Minister of Finance Announces Appointment to Canada Development Investment Corporation

From: Department of Finance Canada

News release

March 27, 2019 – Ottawa, Ontario – Department of Finance Canada

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 appointment of Steve Swaffield as Chairperson of the Canada Development Investment Corporation (CDEV), for a term of 4 years. Mr. Swaffield has been serving as Acting Chairperson of CDEV since July 1, 2018. Biographical information can be found below.

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

Biographical Notes

Steve Swaffield

Steve Swaffield is an independent corporate director with 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 executive leadership positions with British Gas and Terasen, having started his career at Shell International Petroleum Company.

Mr. Swaffield has many years of advisory and board experience, with both public and private companies, as well as with not-for-profit organizations. He has been with CDEV since 2017, first as a Director then as Acting Chairperson.

Mr. Swaffield is a qualified engineer and holds a B.A. and M.A. in Engineering Science from the University of Oxford and an MBA from INSEAD.

Quotes

"I would like to thank Mr. Swaffield for serving as interim Chair of the Canada Development Investment Corporation and congratulate him on his official appointment to the role. I am certain that his significant business experience in the financial and energy sectors will continue to serve CDEV very well in its excellent work of asset management."

- 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'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 Eldor Inc., which has no operations, but services liabilities, chiefly arising from a 1988 agreement of purchase and sale with Cameco Inc; and on August 31, 2018, Trans Mountain Corporation, a subsidiary of CDEV, purchased the entities that own and operate the Trans Mountain Pipeline System that runs between Edmonton, Alberta, Burnaby, British Columbia, and Washington State. 

Associated links

Contacts

Media may contact:

Pierre-Olivier Herbert
Director of Media Relations
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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