News Release

Canadian Public Accountability Board
Council of Governors

FOR IMMEDIATE RELEASE
February 26, 2003

TORONTO - Gordon Thiessen, founding Chair of the Canadian Public Accountability Board (CPAB) and former Governor of the Bank of Canada, and David Brown, Chair of the Council of Governors of the CPAB as well as Chair of the Ontario Securities Commission, today announced the names of the directors appointed to the Board of the CPAB. These appointments are for an initial term of 3 years.

The new directors are:

- Raymond Bachand, managing partner and CEO of SECOR (Quebec)

- Bob Bertram, Executive Vice President, Investments, Ontario Teachers Pension Plan Board (Ontario)

- Brian Canfield, Chairman, TELUS (British Columbia)

- Wendy Dobson, Director, The Institute for International Business, - Ron Gage, Former Chairman and CEO, Ernst & Young (Ontario)

- Jacques Mënard, Chairman of BMO Nesbitt Burns and President of BMO Financial Group (Quebec)

- Ted Newall, Chairman of the Board, Nova Chemicals Ltd. (Alberta)

Completing the Board of 11 directors are the senior executives of 3 provincial CA institutes:

- Gérard Caron, President, CEO and Secretary General of the Ordre des comptables agréés du Québec
- Steve Glover, Executive Director, The Institute of Chartered Accountants of Alberta
- Brian Hunt, President and CEO, The Institute of Chartered Accountants of Ontario

“I am very impressed with the quality of the individuals we have been able to attract to serve on the Board. This highlights the interest and importance attached to this initiative in Canada,” said Mr Thiessen. “The range of expertise and experience brought by the Board members will be invaluable to the CPAB.”

“I am delighted with the diversity represented by our Board members, both in terms of their career backgrounds and their regional representation,” said David Brown. “This is a very strong team to lead the CPAB in its task of designing and implementing a rigorous system of oversight of the auditing of public companies that will contribute to public confidence in the integrity of financial reporting in Canada.”

The CPAB is a new independent organization established to oversee the auditors of public companies. Its mission is to contribute to public confidence in the integrity of financial reporting of Canadian public companies by promoting high quality, independent auditing.

The Council of Governors also includes the Chair of the Canadian Securities Administrators, Douglas Hyndman; the Chair of the Commission des valeurs mobilières du Québec, Pierre Godin; the federal Superintendent of Financial Institutions, Nicholas Le Pan; and the President and CEO of the Canadian Institute of Chartered Accountants, David Smith.

For media enquiries: Eric Pelletier
Manager, Media Relations
Ontario Securities Commission
(416) 595-8913

Barbara Timmins

Backgrounder

Canadian Public Accountability Board
Council of Governors

FOR IMMEDIATE RELEASE
February 26, 2003

Raymond Bachand

Mr Bachand is currently the managing partner and CEO of SECOR, an independent strategy consulting firm. He was President and CEO of the Quebec Solidarity Fund (Fonds de Solidarité du Québec) from 1997 to 2001 after having served in various senior roles since 1994 and as a Director from its creation in 1983 to 1994. The Quebec Solidarity Fund is a leading Canadian labour-sponsored venture and development capital fund. Mr Bachand also worked for 12 years in corporate development with Métro Richelieu, a leading Quebec food distributor, and Culinar, a food manufacturer. Mr Bachand has served on several Boards of Directors including SSQ Financial Group and Gaz Métropolitain and is also active in the community. In addition to numerous past social and cultural involvements, he is currently a Director of the Montreal Symphonic Orchestra Endowment Fund, a Co-Chair of the Tolerance Foundation and President of the Cultural Policy Advisory Group for the City of Montreal. Mr Bachand was called to the Quebec Bar in 1970. He holds a Masters and a Doctorate in Business Administration from the Harvard Business School.

Bob Bertram

A native of Eston, Saskatchewan, Mr Bertram has been the Executive Vice President, Investments, at the Ontario Teachers Pension Plan Board since 1990. He is also a Director of The Cadillac Fairview Corporation Ltd, Maple Leaf Sports & Entertainment Ltd. and a series of other private companies owned by OTPPB. A former Chair of the Pension Investment Association of Canada, he is a past-member of the Financial Services Commission’s Investment Advisory sub-Committee and a Director of the Institute of Corporate Directors. Mr Bertram holds a BA from the University of Calgary, an MBA from the University of Alberta and a Chartered Financial Analyst (CFA) designation.

Gérard Caron, FCA, FCMC

Gérard Caron graduated from l'École des Hautes Études Commerciales in 1963 and has been a member of the Ordre des comptables agréés du Québec since 1965. Mr. Caron, FCA, FCMC, has been the President, CEO and Secretary General of the Ordre des comptables agréés du Québec since 1997 after having been director general and secretary general of the Ordre since 1995. A Fellow chartered accountant and Fellow certified management consultant, Mr Caron has spent most of his career in information technology consulting in CA firms and in IT businesses and departments.

