Board of Directors

The Corporation believes in the importance of good corporate governance and the central role played by directors in the governance process.

Power Corporation’s Board of Directors is composed of seasoned professionals who bring their diverse experience to the table. This balance of skills and competencies results in the prudent, conservative oversight that has enabled the Corporation to deliver attractive long-term shareholder returns.
 

Pierre Beaudoin

Mr. Beaudoin is Chairman of Bombardier Inc., a world leading manufacturer of business jets. Mr. Beaudoin is also a director of Bombardier Inc. and of BRP Inc.

He joined the Bombardier group in 1985 and held the positions of President and Chief Operating Officer of Bombardier Aerospace from 2001 to 2008, Executive Vice-President of Bombardier Inc. from 2004 to 2008, President and Chief Executive Officer from 2008 to 2015 and Executive Chairman of the Board from 2015 to 2017. He was also President of Bombardier Business Aircraft and President and Chief Operating Officer of Bombardier Recreational Products.

Mr. Beaudoin studied Business Administration at Collège Jean-de-Brébeuf and Industrial Relations at McGill University in Montréal.

Marcel R. Coutu

Mr. Coutu is a company director. From 2001 to 2014, he was President and Chief Executive Officer of Canadian Oil Sands Limited and Chairman of Syncrude Canada Ltd. Mr. Coutu was previously Senior Vice-President and Chief Financial Officer of Gulf Canada Resources Limited. He has more than 30 years of experience in the energy sector, primarily focused in the areas of corporate finance, investment banking, mining, and oil and gas exploration and development.

Mr. Coutu is a director of Great-West Lifeco, Canada Life, Empower, IGM Financial, IG Wealth Management and Mackenzie. He is also a director of Brookfield Asset Management Ltd. and of the Calgary Stampede Foundation. He was a director of Putnam Investments until January 2024, of Brookfield Corporation (formerly Brookfield Asset Management Inc.) until 2022, of Enbridge Inc. until 2021 and of the Calgary Exhibition and Stampede Board until 2020.

He holds a Bachelor of Science (Honours) in Geology from the University of Waterloo and an MBA from the University of Western Ontario. Mr. Coutu is a past member of the Canadian Council of Chief Executives and of the Association of Professional Engineers, Geologists and Geophysicists (APEGGA).

André Desmarais

Mr. Desmarais is Deputy Chairman of Power Corporation, a position he has held since 2008. He previously served as President and Co-Chief Executive Officer of Power Corporation from 1996 until his retirement from that position in February 2020. He is also Deputy Chairman of Power Financial, previously having served as Executive Co-Chairman from 2015 until 2020, Co-Chairman from 2008 to 2015 and Deputy Chairman from 1996 to 2008. Prior to joining Power Corporation in 1983, he was Special Assistant to the Minister of Justice of Canada and an institutional investment counsellor at Richardson Greenshields Securities Ltd.

He is a director of many Power Corporation group companies, including Power Financial, Great-West Lifeco, Canada Life, Empower, IGM Financial, IG Wealth Management, Mackenzie and Power Sustainable Capital. He has been a director of Rockefeller Capital Management General Partner L.L.C. since 2023. He was a director and Vice-Chairman of Pargesa in Europe until November 2020, when Pargesa’s reorganization was completed. He was also a director of Bellus Health Inc. until 2009, of CITIC Pacific Limited in Asia until 2014 and of Putnam Investments until January 2024.

Over the years, cultural, health, and other not-for-profit organizations have benefited from his commitment, involvement, and dedication. He has played key roles in a number of fundraising campaigns, including those of the Montreal Museum of Fine Arts, the Montreal Heart Institute, the Montreal General Hospital, Leucan, the Canadian Red Cross, the Canadian Cancer Society, Centraide of Greater Montreal and the Jean Paul Riopelle Foundation. He is a member of the Board of the Fondation Baxter & Alma Ricard, a member of the Chairman’s International Advisory Council of the Americas Society, Honorary Chairman of the Canada China Business Council, and a member of the Trilateral Commission and several China-based organizations.

He holds a Bachelor of Commerce from Concordia University and received honorary doctorates from Concordia University, Université de Montréal and McGill University. In 2003, he was made an Officer of the Order of Canada and, in 2009, an Officer of the Ordre national du Québec. In May 2022, Mr. Desmarais was inducted into the Order of the Canadian Business Hall of Fame.

Paul Desmarais, Jr.

