November 7, 2018
Canada Development Investment Corporation announces Board of Directors of Trans Mountain Corporation
The Board of Directors of Canada Development Investment Corporation (CDEV) is pleased to announce the appointment of several prominent Canadians to the Board of Directors overseeing the governance and management of Trans Mountain Corporation (TMC).
The newly-constituted Board will be chaired by William Downe, former CEO of BMO Financial Group. Mr. Downe will be joined on the Board by:
- Harold Calla, Executive Chair of the First Nations Financial Management Board, and a member of the Squamish First Nation;
- David Emerson, Corporate Director, Public Policy Advisor and former senior cabinet minister with the Government of Canada;
- Brian Ferguson, former President and CEO of Cenovus Energy Inc.;
- Carol Anne Hilton, CEO and Founder of the Indigenomics Institute;
- Patricia Koval, Corporate Director and lawyer, formerly a senior partner with Torys LLP;
- Lorraine Mitchelmore, former President and Country Chair, Shell Canada;
- Marie-Jose Nadeau, Honorary Chair of the World Energy Council;
- Paul Rochon, Deputy Minister of the Department of Finance Canada;
- Ian Anderson, former President of Kinder Morgan Canada, and current President and CEO of Trans Mountain Corporation; and
- Stephen Swaffield, Acting Board Chair of CDEV, and a former Vice President of Terasen Inc. and British Gas.
"I am pleased to join this experienced and distinguished group of individuals who share my belief that this important infrastructure asset and proposed expansion project are serving the interest of all Canadians. We have great confidence in the management and operation of Trans Mountain Corporation and the proposed expansion of the project." said Mr. Downe.
"Our single-minded focus is on ensuring TMC continues to run efficiently and commercially and that the proposed expansion application moves forward in the right way, ensuring we also meet our obligation and commitment to consult fully and in good faith with Indigenous communities," said Mr. Swaffield. "The calibre of the new board reflects the strong national support from the business community."
"TMC will continue to be guided by our collective pledge to couple economic growth with environmental protection and the interests of affected Indigenous communities," said Mr. Anderson. "The proposed expansion project would give Canadian oil producers critical access to world markets, fostering economic growth while meeting strict, world-class regulatory conditions."
About Canada Development Investment Corporation
CDEV is a federal Crown corporation responsible for commercial management of assets owned by the Government of Canada, reporting to the Minister of Finance.
About Trans Mountain Corporation
Trans Mountain Corporation, a wholly owned subsidiary of CDEV, owns and operates Canada's only pipeline system transporting crude oil and refined products to the West Coast. TMC is also the proponent of a proposed expansion of this line from 300,000 to 890,000 barrels per day.
Trans Mountain Corporation (TMC) Board of Directors
William Downe (Chair)
William Downe spent a long and distinguished career with BMO Financial Group, starting with Bank of Montreal in 1983 and holding a variety of senior management positions in Canada and the United States. Mr. Downe served as CEO of BMO Financial Group from 2007 to 2017. He serves on the board of Loblaw Companies Limited, ManpowerGroup and on the Social and Economic Policy Advisory Board of Rand Corporation. Mr. Downe has served as a board member and advisor to numerous private, public and non-profit organizations, including the Business Council of Canada, the International Monetary Conference, the Martin Prosperity Institute at the Rotman School of Management, St. Michael's Hospital and Rush University Medical Center, among others. He holds a BBA from Wilfred Laurier University and an MBA from the University of Toronto. Mr. Downe is a Member of the Order of Canada.
Harold G. Calla, FCPA, FCGA, CAFM is a member of the Squamish First Nation located in North Vancouver, B.C. After many years working in international business, he worked with the Squamish Nation as a negotiator in the areas of economic development, land management and finance and served for eight years on the Squamish Council. Mr. Calla serves as Executive Chair of the First Nations Financial Management Board, and is a member of the Aboriginal Financial Officers Association. Mr. Calla has served on the boards of FortisBC, Canada Mortgage and Housing Corporation, Partnerships BC and the Nicola Valley Institute of Technology. He is the recipient of numerous awards in recognition of excellence in leadership. In particular, the Certified General Accountants Association of Canada recognized Mr. Calla as one of 100 outstanding CGAs during its centennial year in 2008.
