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Ottawa, October 23, 1997 Committee to Nominate CPP Investment Board NamedRelated document: The Government of Canada and participating provincial governments today announced the membership of the committee that will nominate candidates for the new Canada Pension Plan (CPP) Investment Board. A complete list of committee members is attached. The nominating committee consists of 10 members, one appointed by the federal government and one appointed by each of the nine participating provinces. The committee will be responsible for drawing up a list of recommended candidates for the new CPP Investment Board. From this list, the federal Minister of Finance, in consultation with his provincial colleagues, will select 12 directors, including a chairperson, for the Board. "We have put together a strong and very capable committee with a good mix of private and public sector members," said Finance Minister Paul Martin. "The nominating committee will play a key role in selecting the CPP Investment Board, and I am pleased that the committee's work will soon be underway." Michael Phelps, Chairman and Chief Executive Officer of Vancouver-based Westcoast Energy Inc., will serve as the chair of the nominating committee. "I am pleased that Mr. Phelps has agreed to play an important role on the nominating committee. He will be able to bring his considerable experience in business and governance to the selection process," said Human Resources Minister Pierre S. Pettigrew. The CPP Investment Board will be responsible for investing new CPP funds prudently in a diversified portfolio of securities at arm's length from governments -- an important element of the February 1997 federal-provincial agreement on the CPP. Legislation to enact the agreement was tabled in Parliament on September 25. The nominating committee is expected to submit its list of recommended candidates to the federal Finance Minister and the Finance Ministers of participating provinces before the end of this year. ___________________
Members of the Nominating Committee of the Canada Pension Plan Investment Board
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