The Alberta Securities Commission has advised the Alberta Auditor General of the extent to which it will co-operate with his examination of the commission.
It said in a statement issued Wednesday that there are several significant restrictions to its cooperation:
- all information involving enforcement matters is required to be kept confidential;
- complainants must be prepared to be identified, provide sworn testimony and submit to cross examination;
- the Auditor General may not review information subject to solicitor-client privilege, and;
- the Auditor General agrees to conduct himself in accordance with his duties under the Auditor General Act.
It added that the ASC will appoint a representative to work with the Auditor General in all dealings with ASC personnel.
“We are required by the Securities Act to hold confidential all information acquired pursuant to investigations,” Rod McLeod said in a statement on behalf of the independent directors of the commission. “To the extent that the Auditor’s examination does not intrude on that legislated requirement and agrees to other conditions, we will be pleased to work with him.”
McLeod said the ASC’s ability to conduct investigations in a confidential manner cannot and will not be compromised. He also said that the independent directors conveyed that view to the Finance Minister Shirley McClellan in a meeting in Edmonton.
“We also must appeal to Albertans’ sense of fairness when it comes to accepting information as being truthful when it comes from anonymous informants who do not present themselves to be questioned by those they accuse. We must stop boxing with shadows and ghosts and begin dealing with the issues in a fair and transparent manner.”