The Canadian Foundation for Advancement of Investor Rights (FAIR Canada), is looking for a new leader.
The investor advocacy group announced Monday that its board of directors has commenced a search for a new executive director to replace the group’s founder and current executive director, Ermanno Pascutto, who indicated that he plans to step down once a new executive director has been recruited.
Pascutto founded FAIR in 2008 with a $3.75 million grant from the Investment Industry Regulatory Organization of Canada (IIROC), and has built it into a vocal advocate for investor interests. Its initial funding was slated to run out by the end of this year, until, earlier this year, a pair of regulators came through with new funds drawn from money collected by their enforcement actions.
In July, the Ontario Securities Commission (OSC) pledged $1 million in new funding for the group over the next two years, and IIROC contributed another $700,000 over two years too.
“After 4 years as FAIR Canada’s executive director, I believe that it is time to commence the transition,” Pascutto said in a statement. “FAIR Canada has developed a strong voice as an advocate for investors and has made considerable progress toward improved investor protection in Canada. I strongly support the mandate of FAIR Canada and will continue to stay involved in its work.”