The board is responsible for the stewardship of the CPP Investment Board, including oversight of management. As fiduciaries, the directors are required to act honestly and in good faith in the best interests of CPP contributors and beneficiaries. They must exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Directors must use their specialist knowledge in carrying out their duties and are subject to higher standards of care in areas that relate to their expertise.
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Robert M. Astley
Chair
Fellow, Canadian Institute of Actuaries
Waterloo, Ontario
Director since September 2006. Appointed Chair effective October 2008.
Former president of Sun Life Financial Canada, former president and CEO of Clarica Life Insurance Company. Director of the Bank of Montreal and chair of its human resources and management compensation committee. Member of the Dean’s Advisory Council, Laurier School of Business and Economics. Former chair of Canadian Life and Health Insurance Association and of Wilfrid Laurier University. Qualifications include extensive senior management experience in pension and life and health insurance financial services, including oversight of the successful integration of Clarica with Sun Life Financial.
Member: Investment (chair) and governance committees.
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Ian A. Bourne
Corporate Director
Calgary, Alberta
Director since April 2007.
Retired executive vice-president and CFO of TransAlta Corporation, a power generation company, and president of TransAlta Power L.P. Over 35 years of experience in senior finance roles at TransAlta, General Electric and Canada Post Corporation. Chair of Ballard Power Systems Inc. Director of Canadian Oil Sands Trust, Wajax Income Fund, SNC Lavalin Group, and the Canadian Public Accountability Board. Former director of TransAlta Power L.P., TransAlta CoGeneration, L.P. and Purolator Courier Ltd. Qualifications include expertise in finance in major corporations and international experience in Paris and London.
Member: Investment, audit (chair), and governance committees.
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Robert Brooks
Corporate Director
Oakville, Ontario
Director since January 2009.
Former vice-chair and group treasurer of the Bank of Nova Scotia, the culmination of a 40-year career with the bank serving in a succession of senior investment banking, finance and treasury roles. Director of Dundee Wealth and Hamilton Capital Partners Inc. Former director of numerous Scotiabank subsidiaries including Scotia Discount Brokerage, Inc., Scotia Life Insurance Company, ScotiaMcLeod, Inc. and Scotia Cassels Investment Counsel Ltd. Qualifications include more than 40 years of financial industry experience as a bank executive dealing with finance, risk management, pension fund asset mix, investment strategies, treasury functions and international operations.
Member: Investment and audit committees.
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Pierre Choquette
Corporate Director
Vancouver, British Columbia
Director since February 2008.
Chairman of Methanex Corporation since 2003. Former CEO of Methanex, serving for 10 years and credited with globalizing the company’s asset base. Former president and COO of Novacorp International and former president of Polysar Inc. Former chair of Gennum Corporation. Former director of Credit Lyonnais (Canada), Echo Bay Mines (U.S.), Stelco, Inc., TELUS Corporation, Terasen Gas, Inc., Terasen Pipelines and Terasen, Inc. Qualifications include 25 years of senior management experience, concentrated in the natural gas and chemical industries, international experience in Belgium and Switzerland, and extensive board experience, including chairing human resources and governance committees and serving on the full range of board committees – notably two acquisition committees for large transactions.
Member: Investment, governance, and human resources and compensation (chair) committees.
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Germaine Gibara
Chartered Financial Analyst
Montreal, Quebec
Director since November 2002.
President and CEO of Avvio Management Inc., a management consulting firm specializing in strategic planning and the commercialization of technology. Served in senior positions with Caisse de dépôt et placement du Québec, TAL Global Asset Management Inc. and Alcan Aluminum Ltd. Director of Sun Life Financial, Cogeco Cable Inc., Cogeco Inc., Agrium Inc. and Technip. Director of Cordiant Capital Inc., a private company, Chair of the governance committee of Agrium and chair of the strategy committee of Technip. Former co-chair of the Institute for Research on Public Policy. Former director of the Economic Council of Canada. Qualifications include expertise in public pension plan investments with responsibility for private equity at Caisse de dépôt, in management of an international organization as former president of Alcan Automotive Structures and in governance as the former chair of the governance committee at Clarica Life Insurance Company.
Member: Investment, governance, and human resources and compensation committees.
In Memoriam
Sadly, Germaine Gibara passed away on April 21, 2010. Germaine, who was appointed to our board in November 2002, was a highly respected member of the CPPIB board. Her valued counsel and wisdom helped guide the CPPIB as it developed from a relatively small organization to its current state. She will be greatly missed and warmly remembered.
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Michael Goldberg
Economist, Ph.D.
Vancouver, British Columbia
Director since February 2008.
