Archived - Minister of Finance Appoints New Chair and New Director to Canada Pension Plan Investment Board
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The Honourable Jim Flaherty, Minister of Finance, announced today the appointment of the next Chair and a new member of the Board of Directors of the Canada Pension Plan Investment Board (CPPIB).
Robert Astley of Waterloo, Ontario, a member of the CPPIB Board of Directors since September 2006, will assume the position of Chair on October 27, 2008. He will replace current Chair Gail Cook-Bennett, who was first appointed to the Board of Directors of the CPPIB in October 1998 and whose final term as Chair expires on October 26, 2008.
"I am very grateful to Ms. Cook-Bennett, who has served the CPPIB—and Canadians across the country—with honour and distinction for the past 10 years since the inception of the organization. And I look forward to working with Mr. Astley, whose extensive senior management experience will be invaluable in ensuring the future growth of the Canada Pension Plan, for the benefit of all Canadians," said Minister Flaherty.
In addition, Nancy Hopkins of Saskatoon, Saskatchewan, becomes a Director of the CPPIB, effective immediately.
"Ms. Hopkins’ wealth of expertise in corporate governance and her many years of experience as a lawyer and board member will be of immense value to the Board of Directors of the CPPIB," said Minister Flaherty.
Directors of the CPPIB are selected by the federal government, in consultation with participating provincial governments, from a list of qualified candidates provided by a joint federal-provincial nominating committee.
The nominating committee, currently chaired by Brian MacNeill, former Chief Executive Officer of Enbridge Inc., comprises 10 members, one appointed by the federal government and one appointed by each of the nine participating provinces.
The CPPIB is responsible for prudently investing CPP funds in the best interests of CPP contributors and beneficiaries. It invests in a diversified portfolio of securities and operates at arm’s length from governments.
Biographical notes are attached.
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Office of the Minister of Finance
Department of Finance
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Robert M. Astley
Robert M. Astley is the former president of Sun Life Financial Canada, and former president and CEO of Clarica Life Insurance Company. He is also a Director of the Bank of Montreal and Chair of its human resources and management compensation committee. Mr. Astley is a member of the Dean’s Advisory Council, Laurier School of Business and Economics. He is a former Chair of the Canadian Life and Health Insurance Association and of Wilfrid Laurier University. His senior management experience in pension and life and health insurance financial services includes oversight of the successful integration of Clarica with Sun Life Financial.
Nancy Hopkins is a Partner at McDougall Gauley where she practises law, with an emphasis on taxation law and corporate governance. She currently serves as a Director of a number of corporations. She chairs the Audit Committee on the Board of Cameco Corporation. Ms. Hopkins chairs the Governance Committee and is Vice-Chair of the Board of the Saskatoon Airport Authority. She is also a member of the Board of Directors of Growthworks Canadian Fund Inc. and Growthworks Opportunity Fund Inc., where she chairs the Independent Review Committee and the Audit Committee. As a member of the Board of Governors of the University of Saskatchewan, she chairs the Governance Committee and is Vice-Chair of the Board.