The board is responsible for the stewardship of the CPP Investment Board, including oversight of management. As fiduciaries, the directors are required to act honestly and in good faith in the best interests of CPP contributors and beneficiaries. They must exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Directors must use their specialist knowledge in carrying out their duties and are subject to higher standards of care in areas that relate to their expertise.
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ROBERT M. ASTLEY, CHAIR 1*,2
Fellow, Canadian Institute of Actuaries
Waterloo, Ontario
Director since September 2006. Appointed Chair effective October 2008.
Former president of Sun Life Financial Canada, former president and CEO of Clarica Life Insurance Company. Director of the Bank of Montreal and chair of its human resources committee. Former chair of Canadian Life and Health Insurance Association and of Wilfrid Laurier University. Qualifications include extensive senior management experience in pension and life and health insurance financial services, including oversight of the successful integration of Clarica with Sun Life Financial.
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IAN A. BOURNE 1,2,3*
Corporate Director
Calgary, Alberta
Director since April 2007
Retired executive vice-president and CFO of TransAlta Corporation, a power generation company, and president of TransAlta Power L.P. Over 35 years of experience in senior finance roles at TransAlta, General Electric and Canada Post Corporation. Current Vice-Chair and Interim Chief Executive Officer of SNC-Lavalin Group Inc. Chair of Ballard Power Systems Inc. Director of Canadian Oil Sands Limited, Wajax Corporation, and the Canadian Public Accountability Board. Former director of TransAlta Power L.P., TransAlta CoGeneration, L.P. and Purolator Courier Ltd. Qualifications include expertise in finance in major corporations and international experience in Paris and London.
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ROBERT L. BROOKS 1,3
Corporate Director
Toronto, Ontario
Director since January 2009
Former vice-chair and group treasurer of the Bank of Nova Scotia, the culmination of a 40-year career with the bank serving in a succession of senior investment banking, finance and treasury roles. Director of Dundee Wealth and Hamilton Capital Partners Inc. Former director of numerous Scotiabank subsidiaries including Scotia Discount Brokerage, Inc., Scotia Life Insurance Company, ScotiaMcLeod, Inc. and Scotia Cassels Investment Counsel Ltd. Qualifications include more than 40 years of financial industry experience as a bank executive dealing with finance, risk management, pension fund asset mix, investment strategies, treasury functions and international operations.
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PIERRE CHOQUETTE 1,2,4*
Corporate Director
Vancouver, British Columbia
Director since February 2008
Director of Methanex Corporation since 2003. Former CEO of Methanex, serving for 10 years and credited with globalizing the company’s asset base. Former president and COO of Novacorp International and former president of Polysar Inc. Former chair of Gennum Corporation. Former director of Credit Lyonnais (Canada), Echo Bay Mines (U.S.), Stelco, Inc., TELUS Corporation, Terasen Gas, Inc., Terasen Pipelines and Terasen, Inc. Qualifications include 25 years of senior management experience, concentrated in the natural gas and chemical industries, international experience in Belgium and Switzerland, and extensive board experience, including chairing human resources and governance committees and serving on the full range of board committees – notably two acquisition committees for large transactions.
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MICHAEL GOLDBERG 1,2,3
Economist, Ph.D.
Vancouver, British Columbia
Director since February 2008
Former Chief Academic Officer, Universitas 21 Global, an online graduate school initiated by Universitas 21, an international network of 20 research-intensive universities. Scholar in Residence at the Asia Pacific Foundation of Canada and Professor Emeritus and former Dean of the University of British Columbia’s Sauder School of Business, with 37 years on the UBC faculty. Former member of the Deposit Insurance Advisory Committee to the federal Minister of Finance and of the B.C. Workers’ Compensation Board Investment Committee. Director, Surrey City Development Corporation. Former director of Geovic Mining Corporation and Chair of the Human Resources and Compensation Committee. Former director of China Enterprises Limited, Redekop Properties Ltd., Vancouver Land Corporation, Catamaran Ferries International Inc., Imperial Parking Limited and Lend Lease Global Properties Fund, a Luxembourg-based fund investing in properties in Europe and Asia. Ph.D. (Economics) from the University of California at Berkeley. Qualifications include expertise in global real estate investments and urban infrastructure and experience on boards as a director serving on audit and compensation committees.
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PETER K. HENDRICK 1,3
Chartered Accountant, Chartered Financial Analyst
Toronto, Ontario
Director since October 2004
Former executive vice-president of investments and chief investment officer of Mackenzie Financial Corporation. Former vice-president and director of CIBC Wood Gundy Securities Inc. (now CIBC World Markets) in the Corporate Finance, Institutional Equity and Capital Markets divisions. Former lecturer at the Graduate School of Business Administration at Harvard University in the area of management and financial accounting relating to financial controls. Qualifications include experience in equities trading, due diligence reviews, securities regulation, derivatives, hedging, risk analysis and performance measurement from roles at Mackenzie Financial and CIBC World Markets, and audit experience from Ernst & Young.
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NANCY HOPKINS 1,2*
Lawyer
Saskatoon, Saskatchewan
Director since September 2008
Partner with the law firm McDougall Gauley LLP, specializing in business law and corporate governance. Chair of the University of Saskatchewan board of governors. Director of Cameco Corporation, chairing the nominating, governance & risk committee. Director of GrowthWorks Canadian Fund Ltd. and GrowthWorks Opportunity Fund Inc., chairing the audit committee. Former chair of the Saskatoon Airport Authority, former chair of SGI Canada, a Saskatchewan Crown corporation, and of the Saskatchewan Police Commission. Appointed Queen’s Counsel in 1992. Qualifications include more than 30 years of legal experience with expertise in taxation, governance and information technology, experience in government interface and as a director in multiple stakeholder organizations.
