Expert Panel on Securities Regulation

Creating an Advantage in Global Capital Markets

Biographical Notes

Panel Chair

The Honourable Thomas Hockin, P.C.
Former Minister of State (Finance) and former President, Investment Funds Institute of Canada (IFIC)

Mr. Hockin led the IFIC and the Canadian Institute of Financial Planning from 1994 to 2006. He is a former director of the Institute of Corporate Directors, the Mutual Fund Dealers Association, the Canadian Capital Markets Association and other voluntary boards. As a Member of Parliament and a Minister of State (Finance), he was responsible for the Blue Paper New Directions for the Financial Sector in 1986 and the Hockin-Kwinter Accord, which deals with the regulation of the securities- related activities of federally regulated financial institutions. As Minister of International Trade, he carried out the negotiations on the side accords to the North American Free Trade Agreement in 1993. As a former professor, he is the author of several scholarly articles and four books. He was awarded an Honorary Doctor of Commerce by Ryerson University in 2006 for his contribution to public and academic life and for his volunteer work. Mr. Hockin has a business degree from the University of Western Ontario, a master’s degree in public administration, and a Ph.D. in political science from Harvard University.

Panel Members

Ian D. Bruce, F.C.A.
Chief Executive Officer, Peters & Co Limited

Mr. Bruce spent six years with a major Canadian chartered accountancy firm before starting in the investment business in 1983. He joined Peters & Co Limited in 1998, following senior roles with RBC Dominion Securities and Scotia Capital Markets. Mr. Bruce is a director of Hardy Oil and Gas plc, a director and member of the Executive Committee of the Investment Industry Association of Canada, and is a member of the Patrons’ Council of the Alberta Children’s Hospital Foundation. He is a former member of the National Round Table on the Environment and the Economy, a former director of Taylor NGL LP, and a former director and Executive Committee member of the Investment Dealers Association of Canada. He was elected Fellow of the Chartered Accountants in 2004. He holds an undergraduate degree from Queen’s University, an MBA from the Richard Ivey School of Business at the University of Western Ontario, and the designations of Chartered Accountant and Chartered Business Valuator.

Denis Desautels, O.C., F.C.A.
Corporate Director

Mr. Desautels served as Auditor General of Canada from 1991 to 2001. Prior to that appointment, he had a 27-year career with Ernst and Young, where he latterly was a senior partner in the Montreal Office and Regional Director of Consulting Services for the Province of Quebec and the National Capital Region. Mr. Desautels currently serves as Vice-Chair of the Accounting Standards Oversight Council of the Canadian Institute of Chartered Accountants and, until recently, was an Executive-in-Residence at the Telfer School of Management of the University of Ottawa. A graduate of McGill University, Mr. Desautels is Chairman of the Board of the Laurentian Bank of Canada and serves as a Board member of Bombardier Inc., Le Groupe Jean Coutu (PJC) Inc., CARE Canada, and the International Development Research Centre.

Hal Kvisle
President and Chief Executive Officer, TransCanada Corporation

Mr. Kvisle was appointed in 2001 to his current post with TransCanada Corporation, a leading North American energy company focused on natural gas transmission and power generation. He joined TransCanada in 1999 as Executive Vice-President, Trading and Business Development. Mr. Kvisle is on the Board of Directors of TransCanada Corporation, the Bank of Montreal, and the Nature Conservancy of Canada, and is past Chair of the Board of Governors of Mount Royal College. Mr. Kvisle holds an MBA from the University of Calgary and a B.Sc. (Eng.) from the University of Alberta. Prior to joining TransCanada, he was employed by Fletcher Challenge Energy and Dome Petroleum.

Dawn Russell, Q.C.
Purdy Crawford Chair in Business Law, former Dean of Law, Dalhousie University

Professor Russell practised corporate and securities law for five years with the Halifax firm of Stewart McKelvey Stirling Scales before beginning a career as a law professor. After nearly a decade as Dean of Dalhousie Law School, she is currently an Associate Professor at Dalhousie and has taught corporate law and securities law for many years. She served as co-chair of the Nova Scotia Law Reform Commission between 1995 and 2002, has co-authored two books and written numerous publications, and sits as a director of several corporations. Professor Russell served as a public governor of the Canadian Investor Protection Fund between 2000 and 2006. Professor Russell also served as a member on the Crawford Panel on a Single Securities Regulator, appointed by the Ontario government to develop a model for a common securities regulator. Professor Russell has a B.A. from St. Thomas University, an LL.B. from Dalhousie Law School, and an LL.M. from Cambridge University.

