Minister of Finance Announces Appointments to Canada Development Investment Corporation

Aug 16, 2019 | Announcements

The Government of Canada is committed to appointing highly qualified candidates able to best serve the interests of Canadians.

In keeping with this commitment, Finance Minister Bill Morneau today announced the appointments of Carole Malo and Robert Wener as new members of the Board of Directors of the Canada Development Investment Corporation (CDEV), for terms of 4 years. Biographical information can be found below.

The appointments were made under the Government of Canada’s new approach to Governor in Council appointments. This approach is based on open, transparent and merit-based selection processes that strive for gender parity and reflect Canada’s diversity, and supports Ministers in making appointment recommendations for positions within their portfolio by providing them with additional information and referrals.


“I would like to congratulate Ms. Malo and Mr. Wener on their appointments to the Board of the Canada Development Investment Corporation. Their significant experience on various boards as well as subject matter expertise in real property and finance will serve CDEV very well in its mandate of managing assets and investments on behalf of Canadians.”

– Bill Morneau, Minister of Finance

Quick Facts

  • The Canada Development Investment Corporation 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 has three wholly-owned subsidiaries:
    • Canada Hibernia Holding Corporation, which owns and manages the federal government’s 8.5% interest in the Hibernia oilfield;
    • Canada Eldor Inc., which has no operations, but services liabilities, chiefly arising from a 1988 agreement of purchase and sale with Cameco Inc; and
    • Canada TMP Finance Limited, which was created in 2018 to acquire and own the Trans Mountain Corporation and its entities.

Biographical Notes

Carole Malo

Carole Malo has worldwide experience in both the private and public sectors in corporate and project financing, mergers and acquisitions and public-private partnerships across a range of industries (financial, infrastructure, health, energy, construction and engineering).

Most recently, Ms. Malo was Vice-President, Project Finance at Infrastructure Ontario, and prior to that was Director, Investment Projects and Affiliates at Hydro-Québec and also held senior roles at Newcourt Capital, RBC and SNC Lavalin Capital in London, England.

Since 2019, Ms. Malo has run her private consultancy practice providing independent, strategic and transactional support to public and private sector sponsors in the infrastructure and energy sector as well as in public private partnerships.

Over the last decade, Ms. Malo has also served on several federal, municipal, private and not-for-profit boards including the National Energy Board, the Hamilton Utilities Corporation Board, the Tok Transit Advisory Board and the United Way. She currently sits on the Humber River Hospital and York University Boards.

Ms. Malo holds a B.A.A. Finance (Honours) from École des Hautes Études Commerciales, Montréal, is a CFA Charterholder and earned several certifications in board governance and regulatory/administrative tribunals. In 2013, she was selected by the Canadian Board Diversity Council as one of Canada’s 50 diverse and most qualified professionals ready to serve on boards.

Robert Wener

Robert Wener is currently Chief Executive Officer of Wener Advisory Group Ltd. and CEO of CCI Balconies Inc. From 2011-2015 he was Chief Financial Officer and then Executive Vice President of Minto Holdings Inc., a diversified real estate development and management company. From 1976 to 2011, he held a variety of increasing responsibilities and leadership positions at KPMG LLP.

Mr. Wener also has many years of leadership and board experience with community and not-for-profit organizations.

Mr. Wener holds a B.A. and MBA from the University of Manitoba, and is a Fellow of the Chartered Professional Accountants of Canada.

Media may contact:
Pierre-Olivier Herbert
Director of Media Relations
Office of the Minister of Finance

Media Relations 
Department of Finance Canada

General Enquiries
Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230