David L. Emerson, P.C., O.B.C. has held senior positions with the Government of Canada, including as Minister of Foreign Affairs, Minister of Industry and Minister of International Trade with responsibility for the Asia Pacific Gateway Initiative and the Vancouver 2010 Olympic and Paralympic Games. Mr. Emerson was previously Deputy Minister of Finance, Secretary to Treasury Board, and Deputy Minister to the Premier and Secretary to Cabinet in the B.C. Government. His leadership roles in the private sector include: President and CEO of Canfor Corporation, President and CEO of the Vancouver International Airport Authority and Chairman and CEO of Canadian Western Bank. Mr. Emerson holds Bachelor and Master degrees in Economics from the University of Alberta and a Doctorate in Economics from Queens University. He is a recipient of the Order of British Columbia.
Brian C. Ferguson, FCA, served as Chief Executive Officer and President of Cenovus Energy Inc. from November 2009 until October 2017. Mr. Ferguson's business experience spans a variety of areas including finance, business development, reserves, strategic planning, evaluation and communications. Mr. Ferguson has been an Independent Director at the Toronto-Dominion Bank since March 2015. He has also served as a Non-Independent Director of Cenovus Energy Inc., past Chairman of the Canadian Institute of Chartered Accountants' Risk Oversight and Governance Board and as a board member of the Canadian Council of Chief Executives, among others. Mr. Ferguson is a Chartered Accountant and a Fellow of the Chartered Professional Accountants of Alberta. He holds a BComm degree from the University of Alberta and completed the Executive Management program at the University of Western Ontario.
Carol Anne Hilton
Carol Anne Hilton is the CEO and Founder of The Indigenomics Institute. Ms. Hilton is a recognized Indigenous business leader and senior advisor with an international Master's Degree in Business Management (MBA) from the University of Hertfordshire, England. Ms. Hilton is of Nuu chah nulth descent from the Hesquiaht Nation on Vancouver Island. Ms. Hilton currently serves on the BC Emerging Economy Task Force as an advisor to the Minister of Jobs, Trades and Technology as well as on the BC Indigenous Business and Investment Council for the Ministry of Indigenous Relations and Reconciliation. Ms. Hilton was appointed as a senior advisor to the federal Finance Minister on the Canadian Federal Economic Growth Council. Ms. Hilton's work has been recognized most recently with the national Excellence in Aboriginal Relations Award from the Canadian Council for Aboriginal Business. Ms. Hilton currently serves as Director on the McGill University Institute for the Study of Canada and the National Canadian Community Economic Development Network.
Patricia Koval is a corporate director and lawyer. Ms. Koval retired in December 2016 as a Senior Partner of Torys LLP where she practiced as a corporate and securities lawyer, focusing on mergers and acquisitions, corporate finance and governance. She also co-founded and was co-chair of Torys' interdisciplinary Climate Change and Emissions Trading Practice. Ms. Koval was an Adjunct Professor at the University of Toronto Law School and she currently serves on its Environmental Finance Advisory Council. She has a long history of Board service and volunteering in the conservation sector, including the World Wildlife Fund Canada, Toronto and Region Conservation Foundation, Rainforest Trust, Turtle Survival Alliance and the Wildlife Conservation Society. Ms. Koval graduated from the joint MBA/J.D. program at Schulich School of Business and Osgoode Hall Law School in Toronto.
Lorraine Mitchelmore has more than 30 years of oil and gas experience with more than a third of her career working internationally. Her most recent roles include CEO of Enlighten Innovations, various senior positions in Royal Dutch Shell, including Executive Vice-President Heavy Oil Americas and President and Country Chair of Shell Canada from 2009-2016. Prior to Royal Dutch Shell, she held various positions in BHP Petroleum, Chevron and Petro Canada. She serves on the Bank of Montreal board of directors, Catalyst Canada Advisory Council, is the Chair of the Federal Resources of the Future Economic Strategy Table and served on the Federal Government's NAFTA Environmental Advisory Council. Ms. Mitchelmore holds a Bachelor's degree in Geophysics from Memorial University of Newfoundland, a Master's degree in Geophysics from the University of Melbourne, Australia and an MBA from Kingston Business School in London, England.
