Board of Directors

The Corporation believes in the importance of good corporate governance and the central role played by directors in the governance process.

Power Financial’s Board of Directors is composed of seasoned professionals who bring their diverse experience to the table. This balance of skills and competencies results in the prudent, conservative oversight that has enabled the Corporation to deliver attractive long-term shareholder returns.

Marc A. Bibeau

Mr. Bibeau is the President and Chief Executive Officer of Beauward Real Estate inc., a privately owned company that develops, leases, and operates real estate properties, a position he has held since 1996.

Mr. Bibeau is a director of IGM Financial, IG Wealth Management and Mackenzie. Prior to that, he was a director of Great-West Lifeco, Great-West Life, London Life, Canada Life Financial and Canada Life until 2009.

Mr. Bibeau is very involved and supportive of many local charities especially those related to cancer and children’s care, including the Nicklaus Children's Health Care Foundation. A lifelong tennis enthusiast, he has served on the board of directors of Tennis Canada for 10 years.

He graduated from Bishop’s University with a Bachelor of Business Administration.

André Desmarais

Mr. Desmarais is Executive Co-Chairman of Power Financial and Deputy Chairman, President, and Co-Chief Executive Officer of Power Corporation. Prior to joining Power Corporation in 1983, he was Special Assistant to the Minister of Justice of Canada and an institutional investment counsellor at Richardson Greenshields Securities Ltd.

He is a director of many Power Financial group companies in North America, including Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life, Putnam Investments, IGM Financial, IG Wealth Management, and Mackenzie. He is also a director of Power Corporation. He is director and Vice-Chairman of Pargesa in Europe.

Over the years, cultural, health, and other not-for-profit organizations in Montréal have benefitted from his contributions, involvement, and dedication. He has played key roles in a number of fundraising campaigns, including those of the Montreal Museum of Fine Arts, the Montreal Heart Institute, Leucan, the Canadian Red Cross, the Canadian Cancer Society, and Centraide of Greater Montreal. He is Chairman of the Fondation Baxter & Alma Ricard, a member of the Chairman’s International Advisory Council of the Americas Society, Honorary Chairman of the Canada China Business Council, and a member of several China-based organizations.

He holds a Bachelor of Commerce from Concordia University and received honorary doctorates from Concordia University, Université de Montréal and McGill University. In 2003, he was made an Officer of the Order of Canada and, in 2009, an Officer of the National Order of Québec.

Paul Desmarais, Jr.

Mr. Desmarais is Executive Co-Chairman of Power Financial and Chairman and Co-Chief Executive Officer of Power Corporation. He joined Power in 1981 and assumed the position of Vice-President the following year. In 1984, he led the creation of Power Financial to consolidate Power’s major financial holdings, as well as Pargesa Holding SA, under a single corporate entity. Mr. Desmarais served as Vice-President of Power Financial from 1984 to 1986, as President and Chief Operating Officer from 1986 to 1989, as Executive Vice-Chairman from 1989 to 1990, as Executive Chairman from 1990 to 2005, as Chairman of the Executive Committee from 2006 to 2008 and as Executive Co-Chairman from 2008 until today. He also served as Vice-Chairman of Power Corporation from 1991 to 1996. He was named Chairman and Co-CEO of Power Corporation in 1996.

After Power Financial and the Frère Group of Belgium took control of Pargesa in 1990, Mr. Desmarais moved to Europe from 1991 to 1994, to develop the partnership with the Frère Group and to restructure the Pargesa group. From 1982 to 1990, he was a member of the Management Committee of Pargesa, in 1991, Executive Vice-Chairman and then Executive Chairman of the Committee; from 2003 to 2019, he was Co-Chief Executive Officer and he was named Chairman of the Board in 2013. He has been a director of Pargesa since 1992.

He is a director of many Power group companies in North America, including Power Corporation, Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life, Putnam Investments, IGM Financial, Investors Group and Mackenzie. In Europe, he is Chairman of the Board of Groupe Bruxelles Lambert, and a director of LafargeHolcim and SGS. He was a director of Total until 2017.

