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About CDIC

Advisory Panel

CDIC has an Advisory Panel that provides advice on a broad range of financial industry issues, principally relating to the resolution of CDIC’s member institutions and industry innovation. The Panel consists of individuals with extensive banking, insolvency, investment and legal backgrounds who have relevant experience in managing large, complex financial institutions. Although bank-specific information is not discussed, CDIC’s ability to access the Advisory Panel’s collective expertise has provided valuable insights and perspectives on relevant issues for the Corporation.

Advisory Panel Biographies

Gale Rubenstein

Ms. Rubenstein is a partner at Goodmans LLP. She practices in the areas of commercial insolvency, restructuring, and pensions law. Ms. Rubenstein has been lead counsel on the insolvency of financial institutions, both domestic and international. Among her mandates, she was lead insolvency counsel to the Investors Committee chaired by Purdy Crawford dealing with Asset Backed Commercial Paper and to the Province of Ontario with respect to the restructurings of Chrysler, General Motors, and US Steel Canada. She is Chair of the Board of Trustees of the University Pension Plan Ontario, a member of the Board of Directors of Scarborough Health Network, and a fellow of the Insolvency Institute of Canada.

Richard (Dick) Falconer

Mr. Falconer is currently a Managing Director with Lazard Canada. He retired from CIBC as Vice Chairman and Managing Director, CIBC World Markets Inc., after 40 years with the bank. At the time of his retirement, he was responsible for senior investment banking relationships and a member of the Deals Committee (national corporate credit approvals), CIBC Pension & Benefits Investment Committee, CIBC Capital Partners Investment Committee (merchant banking transactions), CIBC National Donations Committee, and CIBC Children’s Foundation. Mr. Falconer is an active board member on several corporate, health services, and charitable related organizations.

Wayne Ralph

Mr. Ralph has held a number of executive roles at Dominion Securities, RBC Dominion Securities, RBC Royal Bank, CIBC Wood Gundy, and CIBC over the past 33 years. These roles have been primarily focused on the technology and operations facets of the respective businesses. He has also served on the Board of Directors for the Canadian Depository for Securities and Fundserv, and is currently on the Board of Directors for the TSX Trust and chairs its Risk and Conduct Review Committee. In 2019, he took on the position of Senior Vice-President of the TMX Group and Chief Operating Officer of the Canadian Depository for Securities.

Cathryn Cranston

Ms. Cranston served as Treasurer of BMO Financial Group prior to her retirement in 2018. In this role, she was responsible for strategic optimization of the structural balance sheet including the investment portfolio, enterprise liquidity risk management, and the bank’s global funding program. She was also accountable for the bank’s defined benefit pension plan, enterprise recovery and resolution plans, and was a key interface with regulators and other external stakeholders. Ms. Cranston is a Director of Ontario Teachers’ Pension Plan, where she chairs its Human Resources and Compensation Committee, and sits on its Investment, Audit and Actuarial, and Operational Risk committees. She is a Director of Toromont Industries Ltd., where she chairs its Audit Committee, and sits on its Nominating and Governance committee. She also sits on several not-for-profit boards and committees.

Jeffrey Heath (Chair)

Mr. Heath is the current chair of the Advisory Panel. He served as Executive Vice-President and Group Treasurer of Bank of Nova Scotia prior to his retirement in 2015. In this role he was responsible for the bank’s treasury and investment operations on a global basis, including asset liability management, liquidity management, funding and management of the investment portfolios. Prior to this, he held multiple senior positions in risk management at the bank. Mr. Heath is a board member of various not-for-profit organizations.

Randy Benson

Mr. Benson has been the principal of R.C. Benson Consulting Inc. since 1999, providing strategic analysis, management, financial and operational restructuring, and recapitalization expertise to companies, including those considered in distress or underperforming. From May 2012 to August 2016, Mr. Benson was also co-lead of the National Restructuring Practice (Canada) at KPMG LLP. In addition, Mr. Benson has experience in finance, operations, sales, and general management gained through various roles he has held in operating companies, including as the Chief Financial Officer (CFO) of public and private companies. Mr. Benson was chair of the Board of Directors and chaired the audit committee of Advanz Pharma Corp (TSX) until December 31, 2019.

Warren Bell

After a successful career of nearly 40 years, Mr. Bell retired as the Chief Operating Officer (COO) of OMERS in 2018. In this role, he was responsible for people, processes, and technology across the enterprise globally. Warren joined OMERS in 2010 as the Executive Vice President and Chief Human Resources Officer, with over 25 years of Human Resources experience in financial services. Prior to joining OMERS, he held several related roles including the position of Senior Vice President, Corporate Human Resources at TD Bank Group and the position of Managing Director and Global Head, Human Resources for TD Securities (SVP, TD Bank), a leading investment bank operating globally, headquartered in Toronto. Mr. Bell now acts as an Executive in Residence at the Ivey Leadership Institute at Western University in London, Canada. He also serves as the Board Vice-Chair and the Governance Committee Chair of the Nature Foundation (Canadian Museum of Nature).

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