Rotary Program March 19, 2009

The Speaker will be William S. Rice QC, Chair and CEO of the Alberta Securities Commission.

Bill Rice was appointed chair and CEO of the Alberta Securities Commission in July 2005, following 25 years as a commercial and securities lawyer, most recently serving a five-year term as the national managing partner of the law firm Bennett Jones LLP. During the course of his practice, he represented a variety of enterprises, including major Alberta corporations, junior to mid-size oil and gas exploration and service companies, major US energy corporations, and almost all institutional members of Alberta's investment banking community. Mr. Rice has held board and chair responsibilities with several public and private companies and has lectured on the subjects of corporate law, public financing, mergers and acquisitions, corporate governance, and law firm management.

"I advocate balance between principles-and rules-based approaches, yet see many reasons why Canadian market realities demand a rules-based regulatory regime. Major market participants claim they cannot apply behavioural leverage to major companies in whose securities they invest. Many junior issuers lack the sophistication, resources, and advisors to interpret and apply principles. Besieged boards of directors feel powerless to apply a principles-based approach. Meanwhile, market participants and their professional advisors look to regulatory authorities and organizations to dictate the rules. We must acknowledge and understand Canadian market risks in order to properly manage them. We must remove rules that have become established principles and ensure that the remaining rules are readily understood by those who must follow them."