Canadian Advocacy Council (CAC)

About the CAC

The Canadian Advocacy Council (CAC) is an independent organization comprising of volunteers from across Canada representing over 19,000 CFA Institute members who are the primary market participants in Canada’s capital markets. The CAC strives to advance market integrity, transparency and investor protection, on behalf of CFA Societies Canada and Canadian CFA charterholders. 

The CAC advocates to Canada’s securities regulators, standard setters, self-regulatory organizations, industry groups, and legislators through the publication of comment letters on proposed rules and notices. In addition, the CAC publishes “White Papers” on issues which it deems are of national importance and participates in a number of User Advisory groups. Comments and issues engaged by the CAC are screened through a vigorous Litmus Test and debate from its members. The CAC also works closely with CFA Institute to coordinate general and specific Canadian advocacy efforts when appropriate in addition to advocating for the CFA Institute Code of Ethics and Standards of Professional Conduct.​

Committee Members

Barbara has served on the CAC since December 2018. Barbara Bauer, CFA, is a Vice President in the Corporate & Institutional Solutions Risk group at Morgan Stanley where she oversees the governance, strategy and the design of risk mitigating systems and tools. Prior to joining Morgan Stanley, Barbara was a Chief Compliance Officer at an Alberta based IIROC dealer after spending almost 15 years at a securities regulator where she investigated market abuse. During her time at the regulator, Barbara was recognized globally as a SME on market abuse and for her collaboration with other regulators and law enforcement agencies both nationally and internationally. Barbara is finishing her 6th term on CFA Institute’s Global Disciplinary Committee (DRC) where she currently serves as Deputy Chair. She is also a member of IIROC’s Proficiency Committee and is a past-president of CFA Society Calgary. In addition to being a CFA charterholder (2007), Barbara is a Certified Fraud Examiner (2009), a Certified Anti-Money Laundering Specialist (2018) and a GRC Certified Professional (2021).
Barb Bauer
Kevin has served on the CAC since September 2019. Kevin is a member of the Treasury department at Hydro One. In his role he is involved in debt issuance, bank financing (including sustainability linked loans), financial risk management, cash management and foreign exchange. He has over thirteen years of experience in treasury following five years in various corporate functions at Hydro One. He has also held positions with Indigenous Services Canada and RBC. As a volunteer with CFA Society Toronto, Kevin is a Senior Advisor and past Chair of the Corporate Finance Committee and was the Vice-Chair of the Fixed Income Committee. Kevin holds an MBA from the Schulich School of Business and a BA in Economics from the University of Waterloo. He is a Chartered Professional Accountant (CPA, CMA) and a CFA charterholder. Kevin lives in Oakville, Ontario with his wife and two energetic young children.
Kevin Dickinson
Doug has served on the CAC since December 2019. Doug is a doctoral candidate in law and an adjunct professor at the University of Toronto. His dissertation will look at how differences in securities regulators’ mandates, jurisdictional boundaries, and decision-making processes might lead them to respond differently to financial innovations. Before pursuing an academic career, Doug served as a judicial clerk to the Chief Justice of Ontario, practiced corporate law at Sullivan & Cromwell in New York, and was a senior advisor at the Ontario Securities Commission. Doug holds a JD from Osgoode Hall Law School, where he graduated as gold medalist, of his class and is admitted to practice law in Ontario and New York. He became a CFA charterholder in 2019.
Doug Sarro_2
Cristina has served on the CAC since October 2017. Cristina Lopez has significant experience in financial markets and business development and is Managing Director, Investment Banking at National Bank Financial, specializing in clean technologies with a focus on carbon and clean fuels. Ms. Lopez joined National Bank in 2016 as a Managing Director with the Energy Investment Banking team and moved into her current role in 2022 after helping to establish the bank’s Sustainability Advisory and Finance practice. Prior to joining National Bank, Ms. Lopez held the role of Vice President, Corporate Development at PrairieSky Royalty where she led the evaluation and successful completion of over $2.5 billion in acquisitions. Preceding her time at PrairieSky, Ms. Lopez was co-head of Canadian Oil & Gas Equity Research at Macquarie Capital Markets Canada Ltd. During her time as an equity research analyst, Ms. Lopez was charged with primary research coverage of over 35 companies and was recognized multiple times by Brendan Wood International as a top Analyst. Ms. Lopez is a CFA charterholder and holds a Bachelor of Commerce degree majoring in Finance and a Bachelor of Arts degree majoring in Spanish from the University of Calgary.