Mr. Desmarais has been Chairman of Power Corporation since 1996. He also served as Co-Chief Executive Officer of Power Corporation from 1996 until his retirement in February 2020, previously having assumed various positions since he joined Power Corporation in 1981. He is Chairman of Power Financial and also served as Executive Co-Chairman of from 2015 to March 2020, Co‑Chairman from 2008 to 2015, Chairman of the Executive Committee from 2005 to 2008, Chairman from 1990 to 2005, Vice-Chairman from 1989 to 1990, President and Chief Operating Officer from 1986 to 1989 and Vice-President from 1984 to 1985.

After Power Financial and the Frère Group of Belgium took control of Pargesa in 1990, Mr. Desmarais moved to Europe from 1991 to 1994, to develop the partnership with the Frère Group and to restructure the Pargesa group. From 1982 to 1990, he was a member of the Management Committee of Pargesa, in 1991, Executive Vice-Chairman and then Executive Chairman of the Management Committee, and, from 2003 to 2019, he was Co-Chief Executive Officer and Chairman of the Board of Pargesa from 2013 until November 2020, when Pargesa’s reorganization was completed. Mr. Desmarais is a director and  Chairman of the Board of Pargesa SA since April 2021.  

He is a director of many Power Corporation group companies in North America, including Great-West Lifeco, Canada Life, IGM Financial, IG Wealth Management and Mackenzie. In Europe, he is Chairman of the Board of Groupe Bruxelles Lambert. He was a director of Putnam Investments until January 2024, of Empower and of SGS SA until 2023, of LafargeHolcim Ltd. until 2020, of Total SA until 2017, of GDF Suez from 2001 to 2014, and of Imerys S.A. from 1998 to 2008.

Mr. Desmarais is a Senior Trustee (non-fiduciary status) of The Brookings Institution (Washington) and a member of Brookings International Advisory Council. He is also Chairman of the Board of Governors of The International Economic Forum of the Americas (Canada), a member of the Global Board of Advisors of the Council on Foreign Relations (United States), a member of the Global Advisory Council of Harvard (United States), a member of The Business Council (United States) and of the Business Council of Canada. He serves as Honorary Co-Chair of the Jewish General Hospital Foundation’s Tomorrows Are Made Here campaign. He is also active on a number of philanthropic advisory councils.

In 1994, he received the Insigne d’Officier de l’Ordre de la Couronne of Belgium. In 2005, he was named an Officer of the Order of Canada and he received the Executive of the Year Award from the Academy of International Business. In 2009, he was named an Officer of the Ordre national du Québec and in 2012, Chevalier de la Légion d’honneur in France. Mr. Desmarais was inducted into the Order of the Canadian Business Hall of Fame in May 2022. He holds a number of Honorary Doctorates.

He obtained a Bachelor of Commerce degree from McGill University and an MBA from the European Institute of Business Administration (INSEAD), France.

Gary A. Doer

Mr. Doer is a Senior Business Advisor to the global law firm Dentons Canada LLP since August 2016. From 2009 to 2016, he served as Canada’s Ambassador to the United States. He was the Premier of Manitoba from 1999 to 2009 and served in a number of roles in the Legislative Assembly of Manitoba from 1986 to 2009. In 2005, as Premier, Mr. Doer was named by Business Week magazine as one of the top 20 international leaders on climate change. In 2017, Mr. Doer joined the Trilateral Commission as a member of the North American Group. 

Mr. Doer is a director of several Power Group companies in North America, including Power Financial, Great-West Lifeco, Canada Life, Empower, IGM Financial, IG Wealth Management and Mackenzie. He is a director of Air Canada since 2018. He was a director of Putnam Investments until January 2024 and of Barrick Gold Corporation from 2016 until 2018.

He serves as volunteer Co-Chair of the Wilson Centre’s Canada Institute, a non-partisan public policy forum focused on Canada-U.S. relations. He is a member of the Canadian American Business Council Advisory Board and a director of The Climate Group, Inc.

In 2010, he became a Member of the Order of Manitoba and, in 2011, he received a distinguished diplomatic service award from the World Affairs Council and a Honorary Law Degree from the University of Manitoba. He holds a number of honorary doctorates.

Anthony R. Graham

Mr. Graham is Chairman, President and Chief Executive Officer of Sumarria Inc., an investment management company, since 1983. He is also Chairman of Graymont Limited, of which he served on the Board since 1987. He was Vice-Chairman from 2014 to 2019 and President from 2000 to 2014 of Wittington Investments, Limited, the principal holding company of the Weston-Loblaw Group. Prior thereto, he held senior positions in Canada and the United Kingdom with National Bank Financial Inc. (formerly Lévesque Beaubien Geoffrion Inc.), a Montréal-based investment dealer.