Mr. Desmarais is Chairman of the Board of Governors of The International Economic Forum of the Americas (Canada), a Trustee of The Brookings Institution, Co-Chair of the Brookings International Advisory Council and a member of the Brookings Executive Committee (Washington), a member of The Business Council (United States) and of The Business Council of Canada. He is also active on a number of philanthropic advisory councils.

In 1994, he received the Insigne d’Officier de l’Ordre de la Couronne of Belgium. In 2005, he was named an Officer of the Order of Canada and he received the Executive of the Year Award from the Academy of International Business. In 2009, he was named an Officer of the Ordre national du Québec and in 2012, Chevalier de la Légion d’honneur in France. He holds a number of honorary doctorates.

He obtained a Bachelor of Commerce degree from McGill University and a MBA from the European Institute of Business Administration (INSEAD), France.

Gary A. Doer

Mr. Doer is Senior Business Advisor to the law firm Dentons Canada LLP since August 2016. Previously, he served as Canada’s Ambassador to the United States from October 2009 to January 2016. He served as the 20th Premier of Manitoba from 1999 until 2009. He was elected a member of the Legislative Assembly of Manitoba in 1986 and during his tenure also served as Minister of Urban Affairs and as Minister of Crown Investments. From 1979 to 1986, Mr. Doer was the President of the Manitoba Government Employees’ Association. 

Mr. Doer is a director of Power Corporation, Great-West Lifeco and IGM Financial. He also serves on the Board of Directors of Air Canada. He served on the Board of Directors of Barrick Gold Corporation until 2018.

He serves as volunteer Co-Chair of the Wilson Centre’s Canada Institute, a non-partisan public policy forum focused on Canada-United States relations. In 2010, Mr. Doer became a Member of the Order of Manitoba and, in 2011, he received a distinguished diplomatic service award from the World Affairs Council. 
 

Gérald Frère

Mr. Frère is Deputy Chairman of Pargesa and Chairman of the Board of Frère-Bourgeois since December 2018, and Vice-Chairman of the Board and Chairman of the Standing Committee of Groupe Bruxelles Lambert since April 23, 2019. Mr. Frère is also a member of the Supervisory Board of Parjointco N.V. and Chairman of the Board of Stichting Administratie Kantoor Frère-Bourgeois.

Mr. Frère was Executive Director of Pargesa and of Frère-Bourgeois until 2018, Chairman of the Board of Loverval Finance SA and a director of ERBE until 2017. He was a Director of Electrabel S.A. from April 2010 to April 2014, of Pernod Ricard from November 2009 to November 2012, of Lafarge SA from May 2008 to November 2011 and Managing Director of Groupe Bruxelles Lambert from 1993 to December 2011.

He served as Regent of the National Bank of Belgium until 2018. He is Honorary Consul for France.

He is the director-secretary of the Fonds Charles-Albert Frère, an organization dedicated to helping children in difficulty as well as underprivileged adults. It comprises three non-profit organizations, which receive regular, substantial donations from the family to help fund their programs: Hippocrène, a centre that provides treatment for young people with physical, mental, or social disabilities through “equestrian therapy”; Éclaircie (Ray of sunshine), which offers in-home treatment and assistance to children with serious or terminal conditions and provides support for their caregivers; and Echoline, an association that offers medical and psychological pre- and post-natal care at home for women from particularly disadvantaged backgrounds.

Anthony R. Graham

Mr. Graham is Vice-Chairman and a director of Wittington Investments, Limited, an investment management company and the principal holding company of the Weston-Loblaw Group. He also serves as Chairman and a director of Choice Properties Real Estate Investment Trust. From 2000 to 2014, he was President of Wittington Investments. Prior to joining Wittington, he held senior positions in Canada and the U.K. with National Bank Financial Inc. (formerly Lévesque Beaubien Geoffrion Inc.), a Montréal-based investment dealer.