Terry Salman
Chairman, President and CEO, Salman Partners Inc.

Salman Partners Inc. is a full-service, institutional-based investment firm with offices in Vancouver, Calgary and Toronto. Prior to its founding in 1994, Mr. Salman was instrumental in expanding Nesbitt Thomson’s operations into western Canada, the United States and Pacific Rim. He spent 21 years with Nesbitt Thomson, reaching the post of Executive Vice-President and Director. Mr. Salman is a member of the Advisory Committee for the Investment Industry Association of Canada, former Chair of the Investment Dealers Association of Canada, and former Governor of the Vancouver Stock Exchange. He serves on the boards of many charitable organizations. Mr. Salman has an MBA from the University of Hartford.

Heather Zordel
Partner, Cassels Brock & Blackwell LLP

Ms. Zordel works in the Securities Group at Cassels, focusing on corporate finance and securities regulatory compliance. She brings structured products to market and works with investment funds. She lists companies on the TSX and TSXV and assists public companies in complying with stock exchange and securities commission requirements. In addition to her law practice, Ms. Zordel is the Associate Program Director and a Course Director for the Osgoode LL.M. program in securities law and also teaches in legal professional development programs. Her career has included several years working for the TSX. She was a contributing author in a recent book on corporate finance. Ms. Zordel has served on the board of a crown corporation and currently serves on the boards of several private corporations. She has a B.Comm. from the University of Saskatchewan and an LL.B. and LL.M. from Osgoode Hall Law School.

Special Advisors

Howard Davies
Director of the London School of Economics (LSE)

Mr. Davies, who became Director of the LSE in 2003, is the former chairman of the U.K.’s Financial Services Authority (FSA). In his work as founding chairman of the FSA, Mr. Davies is regarded as one of the key leaders in bringing regulation of the financial sector in the U.K. from nine separate regulatory agencies to a single regulatory regime. His career has also seen him serve as a Deputy Governor of the Bank of England, Special Advisor to the Chancellor of the Exchequer and Director General of the Confederation of British Industry. Mr. Davies holds a MA in history and modern languages from Merton College, Oxford, and an MSc in management sciences from the Stanford Graduate School of Business.

David Green
Advisor on International Affairs, Financial Reporting Council (FRC)

Mr. Green was Head of International Policy Co-ordination and EU affairs in the Office of the Chairman at the Financial Services Authority from 1998 to 2004, after a 30-year career with the Bank of England. He now advises the FRC, the U.K.’s independent regulator responsible for promoting confidence in corporate reporting and governance, and has been closely associated with the development of the European regulatory system. Mr. Green is also Secretary of the International Forum of Independent Audit Regulators. He is a graduate of Corpus Christi College, Cambridge, and holds an MSc in Financial Economics from the University College of North Wales.

Peter W. Hogg, Q.C.
Professor Emeritus, Osgoode Hall Law School, York University

Mr. Hogg is the author of Canada’s leading textbook on constitutional law and is currently the Scholar in Residence at Blake, Cassels & Graydon LLP. Educated at the University of New Zealand and Harvard Law School, he taught in New Zealand and Australia. He became a professor at Osgoode Hall Law School in 1970 and later served as Dean of the Law School from 1998 to 2003. Mr. Hogg has advised the Government of Canada, the Government of Ontario, other provincial governments, legislative committees, various public bodies, aboriginal organizations, and private law firms. He has appeared as counsel in a number of constitutional cases, including 13 cases in the Supreme Court of Canada.


David Murchison
Executive Director

Mr. Murchison was Canada’s Department of Finance representative in New York City from 2002 to 2007, where he managed relationships with the financial community and provided policy advice largely focused on the financial sector. As a management consultant from 1994 to 2002, he provided advice to the Department of Finance in the area of financial markets and helped manage the Government’s retail debt program. Before that, he operated a mid-sized business based in Toronto and immediately prior to that, he served in a number of progressively senior management positions with Imperial Oil Ltd. He has an MA in Economics from Queen’s University.

Other Staff of the Secretariat

George Bentley, Communications and Consultations Manager
Margit Herrmann, Executive Assistant
Joan Monahan, Special Counsel
Rodger Scott, Research Coordinator