Tamara has served on the CAC since December 2019. Tamara is the Founder and Managing Partner of Close Group Consulting, which is a boutique ESG strategy advisory firm that uses in-depth capital markets and ESG expertise to assess, design, and implement bespoke, end-to-end ESG integration strategies across asset classes for asset managers, asset owners and corporates. She was previously the Head of ESG Integration for KKS Advisors, a global ESG Advisory firm and has over 25 years of combined experience in capital markets and ESG strategy. Tamara has held various front office investment management positions for the Bank of Montreal and Credit Lyonnais in the global derivatives and foreign exchange markets and was previously the head of research and risk for a start-up fixed income asset management firm in Montreal. Before founding Close Group Consulting, she spent 10 years in senior leadership roles within the risk and public markets investment groups of PSP Investments. She is also the founder and creator of the Sustainable Risk Assessment Framework Tamara holds the Chartered Financial Analyst (CFA) certification and is a council member of the Canadian Advocacy Council for CFA Societies Canada. She is a Board director for Evovest, an alternative asset manager. She is also a Board director for CFA Montreal and Chair of the ESG Committee as well as a member of the Investment Committee for the JGH Foundation. Tamara is a Strategic Advisor to the Veristell Institute, a globally focused think-tank on ESG and Corporate Purpose, and an Advisor and Contributor to PracticalESG, a source for ESG thought leadership. Tamara is a regular contributor to industry journals and author of thought leadership on ESG, risk management and sustainable investing and is a sought-after speaker. She earned a Bachelor in Economics from McGill University and a Master of Science degree in Finance from the John Molson School of Business. She is based in Montreal and is fluent in English and French.
Tamara Close portrait headshot
Laura has served on the CAC since October 2017. In 2017, Laura founded SGD Compliance Consulting Inc. SGD is a regulatory compliance consulting firm that works with investment firms registered in the categories of portfolio manager, investment fund manager and exempt market dealer. Laura has over 15 years’ experience in the securities industry including regulatory audit experience from her role as Senior Analyst in the Market Regulation Division of the Alberta Securities Commission (ASC). Laura was also an Associate at a wealth management firm that services high-net-worth investors and a Mutual Fund Analyst at a global investment management organization. Laura has an MBA from the Smith School of Business at Queen’s University and holds the Chartered Financial Analysis (CFA) designation and the Certificate in Investment Performance Measurement (CIPM) designation through CFA Institute. She also holds the Chartered Investment Manager (CIM) designation and has completed various Anti-Money Laundering & Terrorist Financing for Securities Professionals courses. Laura has served as a Board Member and Secretary on the Canadian Investment Performance Committee (CIPC) and participated as a member on the Global Investment Performance Standards (GIPS) – Verification Oversight working group. Laura was also a Board Member for CFA Society Calgary.
Laura Howitt 2
Georgie has served on the CAC since July 2021. Geordie is a Gwich’in (Northwest Territories and Yukon). Geordie is CEO at First Nations Financial Management Board. He provides leadership on implementing the strategic direction of FMB set by the Board of Directors, while overseeing staff and their work. He brings deep experience in finance and financial law, with experience as a securities regulatory lawyer, financial tribunal Chair and CEO, management consultant, and investment banker. He has also practiced Aboriginal and corporate law at a national law firm, driven economic development initiatives for the Gwich’in Nation, and represented the Gwich’in Nation in international Arctic economic development forums. He has initiated and led Indigenous networking and Reconciliation and UNDRIP policy development initiatives at the Canadian Bar Association (BC and National). Geordie holds an MBA and an MA (East Asian Studies/Chinese) from Stanford University, an LLB from UBC, and an electrical and computer engineering degree from Queen’s University. He is a CFA charterholder, CAIA Charterholder and an Action Canada Fellow. Geordie is a member of CFA Societies Canada’s Canadian Advocacy Council for investment policy and a member of the Independent Review Committee on Standard Setting in Canada, which is reviewing audit and sustainable standards governance and oversight for Canada.
