New Appointments to the Public Sector Pension Investment Board

For immediate release

19 January 2010

• Backgrounder - Public Sector Pension Investment Board
• Biographical Notes

OTTAWA - The Honourable Stockwell Day, President of the Treasury Board, is pleased to announce the appointment of four directors to the Public Sector Pension Investment Board two of whom have been reappointed. All directors will work for the Public Sector Pension Investment Board for a duration of four years. These individuals bring to the Public Sector Pension Investment Board a range of experience and knowledge: 

Ms. Lynn Haight
Mr. William MacKinnon
Ms. Cheryl Dolores Barker (reappointed)
Mr. Michael Mueller (reappointed)

The Public Sector Pension Investment Board is a Crown corporation established by Parliament by the Public Sector Pension Investment Board Act (September 1999). The mandate of the Public Sector Pension Investment Board is to manage employer and employee contributions made after April 1, 2000, to the federal public service, Canadian Forces and Royal Canadian Mounted Police pension funds. Proceeds equal to 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 Public Sector Pension Investment Board Act, the management of the business of the Public Sector Pension Investment Board 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 the Public Sector Pension Investment Board, and sets the compensation policy for its staff. The first directors were appointed on April 7, 2000. The Public Sector Pension Investment Board is not an agent of Her Majesty, and its directors, officers and employees are not part of the Public Service of Canada. 

Biographical notes and factsheet are attached.

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For more information, contact:

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.

TTY (Telecommunications device for the hearing impaired) - (613) 957-9090

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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 to invest the net contributions from the pension plans of the federal Public Service, Canadian Forces and Royal Canadian Mounted Police in capital markets. The Public Sector Pension Investment Board'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 Public Sector Pension Investment Board

The board of directors is mandated to supervise the management of the business and affairs of the Public Sector Pension Investment Board. 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 Public Sector Pension Investment Board 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 four years. Each director receives an annual retainer of $25,000.

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Biographical Notes

Lynn Haight

From 2004 to 2009, Ms. Haight served as Chief Financial Officer and Chief Operating Officer of Foresters Holdings. In the past, Ms. Haight has worked as Vice President, US Fixed Annuities and Chief Accountant of Manulife Financial. 

Ms. Haight was former Chair of Foresters Holdings, Europe and currently serves as Chair of the Board and Chair of the Audit Committee, World Agroforestry Centre, Nairobi, Kenya, and as Trustee and Chair, Audit Committee, Ontario Arts Council.

Her appointment as a Director of the Public Sector Pension Investment Board will be for a duration of four years. 

William MacKinnon

From 1999 to 2008, Mr. MacKinnon served as Chief Executive Officer of KPMG.  Before that he served as Vice-Chair, Consulting and as a Managing Partner of the Greater Toronto office for KPMG. 

Mr. MacKinnon is currently a member of the Board of Directors and Audit Committee, CD Howe Institute.

His appointment as a Director of the Public Sector Pension Investment Board will be for a duration of four years.

Cheryl Dolores Barker

Ms. Barker has been reappointed to the Board of Directors of the Public Sector Pension Investment Board.  She has served on the Board since December 18, 2006.

Ms. Barker is a member of the Board of Directors and Chair of the Finance/Audit Committee of the Canadian Television Fund as well as a trustee of Lanesborough REIT and Chair of its Audit Committee. She is also Chair of the Board of Directors of Manitoba Film and Sound Recording Development Corporation and a director of the Manitoba Audio Recording Industry Association. Ms. Barker was President of Manitoba Telecom Services (MTS) from 2004 until her retirement from MTS in February 2006. Her career in the telecommunications industry and business community as a whole is extensive. She spent 19 years with MTS, serving in a variety of key positions, including President and Chief Operating Officer of MTS Communications Inc.; Chair, President and Chief Executive Officer of Bell Intrigna Inc.; Executive Vice-President Finance and Chief Financial Officer; and Treasurer. Prior to her tenure with MTS, Ms. Barker was a Financial Policy Analyst in the Province of Manitoba's Department of Finance. From 1981 to 1986, she was employed with the firm of Peat, Marwick & Mitchell (now KPMG).

Ms. 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.

Her reappointment as a Director of the Public Sector Pension Investment Board will be for a duration of four years. 

Michael Peter Mueller

Mr. Mueller has been reappointed to the Board of Directors of the Public Sector Pension Investment Board. He has served on the Board since December 18, 2006.

Mr. Mueller is a member of the Board of Directors of Tm BioScience Inc. and Budco, and serves as a strategic advisor to a number of Canadian, US and European companies.  From 2003 until 2005, he was President and Chief Executive Officer of MDS Capital Corporation. Prior to that, Mr. Mueller held a series of positions at TD Bank Financial group, which began with a traineeship in 1983 and ended in a Vice Chairmanship of Global Investment Banking. Over those eighteen years at TD Bank Financial, Mr. Mueller held a variety of 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, and Executive Vice President of Global Credit.

Mr. Mueller 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.

Mr. Mueller holds a Bachelor of Science from the University of Western Ontario and a Master of Business Administration from York University.

His reappointment as a Director of the Public Sector Pension Investment Board will be for a duration of four years.