He was a consultant in accounting organization with Hydro-Québec and a consultant in organization and methods with the Société Générale de Financement. During his nearly ten years at the Société Générale d'Informatique (SGI) inc., he successively held the positions of senior consultant, partner and vice-president. He subsequently returned to public practice to work with Maheu Noiseux and then with Price Waterhouse where, as a partner, he held senior positions in information systems and management consulting services.

Brian Canfield

Since retiring from his position as Chairman and CEO of BCTEL in 1997 after a career of over 40 years in the telecommunications industry, Mr Canfield has acted as Chairman of BCTEL and is currently the Chairman of TELUS. He has served on the Boards of Royal Trust, Pacific Forest Products and Concord Pacific, and now chairs the Governance Committee of the Toronto Stock Exchange. Other Board involvements include BC Gas Inc., Trans Mountain Pipe Line Co. Ltd, and Suncor Energy. Mr Canfield was educated in British Columbia. He attended the British Columbia Institute of Technology and the Banff School of Advanced Management. In 1997, he became the first businessman to be presented with an Honorary Doctor of Technology by the British Columbia Institute of Technology. Mr Canfield was appointed to the Order of British Columbia in 1998.

Wendy Dobson

Ms Dobson has been Director of the Institute for International Business at the University of Toronto’s Joseph L. Rotman School of Management since 1993 and a Professor since 1990. After serving as President of the C.D. Howe Institute, an independent, Canadian, not for profit, economic policy research institution from 1981 to 1987, Ms Dobson was Canada’s Associate Deputy Minister of Finance from 1987 to 1989. She was Visiting Fellow at the Institute for International Economics in Washington from 1989 to 1991 and again in 1998. Ms Dobson has had numerous international involvements throughout her career, including as consultant to the United Nations and as Alternate Governor of the International Monetary Fund. Currently a Director of several companies, including TransCanada Pipelines, Toronto Dominion Bank, University of Toronto Press, DuPont Canada, and MDS Inc., Ms Dobson holds a BScN from the University of British Columbia, Masters degrees in Public Administration and in Public Health from Harvard University, and a PhD in Economics from Princeton University. She has written widely on global economic topics and served on numerous advisory committees, both Canadian and international.

Ron Gage

Mr Gage retired in 1999 after a 38-year career at Ernst & Young that led him to become Chairman and CEO from 1993 to 1999. A native of Brantford, Ontario, Mr Gage holds a B.Comm. degree from the University of Toronto and a Chartered Accountancy designation. He became a Fellow of the Institute of Chartered Accountants of Ontario in 1976 and received the Award of Outstanding Merit from the same institution in 1997. Mr Gage is a former President of the Institute of Chartered Accountants of Ontario, past Chair of the Canadian Institute of Chartered Accountants and also served two terms on the Board of Governors of the Canadian Institute of Chartered Accountants. He served on the Independent Advisory Committee to the Auditor General of Canada from 1983 to 1985 and The Business Council on National Issues from 1993 to 1999. His community involvements have included membership on the Boards of Wilfrid Laurier University, the National Ballet of Canada and the Canadian Association for the Mentally Retarded. He was Chair of the Richard Ivey School of Business Advisory Board from 1998 to 2001. Mr Gage is now a Director of RTO Enterprises, Toromont Industries and several AIM funds.

Steve Glover

Mr Glover MBA FCA is the Executive Director of the Institute of Chartered Accountants of Alberta (ICAA). A native of Ontario, he attended the University of Waterloo where he obtained a Bachelor of Mathematics degree in 1975. He earned his CA designation 1976 and later obtained a Masters of Business Administration degree from the University of Alberta.

Mr Glover began his career with the Institute of Chartered Accountants of Alberta in 1979 in the Student Education area. He became Executive Director in 1984, and four years later was elected a Fellow of the Chartered Accountants. Mr Glover’s career has included public accounting in a major firm and lecturing in accounting at the University of Waterloo. He is currently a member of the Canadian Institute of Chartered Accountants (CICA) Council of Senior Executive and serves on the Education Committee of the International Federation of Accountants (IFAC).

Mr Glover’s community involvements have included serving as President of the Edmonton Downtown Rotary Club, Director and executive committee member of the Winspear Foundation, Director of the Edmonton Community Foundation, President of the Northern Light Theatre, and Treasurer of the University of Alberta Business Alumni Association. He has been appointed to the Board of Directors of Caritas Health Group. In 2001, Mr Glover was a recipient of a University of Alberta Alumni Association Honour Award and has been named a finalist in the Alberta Venture eAwards, community category.

