Ottawa, November 9, 2009
2009-107

Archived - Minister Flaherty Announces Appointments of Three New Directors to the Canada Development Investment Corporation

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The Honourable Jim Flaherty, Minister of Finance, today announced the appointment of John James Hillyard, Mary Beth Montcalm and Mary C. Ritchie to the Board of Directors of the Canada Development Investment Corporation (CDIC).

Mr. Hillyard, former Vice President of BMO Bank of Montreal, Newfoundland and Labrador, has more than 37 years of experience in Canada’s financial sector. Throughout his career, he has been recognized for his corporate planning and strategic development experience and his proven ability to adapt to a constantly evolving financial sector regulatory environment.

Ms. Montcalm recently retired from her position as President and CEO of Providence Healthcare, during which time she also served on the board of the Ontario Hospital Association and on several of its committees, including the Audit and Advocacy Committees. Previously, she was General Superior of the Sisters of St. Joseph of Toronto, where she oversaw the extensive corporate holdings of the order.

Ms. Ritchie is the President and Chief Executive Officer of Richford Holdings Ltd., an accounting and investment advisory services firm based in Edmonton, Alberta. She was recently honoured by the Canadian Institute of Chartered Accountants with the distinction of Fellow. She has been a director on a number of boards, including the Canada Pension Plan Investment Board and Atomic Energy of Canada Limited.

“I am very pleased to appoint these three worthy candidates to the Board of the Canada Development Investment Corporation,” said Minister Flaherty. “Given the growing importance of CDIC and the extensive business and academic experience of these candidates, I am confident that their contributions will be beneficial both to the Board and to Canada.”

CDIC is a federal Crown corporation established in 1982, with a mandate to hold and manage in a commercial manner certain commercial interests of the federal government.

___________________________________
For further information, media may contact:

Annette Robertson
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

John James (Jack) Hillyard (MBA)

John James Hillyard is the former Vice President of BMO Bank of Montreal, Newfoundland and Labrador. During his 37-year career with the financial institution, Mr. Hillyard was a leader in achieving corporate results through corporate planning, strategic development, financial analysis, financial management, budgeting and forecasting, operational management and leadership development. Mr. Hillyard is a graduate of Memorial University of Newfoundland (B.Comm) in St. John’s, Newfoundland and Labrador, and in 2002 earned his MBA in financial management from Dalhousie University in Halifax, Nova Scotia.

Active in his community, Mr. Hillyard has served as a member of the Provincial Advisory Council on the Economy, a member of the City of Corner Brook Economic Development Committee, a Vice-Chairman of the Western Memorial Hospital Foundation, a Chairman of the Faculty of Business Advisory Board for Memorial University of Newfoundland, a member of the Newfoundland Ocean Industries Association, and on the St. John’s Board of Trade.

Mary Beth Montcalm, PhD

Mary Beth Montcalm is the former President and CEO of Providence Healthcare and has served on a number of boards, including the board of the Ontario Hospital Association and several of its committees. From 1990 to 1998, she was General Superior of the Sisters of St. Joseph of Toronto, where she oversaw the extensive corporate holdings of the order including St. Michael’s Hospital, St. Joseph’s Health Centre and Providence Healthcare.

Ms. Montcalm has a PhD and an MA in Political Science from Carleton University in Ottawa, where she published a number of articles on economic change in North America and its effects on the post-1960 nationalist movement in Quebec. From 1983 to 1990, she was Associate Professor of Political Studies at the University of Manitoba, where she taught courses in Canadian federalism, public policy, public administration and Quebec politics.

Mary C. Ritchie, FCA

Mary C. Ritchie is the President and Chief Executive Officer of Richford Holdings Ltd., an accounting and investment advisory services firm based in Edmonton, Alberta. She is also a member of the Board of Directors and Audit Committee of Isotechnika Inc. and Industrial Alliance Insurance and Financial Services Inc. Ms. Ritchie is a member of the Business Advisory Council for the Faculty of Business at the University of Alberta, which acts as an advisor to the Dean of the Business School.

She was recently appointed to the Province of Alberta’s Audit Committee, and has recently completed two terms as a member of the Accounting Standards Oversight Council of the Canadian Institute of Chartered Accountants. Past directorships include the Canada Pension Plan Investment Board, EPCOR Utilities Inc. and Atomic Energy of Canada Limited.