The changes in senior leadership announced today signal a new phase in the development of the CIB. They come at a critical time as Canadians address both the public health and economic consequences of the COVID-19.
“We are still in the acute period of managing the health effects of the virus. But that period will come to an end, and institutions such as the Canada Infrastructure Bank will play an important role in helping our country recover economically from the pandemic. To that end, I am pleased to announce that Michael Sabia has agreed to join the Board of Directors of the CIB, as the Chair-designate of the Board effective immediately,” said Catherine McKenna, Minister of Infrastructure and Communities and Minister responsible for the Canada Infrastructure Bank.
Michael Sabia is the Director of the Munk School of Global Affairs and Public Policy at the University of Toronto. Before joining the University, he was CEO of la Caisse de dépôt et placement du Québec (CDPQ).
“At CDPQ, Michael pioneered innovative models for financing infrastructure here in Canada and abroad. His experience in both public policy and in the world of investment will be a critical asset as the Bank accelerates its activities,” said Bill Morneau, Minister of Finance.
Mr. Sabia will become Chair of the Board of the CIB effective April 15, 2020 when Janice Fukakusa leaves her current post as Chair of the Bank. Ms. Fukakusa informed the Government and the Board of the CIB of her intention to step down a number of months ago.
“I want to thank Janice for her critical role in guiding the creation and early development of the Bank. Through her long and successful career in the Canadian banking industry, Janice has cemented her reputation as an industry leader. I want to wish her the best in what comes next,” commented Minister McKenna.
In a further leadership change, Mr. Pierre Lavallée is stepping down from his position as President and CEO of the CIB to pursue other opportunities. This is effective immediately.
“Pierre has made an important and lasting contribution in standing up this new institution. I want to thank him and wish him well in his future endeavours,” said Minister McKenna.
At the request of the Board of the Bank, Ms. Annie Ropar will be responsible for the management of the CIB until the Board names a new Chief Executive Officer. Ms. Ropar is currently the Chief Financial and Administrative Officer of the Bank.
The CIB is a new, transformational organization that the Government created to find innovative new ways to finance some of Canada’s biggest infrastructure projects and improve the lives of Canadians. Sound investments in public infrastructure ‒ including public transit, clean energy, high-speed broadband ‒ are one of the best ways to create jobs, expand the productive potential of our economy and make Canada more globally competitive. The changes the Government is announcing today represent the next step in the Bank’s evolution.
The Canada Infrastructure Bank will invest $35 billion from the federal government to build more infrastructure in communities across Canada.
As a Crown Corporation, the Canada Infrastructure Bank (CIB) is governed by an independent Board of Directors. The Board is responsible for the governance and oversight that will enable the CIB to successfully deliver on its mandate. The CIB is accountable to Parliament through the Minister of Infrastructure and Communities.