Governance Canadian Investor Protection Fund English franais Investment Advisors | Members AAA Menu Home About Us CIPF’s Mandate The Segregated Funds Governance Affiliations History of CIPF Careers CIPF Coverage About CIPF Coverage When a Member is Insolvent Case Studies Coverage Policy Claims Procedures Recent Past Insolvencies Member Directory CIPF Investment Dealer Member Firms CIPF Mutual Fund Dealer Member Firms Past CIPF Member Firms News & Publications FAQs Contact Us Search Search When autocomplete results are available use up and down arrows to review and enter to select. Governance Facebook Twitter Linkedin Home About Us Governance By-law CIPF is a not-for-profit organization formed under the Canada Not-for-profit Corporations Act by the amalgamation of the former Canadian Investor Protection Fund (Former CIPF) and the MFDA Investor Protection Corporation (MFDA IPC). The Articles of Amalgamation set out the purposes of CIPF. CIPF’s By-law No. 1 is a general by-law that deals with the administration of corporate affairs, including matters relating to the Board of Directors, appointment of auditors, and appointment and duties of officers. Some specific provisions of this By-law are that: The property and business of the Corporation shall be managed by a Board consisting of not fewer than 8 or more than 12 Directors, provided that the Board may initially consist of 15 Directors until the expiry of terms of office held by directors of the Former CIPF and MFDA IPC at the time of the amalgamation The Board shall be composed of at least one more Public Director than the number of Industry Directors, in addition to the Chief Executive Officer of the Corporation The number of Directors shall be determined from time to time by a resolution passed at a meeting of the Members of the Corporation The nomination and election of Directors shall be made bearing in mind the desirability of appropriate and timely regional representation and, in the case of Industry Directors, experience with the various aspects of the nature of the business carried on by CIPF member firms Currently, the Board is comprised of eleven directors - six Public and four Industry Directors as well as the President and Chief Executive Officer. The Board of Directors is responsible for the stewardship of the two segregated funds, overseeing the management of CIPF’s business and affairs, and setting the standard of good governance. The Board may discharge its responsibilities by delegating certain duties to Committees of the Board and to management. The specific duties delegated to each Committee of the Board are outlined in the mandates for those Committees. CIPF By-law No. 1 is available here. Share × Codes of Conduct Annually, all staff must acknowledge that they have read and understood the contents of the CIPF Employee Handbook, have complied with the key policies in the handbook (including the Code of Conduct) during the period being certified, and agree to comply with the purpose and provisions of the employee handbook including future changes to the handbook, when communicated. Directors are also required to annually acknowledge that they have read and complied with the CIPF Code of Conduct for Directors. The CIPF Code of Conduct for Directors require compliance with the following, among others: Not using their position as a Director of CIPF for their own or anyone else’s personal gain Maintaining in strict confidence all information gained as a result of being a Director of CIPF that would reasonably be expected to be maintained in confidence Consider each existing or proposed activity, appointment, or commercial arrangement to determine whether it might be an actual or potential conflict of interest Disclosing any actual or potential conflicts of interest to the Chair Share × Whistleblower Policy CIPF Code of Conduct – Ability of Staff to report Violations direct to Audit, Finance & Investment Committee Chair: CIPF has a Code of Conduct that requires employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. Employees must practice honesty and integrity in fulfilling their responsibilities and comply with all applicable laws and regulations. Employees’ conduct, both on and off the job, must reflect favourably upon CIPF. CIPF has a Whistleblower Policy that is intended to encourage and enable employees to raise serious concerns about violations of the CIPF Code of Conduct. The Whistleblower Policy provides that employees may report complaints and allegations concerning violations of the CIPF Code of Conduct to the Chair of CIPF’s Audit, Finance & Investment Committee. Reporting of Financial Complaint or Concern by Employees or other Stakeholders: In addition to the ability of employees to report any violations of the CIPF Code of Conduct to the Chair of the Audit, Finance & Investment Committee, the Board of Directors of CIPF has established a confidential and anonymous process whereby persons can report any financial complaint or concern (“Financial Complaint or Concern”) regarding accounting or auditing matters relating to CIPF. Reporting Financial Complaint or Concern: Any person with a Financial Complaint or Concern relating to CIPF may submit their concern in writing to the Chair of CIPF's Audit, Finance & Investment Committee: Sharon Sparkes Phone: (709) 689-8596 Email: sharon.sparkes[at]nf.sympatico.ca Your submission should include a detailed description of the activity for which you have a complaint or concern and, if known, should specify the date(s) and location(s) of such activity. No Retaliation: No employee who in good faith reports a Financial Complaint or Concern shall suffer harassment, retaliation or adverse employment consequence. An employee who retaliates against someone who has reported a Financial Complaint or Concern in good faith is subject to discipline up to and including termination of employment. Handling of Financial Complaint or Concern: The Chair of the Audit, Finance & Investment Committee will notify the sender and acknowledge receipt of the Financial Complaint or Concern. Treatment of Financial Complaint or Concern Submissions: Financial Complaints or Concerns will be reviewed as soon as possible by the Audit, Finance & Investment Committee with the assistance and direction of whomever the Audit, Finance & Investment Committee thinks appropriate and appropriate corrective action will be taken when required. Acting in Good Faith: Anyone filing a Financial Complaint or Concern must be acting in good faith and have reasonable grounds before reporting such Financial Complaint or Concern. Confidentiality: Financial Complaints or Concerns may be submitted on a confidential basis by the complainant or may be submitted anonymously. Reports of Financial Complaints or Concerns will be kept confidential to the extent practicable, consistent with the need to conduct an adequate investigation. Share × Board of Directors CIPF was formed by the amalgamation of the Former CIPF and the MFDA IPC on January 1, 2023. The CIPF Board is currently composed of the directors of both the Former CIPF and the MFDA IPC immediately prior to the amalgamation. Click on a name below to learn more about each Director. Click on a name below to learn more about each Director. Ann Davis Chair of the Board (and Public Director) Toni Ferrari President & Chief Executive Officer Public Directors Frank Chong Donald Murray Walter Pavan Richard Rousseau Sharon Sparkes Industry Directors André Langlois Peter Pacholko Julie Rochette Kimberly Shilton Toni Ferrari President & Chief Executive Officer Toni Ferrari was appointed President and Chief Executive Officer of CIPF in January 2023. Prior to her role at CIPF, Ms. Ferrari served as Senior Vice President, Internal Audit at Scotiabank, and previously held senior positions with TD Bank Group, Barrick Gold Corporation and Royal Bank of Canada, in the areas of Compliance, Risk Management, Finance and Audit. Ms. Ferrari also worked as a regulator in the Canadian financial sector at the Ontario Securities Commission, where she worked to establish regulatory oversight over securities registrants and self-regulatory organizations, such as the (then) Investment Dealers Association of Canada. Ms. Ferrari is a Chartered Professional Accountant and holds a Bachelor of Commerce and Finance and an Economics degree from the University of Toronto. Ann Davis Chair (appointed April 2025) Joined the Former CIPF Board in April 2017. Retired in 2013 after a 37-year career at KPMG LLP, where she was a partner in the audit practice with a specialization in the financial services sector. Previously served as Director and Chair of the Audit Committee of Chartwell Retirement Residences, Director and Chair of the Audit Committee of the Canada Guaranty Mortgage Insurance Company and Director of Women’s College Hospital Foundation. Holds a Bachelor of Science (Honours) degree from Queen’s University. Became a Chartered Accountant in 1979 and elected a Fellow of the Chartered Professional Accountants of Ontario in 1997. Chair, Cooperative Operating Agreement Committee; Member, Governance, Nominating & Human Resources Committee. Donald Murray Vice Chair (appointed April 2025) Joined the MFDA IPC Board in October 2020. Former Chair and CEO of the Manitoba Securities Commission, where his career spanned 25 years. Prior to that, he practiced law for 20 years with a focus on commercial law and litigation. Served on the Board of Directors of the North American Securities Administrators Association and completed two terms as Vice-Chair of the Canadian Securities Administrators. From 2012 to 2018, he was the Chief Administrative Officer of the Manitoba Financial Services Agency. Holds a Bachelor of Arts degree and a Bachelor of Laws degree from University of Manitoba. Chair, Governance, Nominating & Human Resources Committee; Member, Cooperative Operating Agreement Committee; Member, Risk Committee. Walter Pavan Joined the MFDA IPC Board in October 2020. An executive with over 30 years of experience in the Canadian financial services industry. Began his career with the Bank of Nova Scotia in 1988 and took on various roles including Chief Financial Officer of the Asset Management division (Scotia Asset Management L.P.) and its Mutual Fund Securities Dealer (Scotia Securities Inc.). During this time, he obtained an in-depth understanding of finance, operations, mutual fund regulations, investments, compliance, risk mitigation practices and fund accounting of a large asset management entity. Served on the Board of Directors of several Scotiabank entities including Scotia Asset Management, Dynamic Investment Fund, Luxembourg and Scotia Securities Inc. Holds a Bachelor of Commerce degree from Laurentian University. Became a Chartered Accountant in 1985. Member, Audit, Finance & Investment Committee; Member, Risk Committee. Sharon Sparkes Joined the Former CIPF Board in March 2021. With more than 30 years’ experience as an executive in both the private and public sectors primarily in the consumer packaged goods industry, Sharon has provided financial and operational leadership for retail, wholesale, regulatory and manufacturing operations. From 2018 to 2020, she served as interim President and CEO of the Newfoundland and Labrador Liquor Corporation, following eight years as Senior Vice-President and Chief Financial Officer of the organization. Currently an independent corporate director serving on the Boards of Purolator Holdings Ltd. and Provident 10. Previously served on the Boards of Canada Post Corporation, the Canadian Association of Liquor Jurisdictions, the Audit Committee of the Province of Newfoundland and Labrador, and Chair of the Association of Liquor Licensing Authorities of Canada. Holds a Bachelor of Commerce (Honours) degree and a Master of Business Administration (MBA) degree from Memorial Unive…