Ottawa, October 26, 2009
2009-102

Archived - Minister of Finance Appoints New Director to Canada Pension Plan Investment Board

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The Honourable Jim Flaherty, Minister of Finance, announced that Douglas W. Mahaffy was appointed to the board of directors of the Canada Pension Plan Investment Board (CPPIB).

Mr. Mahaffy, of Toronto, Ontario, who has more than 35 years of experience as a financial executive, will retire in March 2010 as Chairman of McLean Budden, an institutional money management firm.

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 Canada Pension Plan (CPP) investment funds in the best interests of CPP contributors and beneficiaries. It invests in a diversified portfolio of assets and operates at arm’s length from governments.

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For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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Biographical notes

Douglas W. Mahaffy

Mr. Mahaffy, of Toronto, Ontario, will retire in March 2010 as Chairman of McLean Budden, an institutional money management firm that manages approximately $37 billion in client assets. During his career, Mr. Mahaffy held senior finance positions at Merrill Lynch Canada Inc., Hudson’s Bay Company and Eli Lilly Canada Inc. Mr. Mahaffy currently sits on the Board of Directors of Methanex Corporation, and he is a former director of Stelco Inc. and Woodward’s Ltd. Mr. Mahaffy qualified as a Chartered Accountant and received a Master of Business Administration from York University in 1971.