Mr. Graham serves on the boards of Power Corporation as well as Graymont Limited, Grupo Calidra, S.A. de C.V. and Wittington Properties Limited. From 1996 to 2016, he served on the board of George Weston Limited and, from 1999 to 2015, on the boards of Loblaw Companies Limited and President's Choice Bank, of which he served as Chairman until 2014.

Mr. Graham is Chairman of the Ontario Arts Foundation, Charter for Business, Duke of Edinburgh Award Canada and of the Shaw Festival Theatre Endowment Foundation. He is also currently a Board Member of the Art Gallery of Ontario, the Canadian Institute for Advanced Research, St. Michael’s Hospital, the Trans Canada Trail Foundation and Luminato.

Mr. Graham is Honorary Colonel of the Royal Regiment of Canada. In 1998, he was awarded the Government of Ontario Volunteer Service Award. In June 2007, he received an Honorary Doctor of Laws degree from Brock University. 

J. David A. Jackson

Mr. Jackson is Senior Counsel at the Canadian law firm Blake, Cassels & Graydon LLP. He joined the firm in 1972, became a partner in 1980 and its Chairman from 1995 to 2001.

Mr. Jackson is also a director of Power Corporation, Great-West Lifeco, Great-West Life, London Life, Canada Life Financial and Canada Life. He also served as a director of a number of public and private corporations, including Investors Group from 1991 to 2001. He is recognized as a leading practitioner in the areas of mergers and acquisitions, corporate finance and corporate governance by numerous independent assessment organizations.

He holds a Bachelor of Commerce degree from the University of Windsor and a Bachelor of Laws (LL.B.) from Osgoode Hall Law School.

Susan J. McArthur

Ms. McArthur is a Corporate Director and was previously a Managing Partner at GreenSoil Investments, a venture capital firm focused on investing in proptech and Agro Food Technology. Her role as Partner in the GreenSoil Building Innovation Fund included sourcing and evaluating proptech investment opportunities, sitting on the investment committee and working with portfolio companies to maximize value post investment. 

Ms. McArthur has 25 years of investment banking experience involving advising corporate clients on a broad range of transactions including acquisitions and divestitures, public and private debt and equity financing, capital restructuring and other strategic initiatives.

Ms. McArthur is a Director of several Power Group companies in North America and Europe, including Great-West Lifeco, Great-West Life, London Life, Canada Life Financial Corporation, Canada Life, Irish Life, IGM Financial, IG Wealth Management and Mackenzie.

She has been active in public service - she has served as the Chair of the Canada Revenue Agency Board of Management. She is currently a member of the Board of True Patriot Love Foundation, an organization supporting veterans and their families, and the Atlantic Salmon Federation, an organization focused on the conservation and restoration of wild Atlantic salmon fisheries. 

Ms. McArthur completed the ICD directors course at Rotman School of Business and is a graduate in Economics and Political Science from the University of Western Ontario (now Western University).

R. Jeffrey Orr

Mr. Orr is President and Chief Executive Officer of Power Financial since 2005. From 2001 to 2005, he was President and Chief Executive Officer of IGM Financial. Prior to joining IGM Financial, he was Chairman and Chief Executive Officer of BMO Nesbitt Burns and Vice-Chair, Investment Banking Group, Bank of Montreal. He had been with BMO Nesbitt Burns and predecessor companies since 1981. 

He serves as a director of Power Corporation and is a director and Chairman of a number of Power Financial subsidiaries, including Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, London Insurance Group, Canada Life Financial, Canada Life, Putnam Investments, IGM Financial, IG Wealth Management, and Mackenzie.

Mr. Orr is active in a number of community and business organizations. He holds a Bachelor of Arts — Honours Business Administration (HBA) degree from the Richard Ivey School of Business in London, Ontario.

T. Timothy Ryan, Jr.

Mr. Ryan is a company director. He was Managing Director, Global Head of Regulatory Strategy and Policy of JPMorgan Chase & Co., a global financial services firm, until 2014. From 2008 to 2013, he was President and Chief Executive Officer of the Securities Industry and Financial Markets Association (SIFMA), a trade association representing 680 global financial market participants. Prior to joining SIFMA, he was Vice-Chairman, Financial Institutions and Governments, at J.P. Morgan, where he was a member of the firm’s senior leadership. Prior to joining J.P. Morgan in 1993, Mr. Ryan was the Director of the Office of Thrift Supervision, U.S. Department of the Treasury.

