Government of Canada announces inaugural Chairperson of the Board for the Canada Infrastructure Bank

EDMONTON, July 6, 2017 /CNW/ - The Government of Canada is making investments that will help create well-paying jobs and grow the middle class now, while building a strong foundation for a sustainable economic future. As part of the Government's historic Investing in Canada plan to invest over $180 billion in infrastructure, the Canada Infrastructure Bank is a new tool for provincial, territorial, and municipal partners to finance the infrastructure that Canadians need to bring upgrades to communities across the country.

To this end, the Honourable Amarjeet Sohi, Minister of Infrastructure and Communities, today announced that Janice Fukakusa has been selected as the inaugural Chairperson of the Board for the Canada Infrastructure Bank. The appointment was made following an open, transparent, and merit-based selection process that attracted a range of highly qualified professionals.

Ms. Fukakusa is a corporate director and former Chief Administrative Officer and Chief Financial Officer of Royal Bank of Canada, from which she retired in January 2017 following a distinguished 31-year career. Ms. Fukakusa currently serves on the boards of a number of corporate and not-for-profit organizations, including Cineplex, General Growth Properties, The Princess Margaret Cancer Foundation, and Wellspring Cancer Foundation. She serves as the Chair of the Board of Governors of Ryerson University.  In 2007, she was inducted into Canada's Most Powerful Women Hall of Fame and, in 2016 she was named one of the 25 Most Powerful Women in Banking by American Banker magazine for the fourth consecutive year. Ms. Fukakusa holds a Master's degree in Business Administration and a Chartered Professional Accountant designation.

In the coming months, the Government of Canada will finalize the selection for the Bank's Board of Directors and Chief Executive Officer. Ms. Fukakusa will play a key role in these selection processes and the continued development of the Canada Infrastructure Bank, including establishing the governance and oversight that will enable the Canada Infrastructure Bank to successfully deliver on its mandate.

Quotes

"Today's announcement is another step forward in fulfilling our commitment to have the Canada Infrastructure Bank operational by the end of 2017. Janice Fukakusa has extensive experience and an established reputation within the financial services sector, and I am confident that her leadership will ensure that the Bank delivers on its ambitious mandate."

The Honourable Amarjeet Sohi, Minister of Infrastructure and Communities

"The Canada Infrastructure Bank is an innovative new tool to improve the delivery of infrastructure projects, reduce risk for taxpayers, and attract new capital to build more infrastructure. Janice Fukakusa is a highly qualified and well-respected professional who will be able to guide the Bank in delivering the transformational infrastructure projects that Canadians need."

The Honourable Bill Morneau, Minister of Finance

Quick facts

  • As part of the Government's historic Investing in Canada plan of over $180 billion, the Canada Infrastructure Bank is a new tool for provincial, territorial, and municipal partners to finance new infrastructure projects.

  • The Canada Infrastructure Bank will invest at least $35 billion from the federal government into new transformative infrastructure projects.

  • As a Crown corporation, the Bank will operate at arms-length from the government and will work with provincial, territorial, municipal, Indigenous, and private sector investment partners to attract private investors to new revenue-generating infrastructure projects that are in the public interest.

  • Following the Government of Canada's new approach to appointments, these selection processes were designed to attract highly qualified individuals, while taking into consideration the desire to achieve gender parity and to reflect Canada's linguistic, cultural, and regional diversity.

  • The application process for the CEO will remain open until July 21. Interested and qualified candidates can submit their application via the online Governor in Council Appointment portal.

Janice Fukakusa, FCPA, CPA

Ms. Fukakusa is a corporate director and former Chief Administrative Officer and Chief Financial Officer of Royal Bank of Canada, from which she retired in January 2017 following a distinguished 31-year career.

Ms. Fukakusa currently serves on the boards of a number of corporate and not-for-profit organizations, including Cineplex, General Growth Properties, The Princess Margaret Cancer Foundation, and Wellspring Cancer Foundation. She serves as the Chair of the Board of Governors of Ryerson University.

In 2007, she was inducted into Canada's Most Powerful Women Hall of Fame and, in 2016 she was named one of the 25 Most Powerful Women in Banking by American Banker magazine for the fourth consecutive year. She was also selected as Canada's CFO of the Year by Financial Executives Canada, PwC and Robert Half in 2014.

Prior to joining RBC, Ms. Fukakusa worked at PricewaterhouseCoopers LLP where she obtained the professional designations of Chartered Professional Accountant and Chartered Business Valuator. She obtained a Bachelor of Arts from University of Toronto and holds a Master of Business Administration from Schulich School of Business.

Associated links

Chairperson's biography

Governor in Council Appointments

Canada Infrastructure Bank

Government of Canada's $180-billion+ Investing in Canada infrastructure plan

Twitter: @INFC_eng
Web: Infrastructure Canada

SOURCE Infrastructure Canada

For further information: Kate Monfette, Director of Communications, Office of the Minister of Infrastructure and Communities, 613-301-0894, Kate.Monfette@canada.ca; Infrastructure Canada, 613-960-9251, Toll free: 1-877-250-7154, infc.media.infc@canada.ca

RELATED LINKS
http://www.infrastructure.gc.ca/

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