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OSC – Action Plan for Truth and Reconciliation
Letter Summary:
The Ontario Securities Commission (OSC) is seeking feedback on its draft Action Plan for Truth and Reconciliation (APTR) for engagement and is seeking feedback from interested or affected parties, including rightsholders in Ontario, Indigenous organizations, market participants, regulators, investors and investor advocates.
Overview of the Council’s Comments
The Canadian Advocacy Council (CAC) of CFA Societies Canada expressed strong support for the Ontario Securities Commission’s (OSC) draft Action Plan for Truth and Reconciliation (APTR), commending its five-pillar structure and leadership in aligning reconciliation efforts with capital markets. Drawing on input from Indigenous leaders and perspectives, the CAC emphasized the importance of a thoughtful, structured approach that integrates Indigenous voices into both policy and organizational culture.
- Leadership and Accountability: Called for clear, senior-level ownership of APTR implementation, including defined KPIs and public reporting by both the organization and relevant divisions.
- Indigenous Investors: Recommended expanding the APTR’s scope to consider Indigenous Peoples specifically as investors, not only as general participants in capital markets.
- Advisory Structure: Suggested creating a dedicated Indigenous Advisory Committee, rather than integrating Indigenous members into existing advisory bodies, to support systemic and cultural change.
- Experiential Learning: Advocated for sustained, experiential learning opportunities for OSC staff and leadership (including Tribunal members), particularly with a province-wide focus beyond Toronto.
- Thought Leadership: Encouraged the OSC to pursue proactive, consultative research initiatives on regulatory and capital markets issues affecting Indigenous Peoples—such as rights-holder consultation in disclosure guidance and barriers to registration and market access.
- Standards Development: Recommended that the OSC engage in aligning Indigenous-related reporting standards with international frameworks like those from the ISSB, enhancing consistency in both financial and non-financial disclosures.