Brian A. Hunt, FCA

Mr Hunt, FCA was appointed President and CEO of the Institute of Chartered Accountants of Ontario (ICAO) on July 1, 2001 after having served as a member of the ICAO’s 2000-01 Council (and re-elected for 2001-02), and a member of the Council’s 2000-01 finance committee.

He was elected a Fellow of the Institute in 2000 for his outstanding career achievements.

Mr Hunt came to the ICAO from his former position as President of the Canadian Automobile Association. He represented CAA as a director and/or officer of the International Touring Alliance, the American Automobile Association Traffic Safety Foundation and the Transportation Association of Canada. His earlier positions have included President of Hayward Industrial Products Inc., President of PHH Canada, and Vice-President of Sales and Client Services of PHH’s U.S. operations. After receiving a B.Com. from the University of Windsor in 1974, Mr Hunt trained with Coopers and Lybrand in Toronto (CA, 1976) where he worked on engagements with clients in numerous locations including northern Ontario mining company audits.

A frequent guest on public affairs television and radio programs, Mr Hunt is also a frequent presenter at Financial Post and other seminars, and has authored a weekly column, Behind the Wheel, in The Globe and Mail.

Mr Hunt is a resident of Oakville. He is married and has three children.

L. Jacques Ménard, O.C.

Mr Ménard is Chairman of BMO Nesbitt Burns and President, Québec, of BMO Financial Group. During his thirty-year career in the brokerage and investment banking fields, he has served as a Director of a number of industry organisations, including as Chairman of the Investment Dealers Association of Canada, the Montreal Exchange and the Trans-Canada Options Clearing Corporation. Mr Ménard is currently a Director of RONA Inc., Bowater Inc., Ontario Power Generation (OPG), and of nStein Technologies. He was formerly a Chairman of Hydro-Québec and Vice Chairman of Gaz Métropolitain. Mr Ménard serves on the Advisory Board of the Richard Ivey School of Business and on the International Advisory Board of l’École des Hautes Études Commerciales in Montreal. In addition to his current role as Director of The Macdonald Stewart Foundation, Mr Ménard has held leadership positions with, among others, The Board of Trade of Metropolitan Montreal, The Canadian Policy Research Network, Centraide of Greater Montreal (United Way) and Les Grands Ballets Canadiens. He has been recognized for his professional and community achievements by the University of Sherbrooke, the McGill University Faculty of Management and Concordia University’s Commerce and Administration Faculty. Mr Ménard became a member of the Order of Canada in 1995 and was promoted to the rank of Officer in 2001. A native of Chicoutimi, he holds a B.A. from College Sainte-Marie, a Bachelor of Commerce from Loyola College and an MBA from the University of Western Ontario, Richard Ivey School of Business.

Ted Newall, O.C.

Mr Newall has been Chairman of the Board of Nova Chemicals Ltd since 1998 after serving as the President and CEO of Nova Corporation for 7 years. Prior to that, he spent over 30 years with DuPont Canada, becoming President and CEO in 1978 and Chairman of the Board of Directors in 1979. Mr Newall has been actively involved in initiatives to improve business/government cooperation for more than 20 years. He was the founding Chair of the Prime Minister’s Advisory Committee on the Business/Government Executive Exchange Program and is a former Chair of the Conference Board of Canada as well as the Business Council on National Issues. In addition to membership on Boards such as Molsons Ltd, Rio Algom and Canadian Pacific Ltd, Mr Newall has also served on a number of government and industry task forces. Current Board affiliations include Royal Bank of Canada, Maple Leaf Foods and BCE Inc. A native of Holden, Alberta and raised in Prince Albert, Saskatchewan, Mr Newall holds a B.Comm. degree from the University of Saskatchewan, which also awarded him an honorary doctorate of law. Among Mr Newall’s many distinctions, he was named CEO of the year in 1993, was made an Officer of the Order of Canada in 1994, was selected International Business Executive of the Year in 1998 and was inducted into the Canadian Business Hall of Fame in 2001.

Gordon G. Thiessen

Mr. Thiessen’s 35 years of service at the Bank of Canada culminated in a seven-year term as its Governor from 1994 to 2001. Originally from Saskatchewan Mr. Thiessen holds a PhD in Economics from the London School of Economics and has been awarded honorary doctorates from the University of Saskatchewan and the University of Ottawa. He serves on a number of corporate and other boards, including the Board of Governors of the University of Saskatchewan, where he lectured in economics in 1962, following his undergraduate and graduate studies in economics at that institution. He is the recipient of the government of Sweden’s Order of the Polar Star in recognition of the assistance provided by the Bank of Canada to the Swedish central bank. During his tenure as Governor, Mr. Thiessen was recognized as contributing greatly to a more transparent and open Bank of Canada, a record that positions him very well for his new role at the CPAB.