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Ottawa, October 12, 2004
2004-063

New Appointments to the Canada Pension Plan Investment Board

Minister of Finance Ralph Goodale announced today two appointments to the board of directors of the Canada Pension Plan Investment Board (CPPIB).

Peter Keith Hendrick of Toronto, Ontario, and William "Philip" MacDougall of Stratford, Prince Edward Island, have been appointed to the board. The appointees bring a wide range of academic, business and public service experience to their new positions.

"The impressive scope of experience that Mr. Hendrick and Mr. MacDougall bring to the table will no doubt prove valuable to the CPPIB," said Minister Goodale.

As Executive Vice President of Investments and Chief Investment Officer for Mackenzie Financial Corporation, Mr. Hendrick was responsible for the oversight of equity and debt portfolio management for public and private mutual funds and corporate pension funds. In his capacity as Vice President and Director of CIBC Wood Gundy Securities, Mr. Hendrick was also involved in various corporate financing activities.

Mr. MacDougall has served as Deputy Minister in a number of Prince Edward Island’s provincial government departments including Finance, Environmental Resources, Health and Social Services, and Transportation and Public Works. He has also served as the province’s Assistant Auditor General and Secretary of the Treasury Board.

The directors were selected by the federal government, in consultation with provincial governments, from a list of qualified candidates provided by a joint federal-provincial nominating committee.

The nominating committee, which was chaired by Michael Phelps, Chairman of Dornoch Capital Inc., consisted of 10 members, one appointed by the federal government and one appointed by each of the nine participating provinces.

The CPPIB is responsible for prudently investing new CPP investment funds in the best interests of CPP contributors and beneficiaries. It invests in a diversified portfolio of securities and operates at arm’s length from governments, under broadly the same rules as other pension funds in Canada.

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