Minister Morneau Announces Appointment to the Canada Deposit Insurance Corporation Board of Directors
May 23, 2019 – Ottawa, Ontario – Department of Finance Canada
Canadians work hard to save money for the future—to buy a home, to pay for their children's education, to enjoy a family vacation, or have enough set aside for a secure retirement.
These savings are often securely kept in deposits at banks and other financial institutions across Canada. The Government is committed to protecting these savings through the Canada Deposit Insurance Corporation (CDIC), and to appointing highly qualified candidates able to best serve its mandate.
In keeping with this commitment, Finance Minister Bill Morneau today announced the appointment of J. Martin Castonguay to the Board of Directors of CDIC, for a term of four years. Biographical information can be found below.
This appointment was made under the Government of Canada's new approach to Governor in Council appointments. This approach supports open, transparent and merit-based selection processes that strive for gender parity and reflect Canada's diversity, to support Ministers in making appointment recommendations for positions within their portfolio by providing them with information and referrals.
"I wish to congratulate Mr. Castonguay on his appointment to the Board of the Canada Deposit Insurance Corporation. His extensive experience working with deposit-taking institutions and the financial sector in general will bring a valuable perspective to CDIC's Board as it supports CDIC in its role of insuring the savings of hard-working Canadians."
- Bill Morneau, Minister of Finance
- The Canada Deposit Insurance Corporation, a federal Crown corporation, contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions.
- The CDIC Board of Directors includes a Chairperson, five private sector directors who bring practical experience from the business world, and five public sector directors who provide knowledge of the financial, supervisory and regulatory environment in which CDIC operates.
Media may contact:
Director of Media Relations
Office of the Minister of Finance
Department of Finance Canada
J. Martin Castonguay
J. Martin Castonguay is a Chartered Professional Accountant and auditor with over 40 years of experience serving public companies, primarily in the financial services industry, including mostly deposit-taking institutions such as banks. Other companies with which Mr. Castonguay worked included securities dealers, asset managers and clients in the telecommunications, engineering and construction sectors.
Most recently Mr. Castonguay was an Audit and Advisory Partner with Deloitte Canada, having held various management positions with the firm during his career, and serving as lead client service partner to some of the largest public companies in Canada. He has also been a member of various advisory committees to industry regulators and professional institutes.
Mr. Castonguay holds a Bachelor of Science from Loyola College, a Bachelor of Commerce from Concordia University, and a Graduate Diploma in Public Accountancy from McGill University. He is also a member of the Institute of Corporate Directors and holds the ICD.D designation.