The Alberta Securities Commission announced today that its general counsel, Denise Hendrickson, has resigned.

In a news release the ASC said that Hendrickson tendered her resignation effective May 26, in order to pursue a new opportunity in industry.

The commission announced that Hendrickson’s position will be temporarily filled by Kari Horn, who has been with the ASC’s legal office for two years.

The general counsel provides research and advice on ongoing issues such as corporate governance, certification of companies’ disclosures and the separation of chair and chief executive functions.

Back in April, the commission issued a vote of confidence in Hendrickson and the ASC’s senior executives after they became embroiled in controversy over alleged employee and regulatory favouritism.

Today, the acting chairman, Peter Valentine, and commission members said they are grateful for Hendrickson’s tireless dedication to the ASC. “Denise brings enthusiasm, ingenuity and professionalism to every task she undertakes — she will be greatly missed. We wish her every success in her new endeavour. She will be a credit to any organization,” said Valentine.

Hendrickson joined the ASC in August 2000 in the policy department. In 2003, she took on the task of establishing the ASC’s Office of the General Counsel and contributed to a number of the ASC’s major policy initiatives, including the Alberta Capital Markets study, a new rule governing capital-raising exemptions, and recent corporate governance initiatives.

Hendrickson’s resignation is the third of eight senior management positions to come vacant in the last month at Canada’s second-largest market regulator.

Earlier this month, former chairman Stephen Sibold’s five-year term expired. He was replaced by Valentine.

In April, the former head of administrative services, Grahame Newton, was fired for failing to co-operate with a KPMG forensic audit aimed at checking security and confidentiality of the commission’s computer systems.

Newton has since filed a wrongful dismissal suit.