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DOUGLAS W. MAHAFFY 1,4
Corporate Director
Toronto, Ontario
Director since October 2009
Recently retired Chairman and chief executive officer of McLean Budden Ltd., an institutional money management firm. Former managing director and head of investment banking (Ontario) of Merrill Lynch Canada Inc., and former senior vice-president, finance and chief financial officer of Hudson’s Bay Company. Current director at Methanex Corporation and former director at Stelco Inc. and Woodward’s Ltd. Current chairman at Drumlane Capital, a personally owned investment firm. Qualifications include more than 25 years of investment industry, general management, and mergers and acquisitions experience.
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HEATHER MUNROE-BLUM 1,4
OC., OQ., PhD., F.R.S.C
Principal (President) and Vice-Chancellor, McGill University
Montreal, Quebec
Director since March 2010
Former Vice-President (Research and International Relations), Dean, Professor, University of Toronto; Assistant Professor, McMaster University, York University.
Current non-executive roles: Trudeau Foundation; Royal Bank of Canada; Association of American Universities; Conference of Montreal; Association of Universities and Colleges of Canada (Chair of the Standing Advisory Committee on Research); Conférence des recteurs et des principaux des universités du Québec; Canada Foundation for Innovation; and, the Science, Technology and Innovation Council of Canada.
Previous non-executive roles include: Conference Board of Canada, Hydro One Inc.; Four Seasons Hotels & Resorts; Board of Trade of Metropolitan Montreal; Yellow Media Inc.; Alcan Inc.; Council of Canadian Academies; Montreal International; Medical Research Council of Canada; Genome Canada; Neurosciences Canada.
Over 25 years of senior management experience concentrated in higher education, public policy and research and development; Has served as director on executive, human resources and compensation, governance, investment and finance committees across the public and private sectors.
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KAREN SHERIFF 1,4
Corporate Executive
Halifax, Nova Scotia
Director since October 2012
President and CEO of Bell Aliant since November 2008. Previously Chief Operating Officer, Bell Aliant; President of Small and Medium Business, Bell Canada; Chief Marketing Officer, Bell Canada; Senior Vice President of Product Management and Development, Bell Canada. Prior to joining Bell, held a variety of assignments with Ameritech and United Airlines.
Director of Bell Aliant Inc., Bell Aliant Regional Communications Inc., and Bell Aliant Preferred Equity Inc. Past director of Aliant Inc. and Teknion Corporation. Current Chair of the Board of Trustees of the Gardiner Museum of Ceramic Art and member of the New Brunswick Business Council. Named one of Atlantic Canada’s Top 50 CEOs (Atlantic Business Magazine). Recognized as one of Canada’s Top 100 Most Powerful Women three times and named to the Women’s Executive Network Top 100 Women Hall of Fame.
Qualifications include extensive senior management experience and expertise in strategic-priority setting of major corporations, including oversight of Bell Aliant’s conversion back to a corporation from one of the largest income trusts in Canada and leading Bell Aliant to become the first company in Canada to cover an entire city with a fibre-to-the-home network.
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D. MURRAY WALLACE 1,4
Fellow, Institute of Chartered Accountants of Ontario
London, Ontario
Director since April 2007
CEO of Granite Global Solutions, an insurance services company, since August 1, 2009. Chairman and CEO of Park Street Capital Corporation, a personally owned investment and corporate advisory firm. Former president of Axia NetMedia Corporation. Director of Terravest Income Fund and Critical Outcome Technologies Inc. Former director of Western Surety Ltd., Ontario Hydro, London Insurance Group, IPSCO Inc., Crown Life Insurance Co. and Queen’s University School of Business (Advisory Committee), among others. Former Deputy Minister of Finance and Deputy Minister to the Premier for the Government of Saskatchewan.
Qualifications include expertise as a chartered accountant, senior-level financial experience from five years as President of Avco Financial Services Canada Ltd. and eight years in executive roles with companies in the Trilon Financial Group, experience in public pension plan management and interface with government.
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JO MARK ZUREL 1,3
Chartered Accountant, Corporate Director
St. John’s, Newfoundland and Labrador
Director since October 2012
President/Owner of Stonebridge Capital Inc., a private investment company that invests in a variety of businesses, including Atlantic Canadian start-up and high-growth companies. From 1998 to 2006 served as Senior Vice-President and Chief Financial Officer of CHC Helicopter Corporation. Director of Highland Resources Inc., chair of Newfoundland Power, director of Major Drilling Group International Inc., vice-chair of the Atlantic Provinces Economic Council and director of Dr. H. Bliss-Murphy Cancer Care Foundation. Past chair of the St. John’s Board of Trade and Junior Achievement of Newfoundland and Labrador.
Honoured as one of Canada’s Top 40 under 40 in 2000. Qualifications include extensive investment industry and corporate director experience including as an active angel investor with the Newfoundland and Labrador Angel Network (NLAN) and as director of the Institute of Corporate Directors (ICD) and member of the founding executive of the ICD’s Newfoundland and Labrador affiliate.
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1 Investment Committee
2 Governance Committee
3 Audit Committee
4 Human Resources and Compensation Committee
* Indicates chair position.
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Board of Directors