Mr. Graham also serves on the boards of Bombardier Inc., since 2019, and Grupo Calidra, S.A. de C.V. since 2003. He formerly served on the boards of Power Financial from 2001 to February 2020, George Weston Limited from 1996 to 2016, Loblaw Companies Limited from 1999 to 2015, of President’s Choice Bank, for which he served as Chairman from 1999 to 2014, and Choice Properties Real Estate Investment Trust, for which he served as Chairman from 2017 to 2020.

Mr. Graham is Chairman of the Ontario Arts Foundation, and of the Shaw Festival Theatre Endowment Foundation and is Vice-Chair of the Business/Arts. He also serves on the boards of the Canadian Institute for Advanced Research and Luminato Festival Toronto. He is also a Trustee Emeriti of the Art Gallery of Ontario Inc.

In June 2007, he was awarded an Honorary Doctorate of Laws Degree from Brock University. 

Sharon MacLeod

Ms. MacLeod is a company director. She is a marketing and business leader with over 20 years of experience growing brands and businesses within Unilever, a consumer goods company, where she held the positions of Global Brand Vice-President, North American Vice-President of Personal Care and Vice‑President of Unilever Canada from 1998 to 2019. She is best known for her leadership of the Dove brand and has been recognized by Strategy in Canada as Marketer of the Year in 2019.

Ms. MacLeod is a director of several Power Group companies in North America, including IGM, IG Wealth Management and Mackenzie Inc. since 2017. She is a Strategic Advisor for the Carlyle Group and an Advisor to Sagard Holdings. She previously was a member of the Advertising Standards Canada Council. Catalyst Canada honoured Ms. MacLeod in 2014 as a Business Leader and, in 2013 and 2014, she was named by Women’s Executive Network (WXN) as one of Canada’s Most Powerful Women.

Ms. MacLeod holds a Bachelor of Commerce and Master of Science in Marketing Management from the University of Guelph, and she is a graduate of the Harvard Business School’s Corporate Boards Program and Advanced Corporate Boards Seminar.

Paula B. Madoff

Ms. Madoff is a company director. She has served as Advisory Director to The Goldman Sachs Group, a global investment banking, securities and investment management firm, since August 2017. She has spent 30 years at Goldman Sachs, where she most recently was a Partner leading several businesses in the Global Markets Division until her retirement from that role in 2017. Ms. Madoff also held several additional leadership positions at Goldman Sachs including Co-Chair of the Retirement Committee overseeing 401k and pension plan assets, Chief Executive Officer of Goldman Sachs Mitsui Marine Derivatives Products, L.P., and was a member of its Securities Division Operating Committee and Firmwide New Activity Committee. She has 30 years of experience in investing, risk management and capital markets activities.

Ms. Madoff is a director of several Power Group companies in North America, including Great-West Lifeco, Canada Life and Empower. She also serves as a director of Beacon Platform Inc and Santander Bank, N.A., and is a member of the Advisory Board of Santander Corporate & Investment Banking. She was a director of Putnam Investments until January 2024. Until 2023, she was also a director of ICE Benchmark Administration, where she was also Chair of the ICE LIBOR Oversight Committee.

Ms. Madoff is a member of the Executive Committee of the Harvard Business School Alumni Board, a member of the Harvard Kennedy School Women and Public Policy Women’s Leadership Board, and a David Rockefeller Fellow, . She received a Masters in Business Administration from Harvard Business School and a Bachelor of Arts degree in Economics from Lafayette College.

Isabelle Marcoux

Ms. Marcoux is Executive Chair of the Board of Transcontinental Inc. since 2023 and was Chair of the Board between 2012 and 2023, a leader in flexible packaging in North America and Canada’s largest printer and a leader in school textbook publishing. Previously, she was Vice Chair of the Board from 2007 to 2012 and Vice-President, Corporate Development from 2004 to 2012. Between 1998 and 2004, she held the successive roles of Director, Legal Affairs and Assistant Corporate Secretary, and Director, Mergers and Acquisitions. Before joining Transcontinental Inc., she was a lawyer at McCarthy Tétrault LLP.

Ms. Marcoux was a member of the board of Rogers Communications Inc. until 2021 and of George Weston Limited until 2019. She sits on the Board of the Institute for governance of private and public organizations (IGOPP) in addition to being a member of the Board of Scale AI. Since December 2023, she is Governor Emeritus of Centraide of Greater Montréal and was the Honorary President of the Major Donors Circle between 2021 and 2023. In addition, she is a member of the Board of The Montréal Children’s Hospital Foundation since 2015, and was a member of the Advisory Board of McGill University’s Law Faculty from 2018 until 2021.

