Board of Directors and its Committees

The legislative framework governing CMHC consists primarily of the Canada Mortgage and Housing Act, the National Housing Act and the Financial Administration Act. Pursuant to the CMHC Act, the stewardship of the Corporation is the responsibility of the Board of Directors, which is comprised of the Chairperson, the President and Chief Executive Officer; the Deputy Minister of the Minister for CMHC; the Deputy Minister of Finance; and, eight other directors.

The Chairperson and the President and Chief Executive Officer are appointed by the Governor in Council. The Deputy Minister of the Minister for CMHC and the Deputy Minister of Finance are appointed based on the office they each hold. The eight other directors are appointed by the Minister designated for the purposes of the Canada Mortgage and Housing Act and the National Housing Act with Governor in Council approval. With the exception of the President and Chief Executive Officer, all members of the Board are independent of CMHC Management.

The Board of Directors meets a minimum of five times per year. To gain regional perspective, the Board holds two of its regularly scheduled meetings outside the National Capital Region. These meetings are an opportunity for Board members to visit housing projects and to discuss housing issues with local stakeholders.

The Corporate Governance and Nominating Committee, the Audit Committee, the Risk Management Committee, and the Human Resources Committee support the Board of Directors in carrying out its stewardship of CMHC. These committees examine matters in their respective areas that come before the Board of Directors for consideration. Their respective Charters are posted on CMHC’s website and are reviewed on a regular basis by the Board to ensure that these committees continue to carry out their responsibilities effectively.

Mandate

CMHC’s mandate, as defined in the National Housing Act, is to: “promote housing affordability and choice, to facilitate access to, and competition and efficiency in the provision of, housing finance, to protect the availability of adequate funding for housing at low cost, and generally contribute to the well-being of the housing sector in the national economy.”

The statutory objectives for CMHC’s commercial operations are further specified in the National Housing Act as follows:

  • to promote the efficient functioning and competitiveness of the housing finance market;
  • to promote and contribute to the stability of the financial system, including the housing market; and,
  • to have due regard to the Corporation’s exposure to loss.

Board of directors charter PDF

Membership and Biographies

In accordance with the Canada Mortgage and Housing Act, the Board of Directors is responsible for managing the affairs of the Corporation and the conduct of its business. The Board is comprised of twelve members, including the Chairman, and the President and Chief Executive Officer; the Deputy Minister of the Minister for CMHC; and the Deputy Minister of Finance.

Robert P. Kelly

Robert Kelly

Chairperson of the Board of Directors

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Robert (Bob) Kelly is Chairperson of Canada Mortgage and Housing Corporation, lead director of Markit Group limited in the UK, Chancellor of St. Mary’s University, a member of the Trilateral Commission, and heads the US alumni association of the Cass Business School, London. He is the former chairman and chief executive officer of BNY Mellon, a global financial services company operating in 36 countries.

Prior to that, Mr. Kelly served as chairman and chief executive officer of Mellon Financial Corporation, was chief financial officer of Wachovia Corporation and Vice Chairman of Toronto Dominion Bank. Mr. Kelly holds a B.Comm from St. Mary's University, Canada, an MBA from Cass Business School, City University, London, UK, is a Chartered Accountant, an FCA, and was awarded honorary doctorates from both universities. He is married to Rose and has two children.

Evan W. Siddall

Evan Siddall

President and Chief Executive Officer

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Evan Siddall was appointed President and Chief Executive Officer of Canada Mortgage and Housing Corporation in January 2014. As CEO, Mr. Siddall works with his colleagues to help Canadians meet their housing needs. CMHC’s mission includes promoting housing access and affordability as well as financial stability.

Prior to joining CMHC, Mr. Siddall served as Special Advisor to the Governor of the Bank of Canada and the Bank’s Senior Representative to Toronto, where he led projects designed to promote continuous financial markets and the stability of the Canadian financial system.

Before entering public service, Mr. Siddall held a variety of positions in both investment banking and general management, including at BMO Nesbitt Burns, Goldman Sachs & Co., Lazard Frères & Co. and Irving Oil Ltd.