Marie-Jose Nadeau is a Corporate Director and an expert in energy. She is the past Chair of the World Energy Council where she served from 2013 to 2016. During her tenure as Chair of the Council, she travelled the world, outreaching to its 100 Member committees, meeting with Heads of State and Energy Ministers and speaking on global energy issues. From 1993 to 2015, she served as Executive Vice-President and Secretary General of Hydro-Quebec. A trained lawyer, she was a key player at Hydro-Quebec for over 20 years. Ms. Nadeau is a Director of ENGIE where she is the Chair of the Audit Committee and a member of the Strategy, Investment and Technology Committee. She is also a Director of Metro, where she chairs the Governance and Nominating Committee and is a member of the Human Resources Committee. In addition, she is the Vice Chair of the Advisory Council of the Electric Power Research Institute (EPRI), based in the United States, and Vice Chair of the Montreal Symphony Orchestra. Ms. Nadeau holds a Master's Degree in Public Law from the University of Ottawa. In 2009, the Quebec Bar awarded her with the distinction Advocatus Emeritus in recognition of her contribution to the legal profession. In 2016, she was appointed a Member of the Order of Canada in recognition of her outstanding support to many organizations involved in the arts and education.
Paul Rochon assumed the position of Deputy Minister of Finance Canada on April 21, 2014. Prior to this appointment, Mr. Rochon served as Deputy Minister of International Development, under the new Department of Foreign Affairs, Trade and Development. Previously, Mr. Rochon was Associate Deputy Minister of Health and concurrently Special Advisor to the Minister of Finance on negotiations for a Canadian securities regulator. Mr. Rochon has more than 20 years of experience at the Department of Finance and held a number of positions, including Associate Deputy Minister of Finance and Canada's Finance Deputy at the G-7, G-20 and the Financial Stability Forum, as well as Senior Assistant Deputy Minister in the Economic and Fiscal Policy Branch. Prior to joining the Department of Finance, Mr. Rochon worked for three years at the Conference Board of Canada. He holds a Bachelor's degree in History from McGill University and a Master's degree in Economics from the University of Toronto.
Ian Anderson is President and CEO of Trans Mountain Corporation. He has extensive experience in the energy sector in Canada, having provided executive leadership in the areas of finance, regulatory affairs, marketing, business development, strategy development and human resources. Prior to taking on his current role, he served as President of Kinder Morgan Canada. He worked with Kinder Morgan and its Canadian predecessor companies for more than 38 years. He serves on several boards, including the Association of Oil Pipe Lines and the Business Council of British Columbia, and is a former board member of the Canadian Energy Pipeline Association. Mr. Anderson is a Certified Management Accountant and a graduate of the University of Michigan Executive Program.
Stephen Swaffield has significant experience in Canada's financial and energy sectors, having held senior roles with the Royal Bank of Canada (RBC Capital Markets and RBC Dominion Securities) and Canaccord Financial Inc. He also held senior leadership positions at the executive level with Terasen, British Gas and Shell International Petroleum Company. Mr. Swaffield brings to CDEV many years of advisory and board experience, from both public and private companies, as well as with not-for-profit organizations. Mr. Swaffield holds a BA and MA in Engineering Science from Oxford University and is a Chartered Engineer (UK). He holds an MBA from INSEAD and a diploma in corporate governance from the IOD.
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November 5, 2018
CDEV announces launch of sale process for Ridley Terminals Inc.
At the request of the Government of Canada, today the Canada Development Investment Corporation (CDEV) is launching a competitive sale process that is intended to lead to an agreement with a buyer for 90% of the shares of Ridley Terminals Inc., a federal Crown corporation. The remaining 10% of the shares would be transferred to the Lax Kw’alaams Band and the Metlakatla First Nation at the close of the sale. This sale process is occurring following engagement and consultation with six First Nations in the area.
Established in 1983, Ridley Terminals Inc. operates on Ridley Island in Prince Rupert, British Columbia, where it transfers bulk commodities from rail cars onto ocean-going vessels. The primary commodities shipped through the terminal are coal and petroleum coke.
The sale process will be conducted on an open and competitive basis with the objective of obtaining best value from a buyer who will operate Ridley Terminals on a long-term sustainable basis and with open access.
