Vancouver, June 18, 2010

Archived - Minister of Finance Announces Task Force to Review Payments System

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The Honourable Jim Flaherty, Minister of Finance, today announced the launch of the Task Force for the Payments System Review to help guide the evolution of the payments system in Canada.

“Today, Canadians can pay for things in a bewildering number of ways, even by tapping a cell phone against a scanner,” said Minister Flaherty. “It is important to ensure the payments system facilitates the introduction of new and exciting technologies to the benefit of users without compromising Canadian safety and efficiency or consumer protection.”

The task force fulfills a commitment made in Budget 2010 to review the safety, soundness and efficiency of the payments system; whether there is sufficient innovation in the payments system; the competitive landscape; whether businesses and consumers are being well served by payments system providers; and whether current payments system oversight mechanisms remain appropriate. The task force will be chaired by Pat Meredith, an expert on financial sector strategy with a particular focus on payments issues.

“Technology and the Internet have fundamentally changed the way Canadians access and spend their money,” said Ms. Meredith. “The work of the task force will therefore be dynamic and thoughtful, with the broad aim of laying the foundation towards making our payments system a leader and an example for the rest of the world to follow.”

The task force, which will begin work immediately, is mandated to provide the Minister of Finance with recommendations by the end of 2011. In the coming weeks, the task force will invite submissions from stakeholders and all interested Canadians. More information will be available soon at

Biographical notes of the task force members are attached.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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Biographical Notes

Brad Badeau, MBA, CA

Brad Badeau joined Burgundy Asset Management Ltd. in April 2005 as Senior Vice President and Chief Financial Officer.  He began his career in public accounting in 1982, and in 1986 joined Trimark Investment Management Inc., a wholly owned subsidiary of Trimark Financial Corporation.

Mr. Badeau assumed sales and marketing activities when he became President and Chief Operating Officer at Trimark Investment Management. In addition to his responsibilities at Trimark, he was the founding Chairman of FundSERV Inc., which processes the lion’s share of the third-party mutual fund business in Canada. He was recently founding partner and Chairman of Certapay Inc. and founding partner of Creditwave Inc.

Mr. Badeau received a Bachelor of Commerce degree from the University of Toronto in 1980 and an MBA degree from York University in 1982, and is a Chartered Accountant.

John Chant, PhD

John Chant is an Emeritus Professor in the Department of Economics at Simon Fraser University and a Director of the Canadian Payments Association.

Mr. Chant was the Research Director of the Task Force on the Future of the Financial Services Sector, the Director of the Financial Markets Group at the Economic Council of Canada, and in 2001-2002 a Special Adviser at the Bank of Canada. He has been the editor of Economic Inquiry and acting editor of Canadian Public Policy.

Mr. Chant graduated with a BA from the University of British Columbia and a PhD from Duke University and taught at the University of Edinburgh, Duke University, Queen’s University and Carleton University, before going to Simon Fraser University in 1979.

Lili de Grandpré, MBA

Lili de Grandpré is managing director of CenCEO Consulting, a boutique management consulting firm she founded in 2005. From 1991 to 2004, she worked with Mercer Consulting in Canada and the UK, where she held various leadership positions, including head of the Canadian practice of Mercer Management Consulting from 1997 to 2002 and leader of the Human Resources Strategy practice in 2003-2004. Between 1977 and 1989 Ms. de Grandpré worked at the Bank of Montreal, latterly as vice-president, Marketing and Product Development.

Ms. de Grandpré was named a Woman of Distinction by the Women’s Y Foundation of Montreal in 2003, and recognized as a Woman of Excellence by the Montreal Chamber of Commerce in 2001. From 1992 to 2001, she was a regular guest lecturer at the Executive Development Institute of Queen’s University.

Ms. de Grandpré is a graduate of the Corporate Governance College of the Institute of Corporate Directors. She has a degree in journalism from the University of Western Ontario (1972) and received her MBA from McGill University in 1981.

Laura Gillham, B Comm.

Laura Gillham is Vice President, Marketing & Customer Strategy, of Empire Theatres Limited, Canada’s second largest film exhibition company. 

As Vice President, Ms. Gillham is a member of the Executive Leadership Team, responsible for strategic planning and guest culture management. Before joining Empire Theatres she was Director of National Foodservice, Customer Marketing for Coca-Cola Ltd. In March 2010 she was Co-Chair of the Canadian Marketing Association Atlantic Conference.  

Ms. Gillham is a graduate of Mount Allison University (Bachelor of Commerce, 1991) and Mount Saint Vincent University (Bachelor of Public Relations, 1993). 

Stéphane Le Bouyonnec, Eng.

Stéphane Le Bouyonnec is the co-founder and President of Synergis Capital and possesses a strong background in corporate strategic planning, merger and acquisition activities and financing initiatives.  

Prior to co-founding Synergis, he was Chief Operating Officer of Orthosoft, Senior Partner at Secor Consulting, President of Innovitech Consulting, Senior Vice President of the Solidarity Fund QFL, Executive Vice President of Hypocrat (today MediSolution), and CEO of Métaforia Entertainment.

Mr. Le Bouyonnec is an industrial engineer who graduated from l’École Polytechnique de Montréal.

Patricia Meredith, FCA

Patricia Meredith is a Professional Associate and Senior Adviser to financial services and technology companies with the strategy consulting firm Monitor Group. She teaches at York University’s Schulich School of Business and at University of Toronto’s Rotman School of Management, and has served as a director for several public, private and not-for-profit organizations, including Sceptre Investment Counsel Ltd.

Ms. Meredith is formerly Executive Vice President of corporate strategy at Canadian Imperial Bank of Commerce and a member of the bank’s Senior Executive Team. At CIBC she was intimately involved in the development and implementation of strategies for corporate, investment and retail banking, mortgages, credit cards, payments and other businesses.

Ms. Meredith received a Doctor of Philosophy from York University, a Masters of Business Administration from McMaster University and a Bachelor of Mathematics from the University of Waterloo. In 1994 she was named a Fellow of the Institute of Chartered Accountants.

W. Terry Wright, Q.C.

Terry Wright is currently Counsel to the Winnipeg-based legal firm Pitblado LLP.  Mr. Wright has served for many years in executive positions within the financial services industry. Most recently he was Senior Vice President, General Counsel and Secretary of IGM Financial Inc. (Investors Group), where he was responsible for the legal, regulatory, compliance and public policy issues concerning the corporation and its subsidiaries.

Mr. Wright has extensive financial services industry experience, serving as past Chairman of the Board of Directors of the Investment Funds Institute of Canada and the Mutual Fund Dealers Association of Canada, as well as a director of the Canadian Payments Association, the Ombudsman for Banking Services and Investments, and the Centre for the Financial Services OmbudsNetwork.

Mr. Wright is a graduate of the University of Manitoba, where he received his B.A. in 1967 and his LL.B. in 1970. He was admitted to the Bar in Manitoba in 1971 and was appointed Queen’s Counsel in 1994.