Home Capital Announces Claude Lamoureux, Paul Haggis and Sharon Sallows to Join Board; Brenda Eprile Named Chair
May 8, 2017
Home Capital Group Inc. ("The Company" TSX: HCG) today continued its governance renewal process by announcing that three leading Canadian businesspeople – Claude Lamoureux, Paul Haggis and Sharon Sallows – have agreed to join the Company's Board of Directors immediately. The Company also announced the appointment of Brenda Eprile to the role of Chair of the Board.
The new directors are well known for their track records as executives and in the boardroom, and they bring a wide range of applicable knowledge and experience. Claude Lamoureux is former Chief Executive Officer of the Ontario Teachers' Pension Plan and a co-founder of the Canadian Coalition for Good Governance. Paul Haggis is former CEO of Ontario Municipal Employees Retirement System (OMERS) and former CEO of Alberta Treasury Branches, a financial institution owned by the province of Alberta. Sharon Sallows is an experienced director with public and private companies, and a background in lending and investment across a wide range of industry groups including real estate.
Brenda Eprile, who joined the board as an independent director in 2016, becomes Chair of the Board, replacing Kevin Smith. Mr. Smith remains on the board as an independent director.
Ms. Eprile is currently a corporate director and risk consultant. Her business background includes many years as the senior partner responsible for PwC's risk consulting practice in Canada. She built a premier regulatory consulting practice during her 12-year career at PwC that assisted numerous major financial services firms and public companies in responding to significant regulatory actions in Canada, the United States and the United Kingdom. Prior to her seventeen-year consulting career, Ms. Eprile was a senior member of the Ontario Securities Commission staff holding both the positions of Executive Director and Chief Accountant.
The Company also confirmed that William Falk will be stepping down from the Board as of May 11, as was previously disclosed.
"Claude, Paul and Sharon bring a tremendous amount of experience and skill that will be invaluable in helping the Company deal with its operational challenges, and in ensuring that we move ahead to rebuild confidence in Home under the oversight of a very strong and trusted Board of Directors," said Ms. Eprile. "Combined with the recent appointment of Alan Hibben to the Board, we have now come a very long way in a short time toward our goal of significant governance renewal."
Ms. Eprile added "On behalf of the Board and all of the Home team, I would like to thank Kevin Smith for his diligent service as Chair over his years in the role. The Board understands his reasons for stepping down as Chair, given the demands of the role as the Company moves forward, and we are pleased that he will remain a director and that we will still have the benefit of his experience and counsel. I would also like to thank William Falk for his service to the company over these past years."
The Company has set the date of its Annual General Meeting for June 29 in Toronto. The record date for the meeting will be May 26.
Materials for the meeting, including an updated Management Information Circular, will be mailed to shareholders later this month.
Claude Lamoureux Biography
An actuary by training, Claude Lamoureux was the inaugural President & CEO of the Ontario Teachers' Pension Plan. From 1990 to his retirement in 2007, he oversaw Teachers' development into one of the world's leading pension plans with more than $100 billion in net assets, an innovative investment program, and outstanding services to more than 250,000 plan members.
Prior to 1990, Claude spent 25 years as a senior financial executive with Metropolitan Life in Canada and the U.S., heading the company's operations in Canada from 1986 to 1990.
In 2002, Claude co-founded the Canadian Coalition for Good Governance. He has served on many Boards and currently is on the Boards of Industrial-Alliance, Orbite Technologies, St. Michael's Hospital and the Investment Committee of La Fondation Chagnon.
Claude holds a Bachelor of Arts from the Université de Montréal, a B.Comm. from Laval University, and honorary doctorates from Glendon College and HEC-Montréal. He is a Fellow of the Canadian Institute of Actuaries, the Society of Actuaries, and the Institute of Corporate Directors. He is also an Officer of the Order of Canada, Officer of the National Order of Québec and a member of the Order of Ontario.
Paul G. Haggis Biography
Paul Haggis is a director and executive with deep experience in financial services and management of large financial organizations, having served as CEO of Alberta Treasury Branches and of two of Canada's largest pension funds.
Paul was President and CEO of OMERS, one of Canada's largest pension funds from 2003 to 2007. Prior to that, he was interim CEO of The Public Sector Pension Investment Board (PSPIB), and served as a director from April 2000 to August 2003. Earlier in his career, Paul held a number of executive roles, including Executive Vice President, Business Development and Chief Credit Officer at Manulife Financial and CEO of Princeton Developments Ltd.
Paul is a member of a number of Boards. He is currently Chairman of the Alberta Enterprise Corporation and a director of Advantage Energy of Calgary and Pure Industrial REIT. In addition Paul served as Chairman of Canadian Pacific Railway from 2012 to 2014, and retired as a director of Canadian Pacific in May of 2015.
Paul was also a member of the Canadian Forces. Commissioned into the Air Force Reserve in February of 1971, he served in various capacities before retiring as Honorary Colonel of 435 Transport Squadron in 1997. Paul is a graduate of the University of Western Ontario. Paul is also certified as a Chartered Director (C. Dir) through the Directors College at McMaster University.
Sharon Sallows Biography
Sharon Sallows is a professional director with public and private company experience, and considerable investment oversight background in Canada and internationally. She brings experience in lending and investment across a wide range of industry groups including real estate, infrastructure and natural resources. She has strong analytical and strategic skills with financial expertise, a proven track record in achieving organizational success in both acquisition and turnaround contexts and deep expertise in governance, compensation and human resource issues.
Sharon is currently a trustee of Riocan Real Estate Investment Trust and Chartwell Retirement Residences. Previous directorships include Ontario Teachers' Pension Plan Board, USA REIT LLC, Executive Risk Services, Algoods Inc., Equivest Inc. and Maple Mortgage Trust.
For 14 years, Sharon was a partner in Ryegate Capital Corporation, a company engaged in private sector merchant banking as well as the provision of financial and strategic advisory services to institutional and corporate clients. Earlier in her career, she was Executive Vice President, Finance for MICC Properties Inc. Previous to that, she was Senior Vice President, Real Estate, Corporate Banking, at Bank of Montreal.
Sharon holds a Ph.D. from The Wharton School, University of Pennsylvania, a M.Sc. from The London School of Economics and a B.A. from Carleton University. She also holds an ICD. D designation.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to the Home Capital's 2016 Annual Report, available on Home Capital's website at www.homecapital.com, and on the Canadian Securities Administrators' website at www.sedar.com, for Home Capital's Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial. Home Trust also conducts business through its wholly owned subsidiary, Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
Home Capital Group Inc.