The federal government has appointed Gillian Denham and reappointed Barry Perry to the Board of Directors of the Canada Pension Plan Investment Board, the arm that oversees investment of Canada Pension Plan assets.
The Department of Finance said the 3 year terms took effect September 25, 2025, and were announced on October 3 in Ottawa by Finance and National Revenue Minister François-Philippe Champagne.
The department added that directors are selected by the federal government in consultation with participating provinces, reflecting the CPP’s joint governance model.
Denham brings deep experience in banking and public company boardrooms. She previously led the retail bank at CIBC and earlier served as president of merchant banking there.
She has also held board seats across major Canadian issuers, including National Bank of Canada and LifeWorks, and served as lead director at Canaccord Genuity.
According to the government’s backgrounder, Denham currently sits on the boards of software firm Kinaxis, Canadian Pacific Railway Limited, and enterprise search company Coveo Solutions. Her academic credentials include an HBA from Western University’s business school and an MBA from Harvard.
Perry’s reappointment extends a tenure that began in August 2021. He currently serves on the boards of Royal Bank of Canada and Capital Power.
Perry previously spent two decades with Fortis, rising from chief financial officer to president and chief executive, and has more than 30 years of executive and board experience across utilities and manufacturing.
He is a member of the Association of Chartered Professional Accountants of Newfoundland and Labrador and holds a commerce degree from Memorial University of Newfoundland.
CPP Investments is one of the world’s largest institutional investors, with net assets of C$731.7 billion as of June 30, 2025.
This size gives the fund significant reach across public markets and private assets, from infrastructure and energy to technology.
Continued board continuity and fresh expertise are central to how the manager steers strategy, risk, and oversight through market cycles.
The fund reported a 10 year annualized net return of 8.4% through the first quarter of fiscal 2026, underscoring the long term orientation that underpins CPP benefits.
The board is charged with supervising management, setting investment policies and standards, appointing the external auditor, and approving financial statements.
It also assesses its own effectiveness and oversees conduct and conflicts protocols. In practice, that means directors help set the risk appetite for a globally diversified portfolio while holding management to performance targets tied to long term value creation for contributors and beneficiaries.
Denham’s mix of retail banking leadership and technology adjacent board work aligns with the fund’s broad exposure to financial services and enterprise software.
Perry’s utility and power background maps to CPP Investments large footprint in energy and infrastructure, where long duration cash flows can match pension liabilities.
