With two longtime directors set to leave, the CPPIB is taking on two new members for its board.
Finance Minister Bill Morneau has announced that Ashleigh Everett and John Montalbano, two experienced business leaders from Western Canada, will join the pension plan’s governance team.
“Their experience will be a valuable asset to the CPPIB as it carries out its important role of investing Canada Pension Plan funds in the best interests of plan members,” Morneau said in a statement. The CPPIB seeks to bolster its board with experience from across Canada.
Montalbano established his career in BC at asset manager Phillips, Hager & North Investment Management, and later took the helm as its president. With RBC Global Asset Management’s 2008 acquisition of PH&N, he became CEO of RBC GAM. In 2015, he became vice chairman of RBC Wealth Management, and today he is a director on several boards.
Everett, a Manitoba resident since birth, is president, corporate secretary, and director of Royal Canadian Securities. The firm has control of a property development company, a gas retailer, and a water purification business, all of which predominantly operate in Western Canada. She is also a director at Manitoba Telecom Services, and was formerly a director of the Bank of Nova Scotia.
The two new hires will be taking the seats of former Methanex Cop. CEO Pierre Choquette and seasoned lawyer Nancy Hopkins. Both veterans have been directors since February 2008, and are based in Vancouver and Saskatoon.
CPPIB board members are typically appointed with 3-year terms, but they are also allowed to seek reappointment.
Debt-laden energy firm in talks to unload assets
Canadian pension fund loses $2.4 billion