

Valentine, who also spent 30 years with consultant KPMG, will continue in the position until the current recruitment of a full-time chair is completed, the province said in a statement. That process is expected to take several months, sources say.

“I am pleased that Peter has accepted this interim position and I have complete confidence in his abilities to help the commission emerge from the controversy it is facing while a permanent chair is found,” said Alberta Finance Minister Shirley McClellan.

The commission has been under fire since media reports in March suggested questionable management practices at the regulator, fostering a “dysfunctional and toxic” work environment.

Sibold vehemently denied the allegations and announced plans to sue the originator of the reports, The National Post and chief business correspondent Theresa Tedesco.

McClellan has asked the province’s current auditor general to investigate the commission and file a report to the legislature this summer.

Valentine — Alberta’s auditor general from February 1995 to January 2002 — says he is “well aware” of the issues and allegations surrounding the commission. “I understand there are some very deep wounds that need to be healed within this organization and I will do my very best to assist staff and management through this challenging time,” he said in a statement.

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