Minister Morneau Announces Appointment to the Canada Deposit Insurance Corporation Board of Directors

From: Department of Finance Canada

News release

September 14, 2018 – Ottawa, Ontario – Department of Finance Canada

The Government of Canada is committed to a rigorous approach to Governor in Council appointments, in which open, transparent and merit-based processes result in the selection of highly qualified candidates able to best serve the interests of Canadians.

In keeping with this commitment, Finance Minister Bill Morneau today announced the appointment of Andrew Kriegler to the Board of Directors of the Canada Deposit Insurance Corporation (CDIC). Mr. Kriegler served as a member of the Board of Directors of CDIC from 2013 to 2014 and is a member of CDIC'S Advisory Panel. Further biographical details are available below.

Biographical Notes

Andrew Kriegler has been President and Chief Executive Officer of the Investment Industry Regulatory Organization of Canada (IIROC) since 2014. IIROC is the national public interest regulator that protects investors and strengthens market integrity by overseeing all Canadian investment dealers and their trading activity in Canada's debt and equity markets. His prior experience includes serving as Deputy Superintendent, Supervision, at the Office of the Superintendent of Financial Institutions (OSFI), where he was responsible for the prudential supervision of Canada's federally regulated financial institutions. Mr. Kriegler also spent some 25 years in the private sector, most recently as Senior Vice President & Treasurer of CIBC. He was previously Senior Vice President & Chief Human Resources Officer with Moody's Corporation in New York after having been the Canadian Country Managing Director for global rating agency Moody's Investors Service. Earlier in his career, Mr. Kriegler worked as a fixed income trader and as an investment banker with major investment dealers in Toronto and New York. He served as a Member of the Board of Directors of CDIC from 2013 to 2014.

Quotes

"By insuring the savings of hard-working Canadians, the Canada Deposit Insurance Corporation plays an important role – along with other federal agencies – in ensuring the health of Canada's financial system. With the extensive financial sector experience and expertise that Mr. Kriegler brings to the CDIC's Board, he will play an important role in safeguarding the strength of Canada's financial regulatory framework. I offer my congratulations to Mr. Kriegler on his appointment, and my thanks for his commitment to serving Canadians."

- Bill Morneau, Minister of Finance

Quick facts

  • CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions.

  • The CDIC Board of Directors includes a Chairperson, five private sector directors who bring practical experience from the business world, and five public sector directors who provide knowledge of the financial, supervisory and regulatory environment in which CDIC operates.  

  • Budget 2018 amended the Canada Deposit Insurance Corporation Act to modernize and enhance the Canadian deposit insurance framework to ensure it continues to meet its objectives. These changes modernize the scope of deposit insurance coverage to better reflect products currently offered in the market, address the complexity of trust deposits, help protect depositors, improve understanding of insurance coverage, and ultimately better support financial sector stability in Canada. 

Associated links

Contacts

Media may contact:

Pierre-Olivier Herbert 
Press Secretary 
Office of the Minister of Finance
pierre-olivier.herbert@canada.ca 
613-369-5696

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

General Enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

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