Minister Morneau Announces New Appointment to Canada Pension Plan Investment Board

May 18, 2017 – Ottawa, Ontario – Department of Finance Canada

The Government of Canada is committed to an open, transparent and merit-based selection process for Governor in Council appointments that serve the interests of Canadians.

In keeping with this commitment, Finance Minister Bill Morneau today announced the appointment of Mary Phibbs to the Board of Directors of the Canada Pension Plan Investment Board (CPPIB). The appointment is for three years.

Ms. Phibbs is a chartered accountant who brings with her more than 30 years of experience in financial services, as well as extensive experience in senior roles in the financial sector.


"The Canada Pension Plan (CPP) has a central role in supporting Canada's overall retirement income system, which helps Canadians achieve their goal of a safer, secure and dignified retirement. Ms. Phibbs' experience will be a valuable asset to the CPPIB as it carries out its important role of investing CPP funds, and I congratulate her on this appointment."

- Bill Morneau, Minister of Finance

Quick Facts

  • The CPPIB is a professional investment management organization that operates at arm's length from governments to invest the funds of the CPP on behalf of its 20 million Canadian contributors and beneficiaries.
  • The CPPIB is recognized internationally as a leading example of sound pension plan management, whose governance model has received wide international recognition, including from the International Monetary Fund, the World Bank, the Organisation for Economic Co-operation and Development, and the United States Congress.
  • Over the past 10 years, the CPPIB has delivered a 10-year average real rate of return of 5.1 per cent on existing CPP assets, which is above the 3.9 per cent average rate of return assumed by the Chief Actuary to ensure the sustainability of the CPP.

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Biographical Notes

Mary Phibbs

Ms. Phibbs is a Chartered Accountant with over 30 years' experience in financial services. She is currently a Non-Executive Director of Morgan Stanley & Co International Group and Novae Group plc. She was previously a Non-Executive Director of NewDay Group Limited, Nottingham Building Society, Friends Life Group plc, Stewart Title Limited, The Charity Bank Limited and at Northern Rock plc during its period of public ownership. Ms. Phibbs also held senior positions at Standard Chartered Bank plc, ANZ Banking Group, National Australia Bank, Commonwealth Bank of Australia and Allied Irish Banks plc, among others. Ms. Phibbs holds a bachelor of science (honours) from the University of Surrey, is a Fellow of the Institute of Chartered Accountants in England and Wales, and is a Fellow of Chartered Accountants Australia and New Zealand.