Monday, 3 February 2014

CMHC Board Change - too little, too late?

CMHC Appoints New Directors
Feb 3, 2014
“The Honourable Jason Kenney, Minister of Employment and Social Development, Minister for Multiculturalism and Minister Responsible for CMHC, today announced the appointments of Sandra Hanington, Louise Poirier-Landry and Bruce Shirreff to the CMHC Board each for a term of four years.”
“Minister Kenney also thanked outgoing Board members, Sophie Joncas, Anne E. MacDonald and James Millar for their service on the Board.”

1. Sandra Hanington: Executive VP, BMO Financial Group
2. Louise Poirier-Landry: Financial security and strategic project advisor. previously held positions as Vice President and Chief Investment Officer at AXA Canada.
3. Bruce Shirreff: Senior VP, TD Bank

1. Joncas: Chartered Accountant. “Professional experience in the public and private sectors, including construction and real estate firms”
2. MacDonald: Lawyer, General Practice.
3. Millar: “career public servant” “worked in several government departments, including the Privy Council Office, Manpower and Immigration, the Public Service Commission, and Transport Canada.”

(original CMHC director bio here and on CMHC main site)

Related (old) news re: CMHC Board:
1. CMHC takes first steps to new identity
May 8, 2013
“Let’s consider CMHC’s 12-member board. The directors, who meet a minimum of five times a year, are appointed by the government of the day for a term of four years, except for the chairperson and the president and CEO who are eligible for reappointment. Among them is an Ottawa-based consultant, a chartered accountant at a home building company, the president of a real estate group in Montreal, a lawyer from Nova Scotia, an accountant with a privately-owned venture capital company based in Edmonton, and a partner at a London, Ont.-based plumbing company who is also a member of a local home builders’ association. Two others are bureaucrats – the deputy minister of Finance and the deputy minister of Human Resources and Skills Development, which currently oversees CMHC. And the outgoing interim chair is a chartered accountant and an administrator with a television production company and an economic professor at a college in Saint-Hubert, QC.”
““They are out of their league.” Leblanc says that while many of the current directors lack the skill sets required by OSFI, they are at a further disadvantage because the set four-year terms means they don’t have the chance to develop expertise. ”

2. Former Goldman Sachs investment banker appointed to head CMHC
Dec 20, 2013

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