Former Chief Academic Officer, Universitas 21 Global, an online graduate school initiated by Universitas 21, an international network of 20 research-intensive universities. Professor Emeritus and former Dean of the University of British Columbia’s Sauder School of Business, with 37 years on the UBC faculty. Former member of the Deposit Insurance Advisory Committee to the federal Minister of Finance and of the B.C. Workers’ Compensation Board Investment Committee. Director of Geovic Mining Corporation. Former director of China Enterprises Limited, Redekop Properties Ltd., Vancouver Land Corporation, Catamaran Ferries International Inc., Imperial Parking Limited and Lend Lease Global Properties Fund, a Luxembourg-based fund investing in properties in Europe and Asia. Ph.D. (Economics) from the University of California at Berkeley. Qualifications include expertise in global real estate investments and urban infrastructure and experience on boards as a director serving on audit and compensation committees.
Member: Investment, audit and governance committees.
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Peter K. Hendrick
Chartered Accountant, Chartered Financial Analyst
Toronto, Ontario
Director since October 2004.
Former executive vice-president of investments and chief investment officer of Mackenzie Financial Corporation. Former vice-president and director of CIBC Wood Gundy Securities Inc. (now CIBC World Markets) in the Corporate Finance, Institutional Equity and Capital Markets divisions. Former lecturer at the Graduate School of Business Administration at Harvard University in the area of management and financial accounting relating to financial controls. Qualifications include experience in equities trading, due diligence reviews, securities regulation, derivatives, hedging, risk analysis and performance measurement from roles at Mackenzie Financial and CIBC World Markets, and audit experience from Ernst & Young.
Member: Investment and audit committees.
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Nancy Hopkins
Lawyer
Saskatoon, Saskatchewan
Director since September 2008.
Partner with the law firm McDougall Gauley LLP, specializing in taxation law and corporate governance. Chair of the Saskatoon Airport Authority and vice-chair of the University of Saskatchewan board of governors. Director of Cameco Corporation, chairing the nominating, governance & risk committee. Director of GrowthWorks Canadian Fund and GrowthWorks Opportunity Fund Inc., chairing the audit and independent review committees. Former chair of SGI Canada, a Saskatchewan Crown corporation, and of the Saskatchewan Police Commission. Appointed Queen’s Counsel in 1992. Qualifications include 30 years of legal experience with expertise in taxation, governance and information technology, experience in government interface and as a director in multiple stakeholder organizations.
Member: Investment and governance (chair) committees.
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Douglas Mahaffy
Corporate Director
Toronto, Ontario
Director since October 2009.
Recently retired Chairman, chief executive officer and director of McLean Budden Ltd., an institutional money management firm. Former managing director and head of investment banking (Ontario) of Merrill Lynch Canada Inc., and former senior vice-president, finance and chief financial officer of Hudson’s Bay Company. Current director at Methanex Corporation and former director at Stelco Inc. and Woodward’s Ltd. Current chairman at Drumlane Capital, a personally owned investment firm. Qualifications include more than 20 years of investment industry experience with expertise in mergers and acquisitions and risk management practices.
Member: Investment and human resources and compensation committees.
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Elaine McKinnon
Certified General Accountant,
Quispamsis, New Brunswick
Director since January 2009.
CFO and COO of Brovada Technologies, a Saint John-based software provider. Served in senior positions with xwave, a division of Bell Aliant, Aliant Inc., Prexar LLC., Bruncor Inc., and as president and CEO of Datacor Atlantic Corp. Director of Efficiency NB, a Crown corporation that promotes energy efficiency in New Brunswick. Qualifications include more than 20 years of IT and telecommunications industry experience in key leadership roles, experience in mergers and acquisitions, corporate finance and human resources, and expertise as a Certified General Accountant.
Member: Investment and audit committees.
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Ronald E. Smith
Fellow, Institute of Chartered Accountants of Nova Scotia
Yarmouth, Nova Scotia
Director since November 2002.
Former senior vice-president and CFO of Emera, Inc., a Halifax-based energy company. Former CFO of Aliant Telecom Inc. and its predecessor, Maritime Telephone & Telegraph Ltd. Chair of Innovative Properties Inc. and interim chair of Gammon Gold Inc. Former director of Bangor Hydro Electric Company. Member of the Accounting Standards Oversight Council. Former chair of the Board of Governors of Acadia University. Former partner Ernst & Young. Qualifications include extensive experience in investment, finance and compensation.
Member: Investment and human resources and compensation committees.
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D. Murray Wallace
Fellow, Institute of Chartered Accountants of Ontario
London, Ontario
Director since April 2007.
CEO of Granite Global Solutions, an insurance services company, since August 1, 2009. Chairman and CEO of Park Street Capital Corporation, a personally owned investment and corporate advisory firm. Former president of Axia NetMedia Corporation. Director of Terravest Income Fund and Critical Outcome Technologies Inc. Former director of Western Surety Ltd., Ontario Hydro, London Insurance Group, IPSCO Inc., Crown Life Insurance Co. and Queen’s University School of Business (Advisory Committee), among others. Former Deputy Minister of Finance and Deputy Minister to the Premier for the Government of Saskatchewan. Qualifications include expertise as a chartered accountant, senior-level financial experience from five years as President of Avco Financial Services Canada Ltd. and eight years in executive roles with companies in the Trilon Financial Group, experience in public pension plan management and interface with government.
Member: Investment, and human resources and compensation committees.
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Board of Directors
