Gillian Jill Denham and Barry Perry, having been appointed as members of the Canada Pension Plan Investments Board, continue to improve governance as well as the strategic oversight of CPP investments as requested by the Government of Canada. On October 3, 2025, the Honorable François-Philippe Champagne, Minister of Finance and National Revenue, made the announcement. Both appointments will run for a term of 3 years, effective September 21, 2025.
Strategic additions: Gillian Denham & Barry Perry
Gillian has joined the CPP Investments Board. Thanks to her 20-plus years in the financial services industry and 15-plus years in public company directorships, she will bring strategic value to the Board. Denham’s board experience is also broad, including banking, technology, transportation, and health and wellness.
At present, Denham sits on the boards of Kinaxis Inc. , an AI platform company, where Denham is lead director. Denham is also the chair of Munich Reinsurance Company of Canada and Temple Insurance company, which are both part of the Munich Re group.
Denham has an impressive resume. She has held positions such as:
- Denham served on the boards of the National Bank of Canada and Canadian Pacific Kansas City Limited.
- She has held senior executive positions at CIBC, including the Head of Retail Bank.
- Denham has also been part of national policy discussions as a member of the Task Force on the Future Securities Regulation in Canada.
Praise regarding Denham’s appointment was provided by Dean Connor, Chair of CPP Investments, in the following way:
“We are pleased that Jill Denham has joined the Board of Directors. Her extensive experience and judgement will be instrumental as we continue to build long-term value for Canada Pension Plan contributors and beneficiaries.”
Continuity and experience at CPP Investments is sustained by Barry Perry. Perry has been on the board since 2022 and has been instrumental to the organization’s investment strategy and governance since.
By having Perry remain on the Board, CPP Investments will continue to build and maintain institutional knowledge and stability during equitable shifts around the world.
Perry, who served as the President and CEO of Fortis Inc., led the company through its expansions, including the landmark $11 billion acquisition of ITC Holdings Corp. Perry also sits on the boards of The Royal Bank of Canada and Capital Power Corporation.
The appointments reflect the government’s commitment to a transparent, merit-based process for Governor-in-Council appointments and demonstrate the selection of thoroughly qualified candidates for the responsibility of serving Canadians.
About the impacts of CPP Investments: How does the company serve society?
CPP Investments looks after the assets of the CP Canada Pension Plan that are not required to be paid out.
CPP Investments works independently, at arm’s length from the government, conservatively managing the funds and looking after the interests of over 22 million members and beneficiaries.
By June 30, 2025, The CPP Fund’s valuation stood at 731.7 billion Canadian Dollars. It is invested most diversely in equities, real estate, and other alternative assets. CPP also holds a wide range of global investments in:
- Toronto
- Hong Kong
- London
- Mumbai
- New York
- San Francisco
- São Paulo
- Sydney.
The future of the CPP Investment Board and its new members
The appointments of Denham and Perry occur during a period of sustained turbulence in global markets. Denham and Perry’s deep experience and knowledge will contribute meaningfully to the board’s stewardship of investment decisions, which will ultimately affect the lives of millions of Canadians.
As CPP investments turn the page on yet another chapter in its history. The CPP Investments appointments highlight importance and the commitment of the federal government. The government is ensuring that CPP investments are a viable and progressive institution that will continue to provide retirement income for the coming generations.