Backgrounder: Public Sector Pension Investment Board
Biographical notes
December 21, 2006
OTTAWA - The Honourable John Baird, President of the Treasury Board,
is pleased to announce the appointment of three new directors to the Public
Sector Pension Investment Board ("PSP Investments"). These new
directors bring to PSP Investments a range of experience and knowledge:
Ms. Cheryl Barker
Mr. Michael Mueller
Mr. William Saunderson
PSP Investments is a Crown corporation established by Parliament by the Public
Sector Pension Investment Board Act (September 1999). The mandate of PSP
Investments is to manage employer and employee contributions made after April 1,
2000 to the federal Public Service, the Canadian Forces and the Royal Canadian
Mounted Police pension funds. Annual net contributions to these pension funds
are approximately $4 billion. Assets are invested in fixed income instruments
and Canadian and foreign equities, real estate, private equities and other
permissible investments through in-house and external managers.
Under the Act, the management of the business of PSP Investments rests solely
with its Board of Directors. In particular, the Board of Directors appoints the
President and Chief Executive Officer, determines the investment policy for the
assets managed by PSP Investments, and sets the compensation policy for its
staff. The first directors were appointed on April 7, 2000. PSP Investments is
not an agent of Her Majesty and its directors, officers and employees are not
part of the Public Service of Canada.
Biographical notes are attached.
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For more information, contact:
Patrick Robert
Press Secretary
Office of the President of the Treasury Board
(613) 957-2666
Robert Makichuk
Chief, Media Relations
Treasury Board of Canada Secretariat
(613) 957-2391
If there is a discrepancy between any printed version and the
electronic version of this news release, the electronic version will prevail.
Backgrounder: Public Sector Pension Investment Board
Legislative Mandate
In 1999, the federal government created, through the Public Sector Pension
Investment Board Act, the Public Sector Pension Investment Board (PSPIB) to
invest the net contributions from the pension plans of the Public Service,
Canadian Forces and Royal Canadian Mounted Police in capital markets. The
PSPIB's statutory objectives are to manage the funds entrusted to it in the best
interests of the contributors and beneficiaries of the Plans and to maximize
investment returns without undue risk of loss.
Membership of the Board of Directors of the PSPIB
The 12-member board of directors is mandated to supervise the management of
the business and affairs of the PSPIB. Each director is appointed by the
Governor in Council on the recommendation of the President of the Treasury
Board.
The nominating process for directors to the PSPIB is a merit-based system,
which is in line with the government's approach for appointing directors to the
boards of directors of other Crown corporations. It aims at securing
candidates who are or have operated at the highest level in corporate Canada to
ensure the highest level of performance of the Board.
Each director holds office for a term not exceeding 3 years. Each
director receives an annual retainer of $25,000.
Biographical notes
Cheryl Dolores Barker
President, Manitoba Telecom Services Inc.
Curriculum vitae
From 1981 to 1986, Ms. Barker was employed with the firm of Peat,
Marwick & Mitchell (now KPMG). Between 1986 and 1987 she served as a
Financial Policy Analyst for the Manitoba Government. She joined Manitoba
Telecom Services as Treasurer in 1987 before being promoted to Executive Vice
President, Finance and Chief Financial Officer in 1994. She held the post until
2001 when she was promoted to Chair, President and Chief Executive Officer of
Bell Intrigna. In 2002 she accepted her current position, President of Manitoba
Telecom Services.
Ms. Barker is currently Chair of Manitoba Film and Sound, and Chair of the
Audit Committee for the National Leasing Group. Her past Board roles include
Chair of Bell Intrigna, and Director for Bell West and National Leasing Group.
Cheryl Barker is a Chartered Accountant, and holds a Bachelor of Science and
a Certificate of Education from the University of Manitoba. She is a Member of
the Canadian Institute of Chartered Accountants and the Institute of Chartered
Accountants of Manitoba.
Michael Peter Mueller
Retired
Curriculum vitae
In 1983, Michael Mueller joined TD Bank Financial group as a trainee.
Over the next 18 years, he held a series of progressively senior positions,
including Credit Analyst, Client Relationship Officer, Assistant General Manager
and General Manager of Loan Syndication, General Manager of the Workout Group,
General Manager of the Representative Office, Senior Vice President and Head of
the USA Division, Executive Vice President of Global Credit, and finally Vice
Chairman of Global Investment Banking. Michael Mueller finished his full-time
career with a two-year term as President and Chief Executive Officer of MDS
Capital Corporation between 2003 and 2005. He is currently retired.
Mr. Mueller is currently a member of the Board of Directors of Tm Bioscience
Inc., the Beringer Fund, and the Canadian Venture Capital Association. He is a
former Board Director for MDS Capital, the Canadian Medical Discoveries Fund I
and II, the British Columbia Medical Innovations Fund, Medical Discoveries
Management Corporation, and Health Ventures Inc.
Michael Mueller holds a Bachelor of Science from the University of Western
Ontario, and a Master of Business Administration from York University.
William John Saunderson
Retired
Curriculum vitae
Mr. Saunderson began his career as a Chartered Accountant with Clarkson
Good (now Ernst & Young). In 1971 he founded Sceptre Investment Counsel
Ltd., where he was a Senior Partner for the next 24 years. In 1995, he ran and
was elected as a member of the Ontario Progressive Conservative Party. Between
1995 and 1997 he served as Minister of Economic Development, Trade and Tourism
for the Government of Ontario. After choosing not to run in the next provincial
election, he agreed to serve as Chair of the Ontario International Trade
Corporation, now known as Ontario Exports Inc. He retired in 2005.
Mr. Saunderson has extensive experience as a Board Director. He is currently
Chair of RDI, the Canadian Osteopathic Education Trust Fund, the Diocese of
Toronto Investment Committee, and the Trinity College "Strength to
Strength" Endowment Campaign. He is also a Board Director for the Royal
Ontario Museum Foundation and the Toronto Symphony Orchestra, and a member of
the University of Ottawa Pension Investment Committee and the Shaw Festival
Governor's Council. His prior Board appointments include President of the
Devil's Glen Ski Club, Chair of Toronto Ontario Olympic Committee Advisory
Committee, the University of Toronto Schools Fundraising Campaign, and the Queen
Elizabeth Hospital Foundation. His past Board positions include Vice Chair of
the University of Ottawa Fundraising Campaign, Member of the Trent University
Board of Governors and the United Way Major Donors Committee, and Board Director
for Crescent School, OISE/UT Campaign Leadership Board, the Toronto Free Theatre
Board, the Festival Singers Board, the National Youth Orchestra, and the
Smartrisk Foundation.
Mr. Saunderson is a Chartered Accountant and holds a Bachelor of Arts from
the University of Toronto. He is a Fellow of the Institute of Chartered
Accountants and a recipient of their Award of Outstanding Merit. He also holds
an honorary Doctorate from the University of Ottawa
