Board of Directors

Peter Wallace Deputy Minister of Finance and Secretary of Treasury Board.

Peter Wallace was appointed Deputy Minister of Finance and Secretary to Treasury Board effective September 15, 2008.

Before that, Peter was Deputy Minister of Energy, starting in January, 2007. Earlier, as Deputy Minister and Associate Secretary of the Cabinet, Policy, he played a key role in implementing government policy and legislation.

From February 2001 to February 2004, Peter served as Assistant Deputy Minister of Natural Resource Management with the Ministry of Natural Resources. Prior positions include Assistant Deputy Minister, Policy and Strategic Planning, Cabinet Office; Assistant Deputy Minister, Program Management and Estimates Division, Management Board Secretariat; and Director, Expenditure Management and Reporting, Ministry of Finance.

Peter began his public service career in 1981 after completing a BA (Honours) in Political Economy and a Master of Public Administration from the University of Toronto.

Robert Brown Robert is a Past Chair and Chief Executive Officer of Price Waterhouse (now PricewaterhouseCoopers).

He has served as Chair of the Canadian Tax Foundation and the Canadian Institute of Chartered Accountants. Robert has an extensive background in tax, fiscal and governance issues. He was a member of the Toronto Stock Exchange Committee on Corporate Governance. Robert also served a term as the Clifford Clark Visiting Economist to the Department of Finance, providing advice to the Department and the Minister on fiscal, tax and economic policy issues. More recently, Robert served as Co-Chair of a federal committee to review tax assistance for the disabled. He is a director of Canadian Apartment Properties Real Estate Investment Trust and has served as a director of other public Canadian companies.

Robert has served in a number of volunteer positions and is a Past Chair of the C.D. Howe Institute and a frequent speaker and writer on economic and tax policy issues. He is a Director of Canadian Policy Research Networks and a Past Director of the Institute of Corporate Directors.

Robert is a graduate of the University of Toronto (BCom) and of the University of Chicago (M.A., Economics).

Gadi Mayman As chief executive officer of the Ontario Financing Authority (OFA), Gadi Mayman is responsible for the Province’s borrowing and debt management strategy, and its banking and capital markets relationships. He is also CEO of the Ontario Electricity Financial Corporation.

Prior to joining the Ontario Ministry of Finance, Mr. Mayman worked at the Export Development Corporation in Ottawa and in the International Division of the TD Bank. He received a B.A.Sc. in Industrial Engineering from the University of Toronto in 1981, and an M.B.A. from the University of Western Ontario in 1988.

Mr. Mayman is on the boards of Infrastructure Ontario and the Ontario Capital Growth Corporation, and is Co-Chair of the Joint Nuclear Funds Investment Committee, a joint OFA and Ontario Power Generation Committee.

Lorraine Bell

Lorraine has over 25 years of financial experience, including over 13 years of experience in the derivatives markets. She is currently a Trustee, Chair of the Audit Committee and member of the Governance Committee for Brookfield Real Estate Services Fund. Lorraine was formerly a Vice-President and Director with General Re Financial Products Canada (GRFP). Prior to joining GRFP, she worked as a financial consultant, and was a Vice President at a number of corporations including Prudential Global Funding and Citibank Canada. Before joining Citibank Canada, Lorraine was with Touche Ross & Company (now Deloitte & Touche) as a member of the audit group and obtained her CA designation at that time.

She is an active volunteer and past Board Member of a number of charitable organizations in Ontario. Lorraine is a member of the Institute of Corporate Directors.

Mario Ferrara

Before his appointment to the OFA Board of Directors, Mario was Managing Director and Head of the Government Finance Group at Scotia Capital in Toronto. The Group provided a wide range of financial advice and executed financing transactions for the firm’s government and government-related clients.

Mario’s investment management experience includes senior positions in the private and public sector. As Vice-President, Investments at E-L Financial Corporation, he was head of the investment group with direct responsibility for managing the fixed-income portfolios of the company’s life and casualty insurance subsidiaries. Prior to joining E-L Financial, Mario spent 12 years at Ontario Hydro in a number of finance-related positions including portfolio manager of the fixed-income assets of the Ontario Hydro Pension Plan. Later at Ontario Hydro, he was Assistant Treasurer–Corporate with responsibility for management, development and execution of funding plans, investor relations and corporate insurance .

Mario holds a BCom and MBA from McMaster University.

Phil Howell CEO and Superintendent of Financial Services, Financial Services Commission of Ontario.

Phil Howell was appointed the CEO and Superintendent of Financial Services for the Financial Services Commission of Ontario effective August 19, 2009.

Most recently, Mr. Howell served as the Deputy Minister of Economic Development for the Ontario government. Prior to that appointment, he was the Deputy Minister of Tourism. He moved to Tourism from the Ministry of Finance where he was the Associate Deputy Minister of Finance, responsible for Treasury Board.

Trained as an economist with post graduate training from the London School of Economics and the University of Toronto, Phil’s career has spanned over thirty years in both the public and private sectors beginning with the Bank of Canada. His OPS career began in the Economic Policy Branch in the former Ministry of Treasury, Economics and Intergovernmental Affairs.

He left the OPS in the mid 1980s and during the following several years worked with a major Canadian brokerage house, the Conference Board of Canada and a chartered bank. Phil returned to the OPS as director of the Industrial Policy Branch, Ministry of Industry, Trade and Technology where he spent several interesting and challenging years before returning to the Ministry of Finance as director of the Taxation Policy Branch in 1999. Subsequently, he served as the ADM of the Office of Economic Policy and the Chief Economist for the Province. During this period he also spent fourteen months as the interim CEO and Superintendent of Financial Services at the Financial Services Commission of Ontario.

Richard J. Kostoff Richard recently retired as Deputy Chair of TD Securities with 35 years of experience in the investment industry. In that role, he was responsible for senior capital markets coverage related to a wide variety of government, infrastructure and corporate financing assignments.

Over the course of his career, Richard’s senior management responsibilities have included fixed income sales and trading, derivative marketing and equity and debt capital markets origination. In addition to TD Securities, Richard has held senior positions at RBC Dominion Securities (Director), Gordon Capital (Partner), Pemberton Securities (Senior Vice President), and Midland Doherty (Vice President). He started his career at Canada Life Assurance Company as a Junior Fixed Income Trader in 1972.

Richard is currently the principal of Templar Investments Limited, a consulting and advisory firm located in Toronto.

Richard graduated from York University in 1972 (BA Economics).

Patrick Lavelle Patrick is Chairman and Chief Executive Officer of his own strategic management consulting firm established in 1991. Until March of 2002, Patrick was Chairman and CEO of Unique Broadband Systems Inc. He is a Past Chairman of Export Development Canada and also served a 3-year term as Chairman of the Board of the Business Development Bank of Canada. Prior to establishing his own firm, Patrick was Vice President, Corporate Development, Magna International Inc.

In 1985, Patrick was appointed Deputy Minister of Industry Trade and Technology for the Province of Ontario. At the same time, he was the First Secretary of the Premier’s Council which produced an economic blueprint for the Ontario economy. Patrick also served as an Executive Assistant to the Federal Minister of Labour and Health and Welfare, and Agent General for the Government of Ontario in Paris, France. Patrick is the past President and CEO of the Automotive Parts Manufacturers’ Association of Canada.

Patrick is a director of a number of public and private Canadian and U.S. companies. He is a member of the Advisory Board of the International MBA program at York University.