Geordie Hungerford 2
Ijeoma has served on the CAC since December 2022. Ijeoma is Executive Director, Sustainable Finance at CIBC Capital Markets where she provides subject matter expertise and advises clients on strategies to overlay ESG into their capital structure across public and private markets. Her career has spanned sustainability, corporate and investment banking in various capacities and across different geographic regions. Ijeoma joined CIBC in 2022 from Sustainalytics where she was Regional Lead for the Americas Opinions team delivering second party opinions on green, social, sustainable and transition finance frameworks across use of proceeds and sustainability-linked instruments across a variety of sectors and geographies. As an advocate for diversity and inclusion, she has authored various pieces on equity and is a mentor with the Black Business Ventures Association and Women in Capital Markets. Ijeoma holds an MSc. in International Business and Finance from the University of Dundee, Scotland as well as a Bachelor of Commerce degree in Finance from Carleton University.
Ijeoma Madueke
Parham has served on the CAC since September 2016. Parham has over a decade of wealth management and regulatory experience. He previously held roles at the Ombudsman for Banking Services & Investments and the Brattle Group. Mr. Nasseri holds a CFA charter and an MBA from Schulich School of Business.
Parham Nasseri, CFA
Pierre-François has served on the CAC since June 2014. Pierre-François has over 30 years of professional experience (Canada and internationally: USA, Europe, Brazil, Japan) in commercial real estate (CRE) financing, particularly for large and complex, private and public transactions. He is also a subject matter expert for CRE loan syndication (C$15B+ transactions), capital markets, securitization (C$5B+ transactions) and restructuring of impaired loans. Furthermore, he is currently responsible for identifying new countries or products to optimize the risk-adjusted return of a C$20B CRE debt portfolio at Otéra Capital. Pierre-François holds a BA in History, and BCL/LLB. He is a lawyer (member of the Québec Bar), MBA and CFA charterholder.
Pierre-François Payette
David has served on the CAC since September 2019. David Stanton is a retired financial services executive with 35 years of financial services industry experience, the last 25 years in the field of risk management. David was the Enterprise Chief Risk Officer of TMX Group where he was responsible for oversight of all material, emerging and strategic risk exposures. Prior to that, he was the Chief Risk Officer of The Canadian Depository for Securities. He holds an MBA from Queen’s University, the Financial Risk Manager (FRM) designation from the Global Association of Risk Professionals and is a CFA charterholder.
David Stanton
Milos has served on the CAC since January 2015. Milos is Vice President, Investment Policy. He joined RBC in 2003 where he is responsible for overseeing various investment management related activities including new solution design and development, performance analytics and trade cost analysis. He is also responsible for developing and monitoring investment policy statements and implementing tactical asset allocation for various RBC GAM investment solutions. Prior to joining RBC Asset Management, Milos had gained extensive experience in the financial services industry working with PricewaterhouseCoopers, TD Securities and Fidelity Investments. Milos holds a Master of Business Administration degree from Schulich School of Business and earned the chartered financial analyst designation in 2004. Milos is a Board member of the Canadian Buy-Side Investment Management Association, a member of IIROC’s Market Structure Advisory Committee.
Milos Vukovic
Li has served on the CAC since July 2021. Li is an associate professor at the School of Business and Economics, Thompson Rivers University. Her research interest includes corporate finance, corporate governance, financial information, and institutional investors. Prior to joining Thompson Rivers University, she taught finance and accounting at Shanghai Jiao Tong University in China and was the Area Editor of China Finance Review International. Li holds a Ph.D. from McGill University and an MBA from McMaster University.
Li Zhang

