New Chair of the Public Sector Pension Investment Board Appointed

Backgrounder

March 18, 2003

OTTAWA - The Honourable Lucienne Robillard, President of the Treasury Board of Canada and Member of Parliament for Westmount - Ville-Marie, today announced the appointment of Paul Cantor as the new chair of the Public Sector Pension Investment Board. Mr. Cantor succeeds William R.C. Blundell, whose term expires shortly.

Mr. Cantor assumes his new duties on March 28, 2003, for a three-year period. "I am pleased that Mr. Cantor has agreed to chair the Public Sector Pension Investment Board," said Madame Robillard. "His work as a member of the board of directors and as the chair of the Audit and Conflicts Committee, together with his private sector experience, make him well qualified to take on the stewardship of the public sector pension funds."

The Public Sector Pension Investment Board was created in April 2000 to oversee the investment of pension contributions made under the plans covering the Public Service of Canada, the Canadian Forces and the Royal Canadian Mounted Police. The board manages some $8 billion for the three pension plans.

Since its inception nearly three years ago, the board has consisted of retiring chair, William Blundell, former chairman and Chief Executive Officer of General Electric Canada Inc. and former chairman of the Manufacturers Life Assurance Co., and 11 other directors. "I would like to take this opportunity to thank Mr. Blundell for taking on the task of being the first chair of the Public Sector Pension Investment Board," said Madame Robillard. "Through Mr. Blundell's leadership, sound governance structures and practices have been put in place which in turn will form the necessary foundation for long-term strong and secure investment results."

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Backgrounder

PAUL CANTOR
Managing Director, Head of Canadian Operations
Russell Reynolds Associates

Curriculum vitae

Mr. Cantor's early career included appointments at the Department of Finance Canada and the Crown corporation Polysar Limited.

In 1976, Mr. Cantor moved to the Canadian Imperial Bank of Commerce. He was appointed President of the Investment Bank in 1986.

In 1992 he joined the Confederation Life Insurance Company as President and Chief Executive Officer. Mr. Cantor was appointed Chair and Chief Executive Officer for the National Trust Company in 1995.

From 1998 to 2000, Mr. Cantor was the first executive director of the Toronto International Leadership Centre for Financial Sector Supervision, which is jointly sponsored by the Government of Canada, the World Bank and York University.

He was appointed Managing Director, Canada, of the worldwide executive search firm of Russell Reynolds Associates in 2000.

Throughout his career he has been a member of numerous boards of directors including CIBC, Torstar, Hees International Bancorp, Empire Life Insurance, Dominion of Canada General Insurance and Bankworks Trading. He also serves on the Board of Governors of York University and on the Rotman Research Institute Advisory Committee.

Mr. Cantor holds a B.A. from the University of Alberta, an LL.B. from the University of Toronto and is a Fellow of the Institute of Canadian Bankers.

Mr. Cantor was nominated to the Public Sector Pension Investment Board in March 2000. Until his appointment as chair comes into effect, Mr. Cantor remains a member of the board and chair of the board's Audit and Conflicts Committee.

Mr. Cantor was born in Edmonton, Alberta.