He is a director of many Power group company in North America, including Power Financial, Great-West Lifeco, Great-West Life, Great-West Life & Annuity, London Life, Canada Life Financial, Canada Life and Putnam Investments, having previously served as a director of Power Corporation and Power Financial from 2011 to 2013 and of Great-West Lifeco and some of its subsidiaries from 2010 to 2013. He is Chairman of the board of Santander Holdings U.S.A., Inc., Santander Bank, N.A. and Banco Santander International. He has served as a director of Markit Group Limited and of Lloyds Banking Group. 

Mr. Ryan is a graduate of Villanova University and the American University Law School. He served as an officer in the U.S. Army from 1967 to 1970.

Emőke J.E. Szathmáry

Dr. Szathmáry was named President Emeritus of the University of Manitoba in 2008. She received the title of Professor Emeritus in the Department of Anthropology in 2014. She was President and Vice-Chancellor of the University of Manitoba from 1996 to 2008, Provost and Vice-President (Academic) of McMaster University in Hamilton from 1994 to 1996, and, before that, Dean of the Faculty of Social Science of the University of Western Ontario in London (now Western University). Dr. Szathmáry is a director of Power Corporation. She served on the boards of Great-West Lifeco, Great-West Life, London Life, Canada Life Financial and Canada Life, until May 2017.

Dr. Szathmáry is a distinguished scholar, teacher, scientist, and administrator. She is Co-Chair of the Members of the Canada Foundation for Innovation and a member of the Board of Governors of McMaster University. Dr. Szathmáry has also served as a director of numerous educational, research, and philanthropic not-for-profit organizations, including the St. Boniface General Hospital, the Manitoba Museum Foundation, the Manitoba Medical Service Foundation, the CancerCare Manitoba Foundation, the International Institute for Sustainable Development, the Pierre Elliott Trudeau Foundation, the Prime Minister's Advisory Committee on Science and Technology, and the Board of Governors of the University of the Arctic.

Dr. Szathmáry received a Bachelor of Arts (Honours) and a Ph.D. from the University of Toronto. In addition to receiving the Lieutenant Governor’s Medal for Excellence in Public Administration in Manitoba, she has been awarded seven honorary doctorates in recognition of her research and contribution to higher education. Dr. Szathmáry is a Fellow of the Royal Society of Canada and a Member of both the Order of Canada and the Order of Manitoba. In 2015, she was appointed Honorary Colonel of the Royal Winnipeg Rifles.

Siim A. Vanaselja

Mr. Vanaselja is a company director. He served as Executive Vice-President and Chief Financial Officer of BCE Inc. and Bell Canada, from 2001 to 2015. Prior to joining BCE, he was a Partner with KPMG Canada in Toronto. Mr. Vanaselja is a Director of Great-West Lifeco, Great-West Life, London Life, Canada Life Financial Corporation and Canada Life. He is also a Director and Chair of the Board of TransCanada Corporation and a trustee of RioCan Real Estate Investment Trust.

Mr. Vanaselja previously served as a Director and Chair of the Audit Committee of Maple Leaf Sports & Entertainment Ltd. He also previously served on the Finance Minister’s Federal Advisory Committee on Financing, on Moody’s Council of Chief Financial Officers, the Corporate Executive Board’s Working Council for Chief Financial Officers and on the Conference Board of Canada’s National Council of Financial Executives.

Mr. Vanaselja has been an active fundraiser for a number of community organizations including St. Mary's Hospital Foundation, Big Brothers and Big Sisters of Toronto, Heart and Stroke Foundation of Quebec, Royal Victoria Hospital and the Annual Walk for Kids Help Phone.

Mr. Vanaselja is a Fellow of the Chartered Professional Accountants of Ontario and holds an Honours Bachelor of Business Administration degree from the Schulich School of Business.

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