Parties interested in participating in the sale process should contact CDEV’s financial advisor, Macquarie Capital Markets Canada, at MACCAPRTIInfo@macquarie.com for further information.
October 11, 2018
Canada Development Investment Corporation Notice of Annual Public Meeting
Canada Development Investment Corporation (CDEV) will hold its Annual Public Meeting on Thursday, October 11, 2018 at 9:00 a.m. MDT at the Sheraton Eau Claire, 255 Barclay Parade S.W., Calgary, Alberta. Attendee registration is from 8:30 a.m. to 8:55 a.m.
Members of the Board of Directors and management of the company and its two main subsidiaries, Trans Mountain Corporation and Canada Hibernia Holding Corporation will be present at this meeting.
Questions may be submitted in advance to firstname.lastname@example.org no later than October 4, 2018 and every attempt will be made to answer them during the Q&A session.
Copies of CDEV’s 2017 Annual Report and 2018-2022 Corporate Plan Summary will be available at the meeting. For electronic copies and additional information about the Corporation please consult our website at www.cdev.gc.ca.
August 31 2018
Trans Mountain Pipeline System Announcement
On August 31, 2018 a subsidiary of CDEV purchased the entities that own and operate the Trans Mountain Pipeline System (www.transmountain.com) that runs between Edmonton, AB and Burnaby, BC and Washington State. The purchase price is $4.5 Billion before closing adjustments yet to be confirmed. The purchase was financed through loans from the Canada Account managed by Export Development Canada. The subsidiary is Trans Mountain Corporation and is operated by a management team based in Calgary. More information will be made available with CDEV's Q3 financial report at the end of November 2018.
December 21, 2017 – Ottawa, Ontario – Department of Finance Canada
Minister Morneau Announces New Directors for the Canada Development Investment Corporation
The Government of Canada has put in place a more rigorous approach to Governor in Council appointments in which open, transparent and merit-based selection processes result in highly qualified candidates that serve the interests of Canadians.
In keeping with this commitment, Finance Minister Bill Morneau today announced the appointment of two new members to the Board of Directors of the Canada Development Investment Corporation (CDEV), including Darlene Halwas and Stephen J. Swaffield.
Ms. Halwas is Corporate Director of Aquatera Utilities Inc., focusing on audit and risk. She has held senior positions in risk management with Direct Energy Limited, the Saskatchewan Wheat Pool, and TransAlta Corporation. She chairs the Audit Committee of the Commission for Complaints for Telecom-television Services and is past chair of the Governance Committee of the CKUA Radio Foundation. She has held senior roles in foreign exchange with the Canadian Wheat Board and the Bank of Montreal. Ms. Halwas has also served on the boards of the Calgary Police Commission and the Alberta Pensions Services Corporation and is a Chartered Financial Analyst, and a Director certified by the Institute of Corporate Directors. Ms. Halwas is a recipient of the Queen Elizabeth II Diamond Jubilee Medal.
Mr. Swaffield has significant experience in Canada's financial and energy sectors, having held senior roles with the Royal Bank of Canada (RBC Capital Markets and RBC Dominion Securities) and Canaccord Financial Inc. He also held senior leadership positions at the executive level with British Gas and Shell International Petroleum Company. Mr. Swaffield brings to CDEV many years of advisory and board experience, from both public and private companies, as well as with not-for-profit organizations.
"I am pleased to welcome these accomplished individuals who have impressive track records in their respective fields to the board of the Canada Development Investment Corporation. I am certain that they will be successful in their new roles and offer them my congratulations."
- The Canada Development Investment Corporation (CDEV) was established in 1982 under the Canada Business Corporations Act, to manage investments assigned to it and to privatize its holdings when appropriate.
- CDEV manages a portfolio of assets and investments held by the Government of Canada, on behalf of all Canadians.
- CDEV's assets include the following wholly owned subsidiaries: Canada Hibernia Holding Corporation, which owns and manages an 8.5% interest in the Hibernia oilfield; Canada GEN Investment Corporation, which owned the business interests of the Crown in General Motors; and Canada Eldor Inc., which has no operations, but services liabilities, chiefly arising from a 1988 agreement of purchase and sale with Cameco Inc.
Media may contact
Office of the Minister of Finance
Department of Finance Canada
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