In 2016, Ms. Marcoux was awarded the Medal of the National Assembly of Québec and, in 2017, she became the first Canadian to win the Visionary Award for Strategic Leadership from the global organization Women Corporate Directors Foundation. Also in 2017, she was inducted into the Women's Executive Network (WXN). Elle a été nommée membre de l’Ordre du Canada en 2019. Plus récemment, Mme Marcoux a été récipiendaire du Prix des fellows de l’IAS en 2024.

Ms. Marcoux holds a Bachelor’s degree in Political Science and Economics, and a Bachelor’s degree in Civil Law, both from McGill University. She has been a member of the Québec Bar since 1995.

Christian Noyer

Mr. Noyer is a company director. Previously, from 2003 to 2015, he served as the Governor of the Banque de France, the central bank of France, which is linked to the European Central Bank. From 1998 to 2002, he held several positions at the European Central Bank, including as Vice-President. After being appointed to the Treasury in the Ministry of the Economy and Finance of France in 1976, Mr. Noyer held a number of positions before serving as Director of the Treasury from 1993 to 1995, Chief of Staff of the Minister of Economic Affairs and Finance from 1995 to 1997, and Director at the Ministry for Economic Affairs, Finance and Industry from 1997 to 1998.

Mr. Noyer served as a member of the Governing Council and the General Council of the European Central Bank from 1998 to 2015, and as a member of the board of the Bank for International Settlements from 2003 to 2015 and as its Chairman from 2010 to 2015. He was also Alternate Governor at the International Monetary Fund from 1993 to 1995 and from 2003 to 2015, and as a member of the Financial Stability Board from 2008 to 2015. 

At various times from 1982 to 1995, Mr. Noyer served as a member of the boards of many partially state-owned companies as a representative of the French Government, including Suez, Société Générale, Le Crédit Lyonnais, Le Groupe des Assurances Nationales, Dassault Aviation, Pechiney, Air France and Électricité de France. 

Since January 2017, Mr. Noyer acts as a director of the NSIA Group in Africa and, since 2019, serves on the Board of Directors of SETL Development Ltd., a company dedicated to creating blockchain-based solutions for financial markets, asset management and payments. Since 2021, he acts as a director of BNP Paribas SA and, from 2019 to 2021, he served on the Board of BNP Paribas SA as a non-voting director. From 2018 to 2020, he was a non-executive director of Lloyd’s Council and served as an independent non-executive director of Lloyd’s Brussels Board.

Mr. Noyer is the Honorary Governor of the Banque de France and has been awarded the honours of Commandeur de la Légion d’Honneur and Commandeur des Arts et des Lettres in France, Commander of the National Order of the Lion in Senegal, Great Cross of the Ordén del Merito Civil in Spain, Officier de l’Ordre National de la Valeur in Cameroon and Gold and Silver Star of the Order of the Rising Sun in Japan.

R. Jeffrey Orr

Mr. Orr was appointed President and Chief Executive Officer of Power Corporation in February 2020.

He has extensive experience in the financial services industry, including the past two decades in executive positions in Power group companies. He has been President and Chief Executive Officer of Power Financial, a position he has held since 2005. From 2001 to 2005, he was President and Chief Executive Officer of IGM Financial. Prior to joining IGM Financial, he was Chairman and Chief Executive Officer of BMO Nesbitt Burns Inc. and Vice-Chairman, Investment Banking Group, of the Bank of Montreal. Mr. Orr had been with BMO Nesbitt Burns Inc. and predecessor companies since 1981.

He is a director of Power Financial and is also a director and Chairman of certain Power Group companies, including Great-West Lifeco, Canada Life, Empower, IGM Financial, IG Wealth Management and Mackenzie. He is also a director of PanAgora Asset Management Inc. Since 2023, Mr. Orr is also Special Advisor to the Board of Rockefeller Capital Management General Partner L.L.C. He was a director and Chairman of Putnam Investments until January 2024.

Mr. Orr is active in a number of community and business organizations. He holds a Bachelor of Arts — Honours Business Administration (HBA) degree from the Richard Ivey School of Business in London, Ontario. Mr. Orr received an honorary Doctor of Laws from the Western University.

