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

Doug Sarro has served on the CAC since December 2019. Doug is a law professor at the University of Ottawa, where he pursues research on business law and innovation. Before pursuing an academic career, he practiced corporate law at Sullivan & Cromwell in New York and was a senior advisor at the Ontario Securities Commission. He holds a JD from Osgoode Hall Law School, where he graduated as gold medallist, and is admitted to practice law in New York and Ontario. He became a CFA charterholder in 2019, and has served on the CAC since December 2019.
Doug Sarro
Kevin has served on the CAC since September 2019. Kevin is Director, Financing and Financial Risk Management in the Treasury department at Hydro One. In his role he is involved in debt issuance (including ESG-labelled issuance), bank financing (including sustainability linked loans), financial risk management, cash management and foreign exchange. He has over fourteen years of experience in treasury following 5 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.
Ijeoma has served on the CAC since December 2022. Ijeoma is an 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 from Morningstar Sustainalytics, an ESG ratings and research company, 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 globally. 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
Derek has served on the CAC since July 2023. Derek is a Senior Manager on the Responsible Investment team at RBC Global Asset Management (RBC GAM), responsible for assisting the investment teams with their ESG integration processes, participating in ESG engagements with issuers and overseeing the firm’s proxy voting. Prior to joining RBC GAM in 2015, Derek worked as a researcher for one of the world’s leading responsible investment research providers, conducting ESG research across markets and providing clients with customized responsible investment products. Derek serves on the Board of Directors of the Investor Stewardship Group, in addition to other responsible investment committees. Derek is a CFA charterholder.
Derek Butcher
Tamara has served on the CAC since December 2019. Tamara is the Founder and Managing Partner of Close Group Consulting, which is global boutique ESG strategy advisory and due diligence advisory firm. She was previously the Head of ESG Integration for KKS Advisors, a global ESG Advisory firm, and spent 10 years in senior leadership roles within the risk and public markets investment groups of PSP Investments. She has over 25 years of combined experience in capital markets and ESG strategy and has held various front office investment management positions for the Bank of Montréal and Credit Lyonnais in the global derivatives and foreign exchange markets. She was also the head of research and risk for Structured Asset Management, a fixed income asset management firm in Montréal. Tamara is a Board director for Valeo Pharma, a publicly traded pharmaceutical firm, and for Evovest, an investment management firm using artificial intelligence and evolutive learning techniques to manage investment portfolios. Tamara holds the Chartered Financial Analyst (CFA) designation, is a member of the ESG Examination Subcommittee for CFA Institute, and is a council member of the Canadian Advocacy Council for CFA Societies Canada. She is also a member of the Investment Committee for the JGH Foundation, a Board director for CFA Montréal and was previously the Chair of the CFA Montréal ESG Committee. Tamara is a Strategic Advisor to the Veristell Institute, 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 at Concordia University. She is based in Montréal and is fluent in English and French.
Tamara Close Headshot4
Shruti has served on the CAC since July 2023. She is a Senior Advisor for investment products at Desjardins’ mutual fund dealer, Desjardins Financial Security Investments Inc., where she provides related subject matter expertise on strategic decisions and initiatives shaping the organization. Shruti founded the dealer’s governance committee and continues to lead it. She has over 7 years of experience in wealth management spanning across compliance, distribution, and operations in various capacities. She is also a member of the CFA Institute’s Practise Analysis Working Body and is a CFA charterholder.
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
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
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
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

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