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Ottawa, March 22, 2001
2001-030
New Appointments and Reappointments to the Canada Pension Plan Investment Board
Related documents:
- Canada Pension Plan Investment Board - Biographical Sketches.
- Canada Pension Plan Investment Board Fact Sheet.
The Government of Canada today announced the appointment of three new directors to the Canada Pension Plan Investment Board (CPP Investment Board) effective immediately.
The three new appointees to the Board are Gilbert Gill, Monique Leroux and Helen Sinclair. In addition, current members Mary Arnold, Jacob (Jack) Levi and Helen Meyer have been reappointed to the CPP Investment Board.
"I am confident that the new members will make excellent contributions to the CPP Investment Board’s highly respected and well-balanced Board of Directors," Finance Minister Paul Martin said. "I would like to thank the provincial governments and the nominating committee for their invaluable co-operation in the selection process."
The directors were selected by the federal government, in consultation with the provincial governments, from a list of qualified candidates provided by a joint federal-provincial nominating committee. The nominating committee, which is chaired by Michael Phelps, Chairman and Chief Executive Officer of Vancouver-based Westcoast Energy Inc., consists of 10 members, one appointed by the federal government and one appointed by each of the nine participating provinces.
The CPP Investment Board is a Crown corporation created by an Act of Parliament in December 1997. It invests in capital markets funds not needed by the Canada Pension Plan to make current pension payments. It is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.
Biographical notes on the new appointees are attached, along with a fact sheet on the role of the CPP Investment Board.
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For further information:
| Larry Weatherley Financial Sector Policy Branch (613) 943-8640 |
Melanie Gruer Press Secretary (613) 996-7861 |
| Jean-Michel Catta Public Affairs and Operations Division (613) 996-8080 |
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at http://www.fin.gc.ca/scripts/register_e.asp
Canada Pension Plan Investment Board
Biographical Sketches
Appointments
Gilbert Gill: Mr. Gill is a former Deputy Minister of Finance for the Government of Newfoundland and Labrador and currently resides in Mount Pearl, Newfoundland. He has held a number of senior positions with the provincial government and has served on numerous boards and committees. He has significant private sector experience with the accounting firm G.H. Ward & Partners. He is currently a member of the Institute of Chartered Accountants of Newfoundland, and serves on the Board of Directors of the Newfoundland Symphony Orchestra, the Brother T.I. Murphy Learning Resource Centre Inc. and the Enterprise Newfoundland and Labrador Corporation.
Monique Leroux: As Senior Executive Vice-President and Chief Operating Officer of Quebecor Inc., Ms. Leroux is responsible for the strategic, operational and organizational development of the company as well as for the co-ordination of corporate staff functions. Prior to joining Quebecor, Ms. Leroux held positions with the Royal Bank of Canada and Ernst & Young. A resident of Montréal, Ms. Leroux is a member of the Board of Directors and Executive Committee of the Board of Trade of Metropolitan Montreal and serves on the Board of Directors of a number of non-profit organizations. She is currently President of the Montreal Heart Institute Research Fund.
Helen Sinclair
: Ms. Sinclair, of Toronto, Ontario, founded and is Chief Executive Officer of BankWorks Trading Inc., which provides electronic commerce and training technologies to companies in the financial sector. She was President of the Canadian Bankers Association from 1989 to 1996 and was formerly a Senior Vice-President of Scotiabank. Ms. Sinclair has extensive experience in the financial services sector, has served on a number of committees and holds several corporate directorships. She is a member of the Ontario Securities Act Advisory Committee and is active in the annual fundraising efforts of the United Way of Greater Toronto.Canada Pension Plan Investment Board
Fact Sheet
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Enabling Legislation |
Canada Pension Plan Investment Board Act of December 1997 |
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Objectives of the CPP Investment Board |
To manage the assets that are transferred by the CPP prudently and professionally in the best interests of contributors and beneficiaries, with a view to achieving a maximum rate of return without undue risk of loss. |
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Board of Directors |
Composition : There are 12 directors, with the Chair selected from among the 12.Selection : A joint federal-provincial nominating committee identifies (based on specific criteria) qualified candidates for director and provides recommendations on the reappointment of existing directors. From the nominating committee list, directors and the Chair are appointed by the federal government after the Minister of Finance consults with the finance ministers in the nine participating provinces.Qualifications : Directors must have proven financial ability or relevant work experience to allow the Board to effectively achieve its mandate. Also, regional and gender balances are maintained on the Board of Directors. |
| Investment Policy for Assets of the CPP Investment Board |
Assets managed by the CPP Investment Board are invested prudently in a diversified portfolio of securities, subject to broadly the same investment rules as other pension plans. The CPP Investment Board determines the asset allocation strategy. At the present time it has invested all of its assets in equities. The 30-per-cent foreign property limit applies. The Board is required to substantially replicate the composition of one or more widely recognized broad market indexes of securities traded on a public exchange in Canada, with 50 per cent of the assets it invests in domestic equities. |
| Accountability Provisions |
The Board is accountable to the CPP members and reports on a quarterly basis to the federal Minister of Finance and the ministers of finance of the nine participating provinces. The CPP Investment Board:
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| Rollover of Existing Borrowings From the CPP by the Provinces | Subject to funds being available, the provinces may roll over at maturity their CPP borrowings outstanding at March 31, 1997, at their own market rates for another 20-year term. |
| Prepayment of Borrowings From the CPP by the Provinces | The provinces may pay back their CPP borrowings prior to maturity at market rates. |
| Projected Assets of the Board | As of December 31, 2000, the CPP Investment Board had about $6.4 billion under management. This amount is expected to grow to approximately $100 billion within the decade. |
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance Canada Web site at: http://www.fin.gc.ca/scripts/register_e.asp.
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| Last Updated: 2002-11-26 |
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