Mr. Siddall received an L.L.B from Osgoode Hall Law School, York University, a B.A. in Management Economics from the University of Guelph and attends the YPO Presidents’ University at Harvard Business School. He has also served as Chair of the Board of Governors of the University of Guelph, on the boards of the Power Plant Contemporary Art Gallery, the Ontario chapter of the Young Presidents Organization and of the Canadian Stage Company, and as Chair of the Council of Chairs of Ontario Universities.

Louise Poirier-Landry

Louise Poirier-Landry

Member of the Board of Directors

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Louise Poirier-Landry was appointed to the Board of Directors of Canada Mortgage and Housing Corporation in February 2014.

A financial security and strategic project advisor, Ms. Poirier-Landry has extensive experience in portfolio management, including with two of Canada’s leading firms in their sector. She has previously held positions as Vice-President and Chief Investment Officer at AXA Canada, where she directed the Investment Department. Prior to her position at AXA, Ms. Poirier-Landry was Vice-President, Product Development, Marketing, Sales and Research at Standard Life.

From 1994 to 2004, she held a number of positions with the Caisse de dépôt et placement du Québec, including Vice-President of Structured Financing and Product Development, where she led the implementation of the Canadian commercial mortgage securitization program. Ms. Poirier-Landry was also a Board member of the public corporation N45, the first Canadian issuer of commercial mortgage-backed securities.

Ms. Poirier-Landry has served on a number of Boards and pension committees and she is a member of the Financial Women’s Association.

Ms. Poirier-Landry holds Bachelor of Economics and Master of Economics degrees from the University of Montreal.

Bruce Shirreff

Bruce Shirreff

Member of the Board of Directors

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Bruce Shirreff was appointed to the Board of Directors of Canada Mortgage and Housing Corporation in February 2014.

Mr. Shirreff’s career with Toronto Dominion Bank/TD Canada Trust spanned close to 35 years. During his career he held a number of senior positions including: Senior Vice President, Atlantic Canada Region; Senior Vice-President, Real Estate Secured Lending; and Senior Vice President, Financial Planning and Wealth Management.

Mr. Shirreff has served on the Board of Directors of TD Mortgage Corporation, TD Asset Management as well as Visa Canada, Canadian Payments Association and Symcor Inc.

Mr. Shirreff holds an Honours in Business Administration and an MBA from the Ivey School of Business, University of Western Ontario.

Louise Levonian

Louise Levonian

Deputy Minister of Employment and Social Development

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Effective May 16, 2016, Louise Levonian became the Deputy Minister of Employment and Social Development. She is also the Chair of the Board of Management and Renewal Sub-Committee on Public Service Engagement and Workplace Culture. In this capacity, she has helped shape the Blueprint 2020 exercise and is committed to ensuring an engaged public service that is world-class and equipped to serve Canada and Canadians now and into the future.

Prior to her appointment as DM, Ms. Levonian served as the Senior Associate Deputy Minister of Employment and Social Development and Chief Operating Officer for Service Canada for close to two years.

Prior to joining Employment and Social Development Canada, Ms. Levonian served as Associate Deputy Minister for the Department of Finance. She worked at the Department of Finance from September 1995 to July 2014 with two intervals outside the Department: the most recent at the Privy Council Office of the Government of Canada as the Director of Operations (Planning) in the Priorities and Planning Secretariat; and one working for KPMG – Barents Group as a tax consultant. At the Department of Finance, Ms. Levonian also held several positions of increasing seniority including as Departmental Secretary in the Deputy Minister’s Office, Director of Business Income Tax, General Director (Analysis), and Senior Assistant Deputy Minister Tax Policy Branch. Ms. Levonian also held positions at the Treasury Board Secretariat and the Department of Transportation prior to joining the Department of Finance.

Ms. Levonian graduated from Queen’s University in 1990 with a Master of Arts in Economics, majoring in Public Finance and Industrial Organization. She was granted a Queen's University Graduate Scholarship in 1989 – 90. Ms. Levonian also obtained a Bachelor of Arts in Economics with High Honours at Carleton University and was on the Deans’ Honour List in 1988 – 89. She is currently a member of the Board of Governors at Carleton University.

Paul Rochon

>Paul Rochon

Deputy Minister Department of Finance

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Paul Rochon assumed the position of Deputy Minister of Finance on April 21, 2014.

Prior to this appointment, from July 2013 to April 2014, Mr. Rochon served as Deputy Minister of International Development, under the new Department of Foreign Affairs, Trade and Development.

