CIRO’s search for its next President and CEO comes at an important moment for Canadian investors and capital markets. With Andrew Kriegler expected to conclude his tenure after guiding the Canadian Investment Regulatory Organization (CIRO) through its formative years, the next leader will inherit an organization that is unified and better positioned than when it was created. Under Kriegler’s leadership, CIRO established a single national self-regulatory framework, advanced rule harmonization and modernization initiatives, and promoted more consistent treatment of investors across the country.
Andrew and I have had many candid discussions about issues affecting investors and capital markets, and I have always valued his willingness to engage with differing perspectives. Investor protection is strongest when CIRO’s leadership remains open to different views, and preserving that openness will be important for CIRO’s future success.
Andrew’s work provides a strong foundation for CIRO’s next phase. Keeping investors’ experiences at the centre of CIRO’s decisions will be the next CEO’s biggest challenge. For investors, the real test will be translating organizational achievements into measurable benefits: better advice, more suitable products, and effective protection when something goes wrong. With the foundation now in place, the focus can increasingly turn to ensuring that its benefits are fully realized by investors.
The next CEO should ask one key question whenever CIRO is considering a new policy or rule: How will it improve the experience of Canadian investors? Answering it requires understanding the practical realities facing both investors and market participants. They must also be prepared to act when industry innovation and practices create unnecessary risk or harm. Lastly, they should recognize that investor protection, market integrity and confidence in Canadian capital markets all go hand in hand.
CIRO’s future success will depend on delivering effectively on its mandate, not on expanding it. Building on Kriegler’s achievements, the next CEO should focus on ensuring that CIRO’s work leads to better outcomes for investors. The goal is not to remake the organization, but to ensure it delivers the benefits promised to Canadian investors.