Nick Le Pan appointed Chair of the Canadian Public Accountability Board

    TORONTO, Dec. 13 /CNW/ - David Wilson, Chair of the Ontario Securities
Commission (OSC) and Chair of the Council of Governors of the Canadian Public
Accountability Board (CPAB), announced today that Nick Le Pan has been
appointed Chair of the CPAB for a three-year term, effective April 2008.
    Mr. Le Pan replaces Gordon Thiessen, who will retire from the board of
directors after serving as Chair since the founding of the CPAB in 2002.
    "Nick Le Pan was the unanimous choice of the Council. He was involved in
the formation of the CPAB and we believe he will provide great leadership for
the CPAB, which has now become an integral part of the regulatory and
oversight system for financial reporting in Canada", said Mr. Wilson.
    "We want to thank Gordon Thiessen for his role in building the CPAB and
his contribution over the last five years," Mr. Wilson said.
    Mr. Le Pan has served the Office of the Superintendent of Financial
Institutions (OSFI) in key roles, including Superintendent of Financial
Institutions from 2001 to 2006, and Deputy Superintendent from 1995 to 2001.
Prior to this, he was a senior officer in the federal Department of Finance.
Most recently, he acted as a Special Advisor to the Commissioner of the RCMP
to review and report on its Integrated Market Enforcement Teams. Mr. Le Pan's
biographical information is attached.

    The mission of the CPAB is to contribute to public confidence in the
integrity of financial reporting of public companies by promoting high
quality, independent audits. It is responsible for implementing an oversight
program that includes regular and rigorous inspections of the auditors of
public companies.
    The Board of Directors of CPAB is appointed and overseen by the Council
of Governors made up of OSC Chair David Wilson; Jean St-Gelais, President and
CEO of the Authorité Des Marchés Financiers, and Chair of the Canadian
Securities Administrators; Douglas Hyndman, Chair of the British Columbia
Securities Commission; Julie Dickson, Superintendent of Financial Institutions
(Canada) and; Kevin Dancey, President and CEO of the Canadian Institute of
Chartered Accountants.

                               Nicholas Le Pan


    Nicholas Le Pan has extensive experience in financial services matters.
He served as Superintendent of Financial Institutions for Canada from
September 2001 to October 2006.
    Previously, he served as Deputy Superintendent of Financial Institutions,
Office of the Superintendent of Financial Institutions, Canada (OSFI) from
May, 2000. He has also served the Office as Deputy Superintendent
(Supervision) from 1997, in which capacity he was responsible for overseeing
the Supervision programs for banks, other deposit-taking institutions, life
and general insurers and federally-regulated private pension plans.
    Mr. Le Pan joined OSFI as Deputy Superintendent (Policy) in 1995, and was
responsible for OSFI's input into legislative development, preparation of
regulations and guidelines, precedents, identification and analysis of
emerging issues as well as various international and Canadian regulatory
coordination efforts, including representation on the Basle Committee.
    Before joining OSFI, Mr. Le Pan served in 1995 as Special Advisor in the
Department of Finance, leading a task force that finalized a government white
paper on the supervisory, deposit insurance and policyholder protection regime
and pursuing legislation to implement the proposals. He also served the
Department as its Assistant Deputy Minister, Financial Sector Policy Branch,
led the 1992 comprehensive review of Canadian financial institutions
legislation, and was actively involved in international negotiations on
financial services. He was a member of the Board of Directors of the Canada
Deposit Insurance Corporation. Prior to that, he held various positions in the
Department of Finance dealing with tax and budget matters.
    He was Vice Chair of the Basle Committee on Banking Supervision and
chaired the Basle Accord Implementation Group. He was also a member of
oversight bodies for Canadian Accounting and Auditing Standards and one of the
Governors of the Canadian Public Accountability Board, which oversees audit
firms compliance with standards. He is a Director of the Toronto International
Leadership Centre for Financial Sector Supervision and now consults on
financial services and regulatory matters.
    Mr. Le Pan received a Bachelor of Arts degree (Honours) in Economics from
Carleton University and a Master of Arts degree in Economics from the
University of Toronto.

For further information:

For further information: Keith Boocock, (416) 913-8261,, Visit

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