Previously, Mr. Rochon was Associate Deputy Minister of Health and concurrently Special Advisor to the Minister of Finance on negotiations for a Canadian securities regulator.

Mr. Rochon has more than 20 years of experience at the Department of Finance and held a number of positions, including Associate Deputy Minister of Finance and Canada's Finance Deputy at the G-7, G-20 and the Financial Stability Forum, as well as Senior Assistant Deputy Minister in the Economic and Fiscal Policy Branch.

Prior to joining the Department of Finance, Mr. Rochon worked for three years at the Conference Board of Canada. He holds a bachelor's degree in History from McGill University and a master's degree in Economics from the University of Toronto.

Navjeet (Bob) Dhillon

>Paul Rochon

Member of the Board of Directors

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Navjeet (Bob) Dhillon is the founder, President & CEO of Mainstreet Equity Corp., a Calgary-based publicly traded company listed on the Toronto Stock exchange that acquires underperforming assets (low rent rental-apartments), clusters them into apartment complexes, and upgrades them to mid-market rental units. Mr. Dhillon has more than two decades of experience in acquiring and repositioning all types of properties.

He is also founder, owner & President of Pan Pacific Mercantile Group, an international trading and export company focused on real estate development in emerging markets such as Belize and India, and founder and co-owner of National Payments, a point of sale payment solutions organization for small business merchants.

Bob holds an MBA from the Richard Ivey School of Business at the University of Western Ontario. He is the Honorary Consul General for Belize in Canada.

Leonard Peter Sharpe

>Leonard Peter Sharpe

Member of the Board of Directors

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Leonard Peter Sharpe is a high profile, well-networked senior executive with 25+ years of experience in guiding organizations through ebb and flow of economic conditions in both a domestic and global commercial environment. Has direct board and corporate experience in areas of strategic planning, operations, governance and financial management.

Peter is the former President and Chief Executive Officer of the Cadillac Fairview Corporation Ltd., one of North America’s largest investors, owners and managers of commercial real estate. Cadillac Fairview currently holds more than $20 billion in assets. Peter also has a wealth of senior Board experience, having served as global chairman of the International Council of Shopping Centers, the world’s largest real estate association; as Director of Postmedia Network Canada Corp. and Postmedia Network Inc.; and as a Trustee of Allied Properties REIT.

Committees

Audit

Members

Navjeet (Bob) Dhillon (Chair)
Louise Poirier-Landry
Peter Sharpe
Bruce Shirreff

Mandate

The mandate of the Audit Committee of the Board of Directors is to assist CMHC’s Board in fulfilling its oversight responsibilities with respect to the annual and quarterly financial reporting processes, the system of internal controls, and audit processes, such as internal audit, the annual financial audit and the periodic special examination.

Audit Committee Charter PDF

Human Resources

Members

Peter Sharpe (Chair)
Bruce Shirreff
Louise Levonian (ex-officio)

Mandate

The mandate of the Human Resources Committee of the Board of Directors is to assist CMHC’s Board in fulfilling its responsibilities as stewards of the Corporation with respect to the effective implementation and application of sound human resources policies. In so doing, the Human Resources Committee recommends to the Board, for its consideration, matters relating to the Corporation’s policies governing recruitment, retention, training, succession management, diversity, official languages and compensation.

Human Resources Committee Charter PDF

Corporate Governance and Nominating Committee

Members

Robert Kelly (Chair)
Evan W. Siddall
Louise Levonian (ex-officio)
Peter Sharpe
Bruce Shirreff

Mandate

The mandate of the Corporate Governance and Nominating Committee of the Board of Directors is to assist CMHC’s Board in fulfilling its responsibilities as steward of the Corporation with respect to the effective application of corporate governance structures, standards, and procedures, while overseeing the Corporation’s governance framework and advising the Board appropriately.

Corporate Governance and Nominating Committee Charter PDF

Risk Management

Members

Bruce Shirreff (Chair)
Navjeet (Bob) Dhillon
Paul Rochon (ex-officio)
Louise Poirier-Landry

Mandate

The mandate of the Risk Management Committee of the Board of Directors is to assist CMHC’s Board in fulfilling its oversight responsibilities with respect to the identification and management of the Corporation’s principal risks.

Risk Management Committee Charter PDF

2016 Risk Management Committee Report PDF

 

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