T. Timothy Ryan, Jr.

Mr. Ryan is a company director. He served as Vice-Chairman of Regulatory Affairs of JPMorgan Chase & Co., a global financial services firm, from January 2014 to October 2014. From 2013 to 2014, he was Managing Director, Global Head of Regulatory Strategy and Policy of J.P.Morgan. From 2008 to 2013, he was President and Chief Executive Officer of the Securities Industry and Financial Markets Association (“SIFMA”), a trade association representing 680 global financial market participants. Prior to joining SIFMA, he was Vice-Chairman, Financial Institutions and Governments, at J.P. Morgan, where he was a member of the firm’s senior leadership. Prior to joining J.P. Morgan in 1993, Mr. Ryan was the Director of the Office of Thrift Supervision, U.S. Department of the Treasury.

He is a director of many Power group companies in North America, including Power Financial, Great-West Lifeco, Canada Life and Empower, having previously served as a director of Power Corporation and Power Financial from 2011 to 2013 and of Great-West Lifeco and some of its subsidiaries from 2010 to 2013.

He is Chairman of the Board of Santander Holdings U.S.A., Inc., Santander Bank, N.A. and Banco Santander International. He has served as a director of Putnam Investments until January 2024, of Markit Group Limited from 2013 to 2014 and of Lloyds Banking Group from 2009 to 2013. He was a private sector member of the Global Markets Advisory Committee for the U.S. National Intelligence Council from 2007 to 2011.

Mr. Ryan is a graduate of Villanova University and the American University Law School. He served as an officer in the U.S. Army from 1967 to 1970.

Siim A. Vanaselja

Mr. Vanaselja is a company director. He served as the Executive Vice-President and Chief Financial Officer of BCE Inc. and Bell Canada, from 2001 to 2015. Prior to joining BCE Inc., he was a Partner with KPMG Canada in Toronto.

Mr. Vanaselja is a director of several Power Group companies in North America, including Power Financial, Great-West Lifeco and Canada Life. He is also a director of the Board of TC Energy Corporation and a director and lead trustee of RioCan Real Estate Investment Trust. He previously served as a director and Chair of the Audit Committee of Maple Leaf Sports & Entertainment Ltd. He also previously served on the Finance Minister’s Federal Advisory Committee on Financing, on Moody’s Council of Chief Financial Officers and on the Conference Board of Canada’s National Council of Financial Executives.

Mr. Vanaselja has been an active fundraiser for a number of community organizations including St. Mary’s Hospital Foundation, Big Brothers and Big Sisters of Toronto, Heart and Stroke Foundation of Quebec, Royal Victoria Hospital and the Annual Walk for Kids Help Phone.

Mr. Vanaselja is a Fellow of the Chartered Professional Accountants of Ontario and holds an Honours Bachelor of Business Administration degree from the Schulich School of Business.

Elizabeth D. Wilson

Ms. Wilson is Chair of the Chartered Professional Accountants of Canada, a position she has held since October 2023 and was Vice-Chair from October 2021 to October 2023. She is the former Chief Executive Officer of Dentons Canada LLP and was a member of the global leadership team, serving on the Global Board and Global Management Committee from 2017 to 2022. Prior to this role, Ms. Wilson was an audit partner at KPMG from 2000 to 2016 and served as Managing Partner at KPMG in the Greater Toronto Area from 2009 to 2016. Between 2005 and 2016, she also served as a member of KPMG’s Management Committee in various leadership positions, including Canadian Managing Partner Community Leadership, Canadian Managing Partner Regions and Enterprise with responsibility for 24 regional offices across Canada, and Chief Human Resources Officer.

In addition, Ms. Wilson serves on the boards of directors of IGM Financial, IG Wealth Management and Mackenzie since 2018, and on the board of Thomson Reuters since June 2022. She is currently a trustee and Audit Committee Chair at The Hospital for Sick Children, as well as a director of The WoodGreen Foundation and Traferox Technologies Inc. She was previously a director and Chair of the Toronto Region Board of Trade, director and Vice-Chair at the National Ballet of Canada, a trustee for the Ontario Science Centre, Governor and Audit Committee Chair for Trinity College School and a Director at Toronto’s CivicAction.

Ms. Wilson was appointed Fellow (FCA) by the CPA profession in Ontario in 2003. She was the recipient of MicroSkills’ Margot Franssen Leadership Award in 2013, and the YWCA Women of Distinction Award in 2015. She was also named as one of the Women’s Executive Network’s (WXN) Top 100 Most Powerful Women in 2008 and in 2011, and one of Canada’s Top 25 Women of Influence in 2013. Most recently, in 2022, Ms. Wilson was inducted into the WXN’s Hall of Fame.

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