Nomination Form

Want to help shape the Canadian regulatory landscape, and become a part of a community advocating for investor protection?

Nomination Form

The CAC reports to the CFA Societies Canada Board of Directors.

The Board of CFA Societies Canada in turn designates the CFA Societies Canada Executive Committee.

Within the responsibilities of the CFA Societies Canada Executive Committee include:

– Overseeing and approving governance of Canadian Advocacy Council (CAC) and other committees or councils approved by the Board;

– Approving the admission of members of CAC and other committees or councils approved by the Board;

– Recommending and overseeing budgets of CAC and other committees or councils approved by the Board;

– Recommending national communication items, to Member Societies of CFA Institute in Canada;

Members of the CFA Societies Canada Executive Committee are encouraged to observe all CAC meetings/ conference calls and join meetings in their respective cities.

In order to determine the issues that it will engage its resources, the CAC utilizes a litmus test as follows:

Canadian Advocacy Council
Litmus Test​
(February 23, 2023)

  1. Deciding what initiatives the Canadian Advocacy Council (“CAC”) should undertake requires an analysis of a variety of criteria, balancing the potential for contributing meaningful analysis and insight against the resources, intellectual and otherwise, available to the CAC. Moreover, given the myriad of issues facing the Canadian markets in general, and the investment management industry, more specifically, the CAC must assess whether it is the most appropriate body to address a particular issue.
  2. In order to provide guidance for evaluating which initiatives the CAC will undertake, reference is made to the following criteria. While no one criterion or combination should be seen as determinative, the following list will provide helpful benchmarks against which the relevant policy group within the CAC, in consultation with its Oversight Committee, can weigh its decision to expand its efforts.
  3. In deciding whether to undertake a particular initiative, the CAC Executive considers the; 1) Priority Alignment, 2) Opportunity to Influence and 3) Relationship Value of the initiative in light of each of the following characteristics in order to undertake those initiatives that will produce the greatest benefits to Canada’s CFA Institute member societies, CFA Institute members, the capital markets, and the investment community in general. Accordingly, an initiative is then presented to the greater Council after taking into consideration the following characteristics:
    • Level of importance to our Canadian membership, including member societies;
    • Ability to promote high standards of ethical and professional conduct in the investment industry consistent with CFA Institute Code of Ethics and Standards of Professional Conduct, and other relevant CFA Institute standards;
    • Potential implications for the investment profession across major capital markets;
    • Opportunity to address issues of investor protection or transparency of disclosure;
    • Recognized as an important source for providing the views of investment professional practitioners;
    • Opportunity to advance policy of CFA Institute;
    • Relevance of issues to CFA Institute’s mission, vision and goals;
    • Opportunity to lead and engage in public debate on current and emerging policy issues and to significantly and positively influence the outcome;
    • Importance of issues in light of current and developing market conditions, legislation, regulations, or actions by standard-setting bodies; and
    • Ability to reflect favorably on the profile of CFA Institute, CFA Program, and CFA Institute members and charterholders.

The CAC was officially created in July 1995, when the Canadian Council of Financial Analysts (CCFA) was formally incorporated. For 23 years before incorporation, CCFA existed as an informal gathering of Canadian society presidents. The council comprised of two delegates from the Toronto and Montreal societies and one delegate from each of the remaining Canadian societies. The CCFA operated like the current Presidents Council where society executives could share ideas and problems.

On July 4, 1995, CCFA was incorporated as a nonprofit organization pursuant to the Canada Corporations Act. It shared office space with the Toronto Society of Financial Analysts (TSFA) and utilized the services of its employees.

The CCFA had the following purposes:

– Foster communication between the Association for Investment Management and Research (AIMR) and Canadian societies,
– Oversee, initiate and coordinate AIMR’s Canadian advocacy efforts,
enhance and build upon the principles and standards of AIMR.

Prior to July 1, 1995, the funding of CCFA was based on a percentage of Canadian member fees. Afterwards, funding was based on CCFA needs as budgeted over a three-year period.

Under the bylaws of the CCFA, the Canadian Advocacy Council (CAC) was created. It would consist of at least one representative from, and chosen by, each Canadian society. The Chair of CCFA and an AIMR senior officer would serve as ex officio, non-voting members of the CAC. The Chair of the CAC would be chosen from among the CAC members by the members thereof. Members of the CAC were mainly the advocacy chairs from various societies or the presidents.

In February 1997, CCFA moved out of the TSFA office and rented space on its own. An Executive Director was hired to screen regulatory issues as the CAC took on a more active role across Canada. This practice continued for approximately two years until after the departure of the Executive Director, a part-time consultant was hired to support the CAC for a few more years.

It was around this time (1997), that the CAC began to overshadow the relevance of the CCFA. Shortly thereafter, the CCFA disappeared altogether and the CAC became a standing committee of AIMR. It was also at that time when the composition of the CAC changed from nominations from Canadian societies (namely advocacy chairs) to Canadian members-at-large who were interested in advocacy matters. With staff support from AIMR, the CAC took on a more prominent role in advocating AIMR’s and Canadian members’ positions within Canada

Interested in learning more or participating in our comment letters?

Contact CAC