Human Resources and Skills Development Canada

Human Resources and Skills Development Canada

June 25, 2009 20:33 ET

Minister Finley Announces the Board of Directors for the Canada Employment Insurance Financing Board

OTTAWA, ONTARIO--(Marketwire - June 25, 2009) - The Honourable Diane Finley, Minister of Human Resources and Skills Development, today announced the appointment of directors to the Canada Employment Insurance Financing Board (CEIFB). The directors were appointed through the Governor-in-Council process, selected from a list of qualified candidates provided by a nominating committee.

Five directors were named to the Board, including David Brown, Elaine Noel-Bentley, Janet Pau, Pankaj Puri and Tim O'Neill. The Board will be chaired by David Brown, whose qualifications include 29 years as a senior corporate law partner with the firm Davies Ward Phillips & Vineberg. He was also the Chairman and Chief Executive Officer of the Ontario Securities Commission (OSC) for seven years, where he led the expansion and reorganization of the OSC to meet the increasing demands of a changing market. The remaining two appointments are expected in the coming weeks.

"I am very pleased to announce the appointments of these directors to the CEIFB who bring a broad spectrum of knowledge and significant expertise to the Board," said Minister Finley. "I would also like to thank the nominating committee for their participation in the process and finding such qualified candidates."

The three-member nominating committee for the CEIFB consisted of John A. MacNaughton as Nominating Committee Chair, the Employment Insurance (EI) Commissioner for Employers, Mr. Andre Piche, and the EI Commissioner for Workers, Ms. Patricia Blackstaffe.

The CEIFB is a Crown corporation that will be responsible for:

- implementing an improved EI premium rate-setting mechanism that will ensure that EI revenues and expenditures break even over time; and

- managing a new bank account, separate from the Government's general revenues, where any excess EI premiums from a given year will be held and invested until they are used for EI purposes only.

The Government of Canada will continue to be responsible for policy related to EI benefits and for program delivery.

This news release is available in alternative formats on request.

BACKGROUNDER

Canada Employment Insurance Financing Board

The Canada Employment Insurance Financing Board (CEIFB) is a Crown corporation established by the CEIFB Act in 2008. The CEIFB reports to Parliament through the Minister of Human Resources and Skills Development.

The creation of the CEIFB improves the governance and management of Employment Insurance (EI) financing. Once operational, the CEIFB will be responsible for:

- Implementing an improved EI premium rate-setting mechanism that will ensure that EI revenues and expenditures break even over time; and,

- Managing a separate bank account, where any excess EI revenues from a given year will be held and invested until they are used for EI purposes only.

The CEIFB will:

- ensure independent decision-making regarding the management of EI financing; and,

- ensure that premium rates reflect actual program costs so that Canadians pay the right premium rates - just sufficient to cover the cost of benefits received.

Human Resources and Skills Development Canada will continue to have policy responsibility for EI benefits as well as responsibility for program delivery to ensure that the EI program remains responsive to the needs of Canadians and that it is delivered efficiently and effectively.

Members of the Canada Employment Insurance Financing Board

The CEIFB is run by a representative board of seven directors, including a chairperson, with the necessary skills and expertise to effectively carry out the organization's mandate. Candidates for appointment to the board were identified by a nominating committee made up of a chairperson, the EI Commissioner for Employers, and the EI Commissioner for Workers.

Looking Forward

Through Canada's Economic Action Plan, the Government has frozen the EI premium rate for 2010 at $1.73 per $100 of insurable earnings - the same rate as 2008 and 2009. Keeping the EI premium rates at the same level in 2009 and 2010 will provide $10.5 billion in stimulus to the economy and ensure premium rates for workers and employers will not increase during the economic downturn.

In addition, the Government will invest an estimated $2.9 billion in the EI Account, which corresponds to the cost of the benefit enhancement measures introduced in Budget 2009. The CEIFB will be mandated not to recover any EI deficits as a result of the two-year enhanced EI benefits and training announced in Canada's Economic Action Plan to ensure that premium rate increases are gradual enough to support a strong economic turnaround.

With the appointment of the board of directors, the CEIFB is taking the necessary steps towards setting EI premium rates on a break-even basis, beginning in 2011.

Board of Directors for the Canada Employment Insurance Financing Board

The Canada Employment Insurance Financing Board members:

David A. Brown has held the position of senior corporate law partner with the firm Davies Ward Phillips & Vineberg for the past 29 years. He is past Chairman and Chief Executive Officer of the Ontario Securities Commission (OSC), founding chair of the Council of Governors for the Canadian Public Accountability Board, and current Chair of the Auditing and Assurance Standards Oversight Council. He also sits on a number of other boards including the University Health Network, the Public Policy Forum, and the Dean's Advisory Council for Osgoode Hall Law School.

Elaine Noel-Bentley was Senior Director, Total Compensation, at Petro-Canada, responsible for Compensation Pension & Benefits and Payroll. Her prior experience in both the private and public sectors includes roles in the insurance industry, human resources consulting and the Alberta public service. She was also appointed to the Joint Expert Panel on Pension Standards who reviewed pension legislation and recently reported its recommendations to the Alberta and B.C Ministers of Finance. Elaine is currently member of a number of boards including the Board of Trustees of the Local Authorities Pension Plan Board and APEX Board of Directors.

Janet Pau experience as a Chartered Financial Analyst includes 11 years with the Canfor Corporation, including 9 years as the Vice-President and Treasurer. Her prior work experience also includes Assistant Portfolio Manager, Fixed Income for the Bank of Nova Scotia. She is currently member on a number boards such as the Board of Governors of the University of British Columbia, the Board of Directors of the South Coast B.C. Transit Authority Police Services, and the Board of the British Columbia Safety Authority.

Pankai Puri has significant experience in accounting and auditing at the senior executive level with CIBC, TB Bank and Coopers and Lybrand and is currently President of Independent Internal Audit Services Inc. He has a proven record of accomplishment in accounting, financial management, internal audit, privacy, and governance. He is currently on the board of Helping Hands International and is a past board member of the United Way of Greater Toronto and the Greater Toronto Regional Council of the Canadian Red Cross

Tim O'Neill has over past 30 years experience as a high profile economist and senior executive in the Canadian and US private sector, the public sector, and the education/university sector. He is currently Visiting Professor at Duke University and a past president of the Atlantic Canada Economic Council and the Washington-based National Association for Business Economics. He currently serves on the board of the United Church Foundation, the Decision Review Board of the Province of Ontario, and is a member of the National Statistics Council.

The remaining two appointments are expected in the coming weeks.

Contact Information

  • Office of Minister Finley
    Michelle Bakos
    Press Secretary
    819-994-2482
    or
    Human Resources and Skills Development Canada
    National Media Relations Office
    819-994-5559