Board of Directors

Steve Orsini, Chair, OFA Board Deputy Minister of Finance and Secretary of Treasury Board.

Steve Orsini was appointed Deputy Minister of Finance and Secretary of Treasury Board, effective December 17, 2011.

Steve was previously Deputy Minister of Revenue as well as Associate Deputy Minister, Office of Taxation, Agencies and Pensions in the Ministry of Finance. Steve played a leadership role in supporting the government’s tax, benefits and pension reform agenda over the past few years.

Prior to returning to the Ministry of Finance in 2005, Steve held a number of positions at the Ontario Hospital Association, including Vice-President of Policy and Public Affairs.

Steve has extensive experience in the Ontario Public Service, having worked in the former Ministry of Treasury and Economics, the Service Sector Secretariat, the Ministry of Economic Development and Trade, and the Ontario Development Corporation.

Steve has a Bachelor of Applied Arts in Urban and Regional Planning and a Masters in Environmental Studies (Economic Development). He has also completed the Canadian Securities Course, two years of the CICA In-Depth Tax Course, and the Harvard University Health Care Leadership Program.

Mario Ferrara, Vice-Chair, OFA Board

Committees: Audit & Risk Management Committee, Member
Human Resources Committee, Member

Date of Initial Appointment to OFA Board of Directors: April 2005

End of Current Term: May 2014

Before his appointment to the OFA Board, 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.

Gadi Mayman, Chief Executive Officer, OFA Date of Initial Appointment to OFA Board of Directors: August 2000

End of Current Term: July 2014

As well as being the CEO of the OFA, Gadi also serves as the CEO and Vice-Chair of the OEFC.

Prior to joining the Ontario Ministry of Finance, Gadi worked at the Export Development Corporation in Ottawa and in the International Division of the TD Bank. He received a BASc. in Industrial Engineering from the University of Toronto and an MBA from the University of Western Ontario.

Gadi is on the boards of Ontario Infrastructure and Lands Corporation and the Ontario Capital Growth Corporation, and is Co-Chair of the Joint Nuclear Funds Investment Committee, a joint OFA and OPG Committee.

John M. Beck

Committee: Audit & Risk Management Committee, Member

Date of Initial Appointment to OFA Board of Directors: January 2011

End of Current Term: January 2014

John is founder, Chairman and Chief Executive Officer of Aecon Group Inc., Canada’s largest publicly-traded construction and infrastructure development company. Aecon is a leader in providing services to private and public sector clients throughout Canada and internationally.

John began his career in 1963, after graduating from civil engineering at Montreal’s McGill University. In 1971, his company went public and John embarked on a strategy of mergers and acquisitions as well as rapid organic growth.

Since then, Aecon’s teams of engineers and construction managers have been involved in building landmarks such as Toronto’s CN Tower, until recently the world’s tallest freestanding concrete structure; Toronto, Montreal, Budapest and Prague’s international airports as well as roads, hospitals, schools, oil sands plants, mines, high rise towers, universities, nuclear plants and seaway infrastructure in Canada.

John and Aecon are innovators in terms of public-private partnerships and design-build-finance initiatives. Aecon built the $1 billion 407 ETR near Toronto, the world’s first open access, all electronic toll highway, and the $1.5 billion Cross Israel Highway, the world’s most technically advanced all electronic highway. All told, John, who speaks two languages, and Aecon, have successfully completed projects over the years in more than a dozen countries.

In November 2008, John was cited by The Financial Post Magazine’s “CEO Scorecard”, as one of the top 20 most accomplished CEO’s in Canada.

John is an active member of the business community. He was previously the Chairman of the Board of the Ontario Power Authority, a government agency with responsibility for planning and procuring all of the province’s power needs for the next 20 years. He has also served on a number of non-profit boards involved in charities, health, education and the arts.

Lorraine Bell

Committees: Audit & Risk Management Committee, Member
Human Resources Committee, Member

In addition to her OFA board appointment, Ms. Bell is also a Trustee, Chair of the Audit Committee and member of the Governance Committee for Brookfield Real Estate Services Fund. She is also a Director of the IBI Group where she is a member of the Audit Committee. Ms. Bell has many years of experience in capital markets in particular, derivatives. She was a Vice-President and Director with General Re Financial Products Canada (GRFP), a derivatives organization. Prior to joining GRFP, she worked as a financial consultant, and was at a number of corporations including Prudential Global Funding and Citibank Canada. Before Citibank Canada, Lorraine was with Touche Ross & Co (now Deloitte & Touche) as a member of the audit group and she 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 also a member of the Institute of Corporate Directors and a Director of the Associates of the University of Toronto, Inc.

Angela Holtham

Committee: Audit & Risk Management Committee, Chair

Date of Initial Appointment to OFA Board of Directors: February 2011

End of Current Term: February 2014

Angela recently retired after 8 years as the Vice President, Finance, and CFO of The Hospital for Sick Children in Toronto. Prior to that, she held a number of positions in both the for-profit and not-for-profit sectors, including 20 years with Nabisco Canada, the last five of which she spent as Senior Vice President and CFO.

Angela holds an MBA from the University of Toronto, and a BMath from the University of Waterloo. She is a Certified Management Accountant and was awarded the prestigious FCMA designation for her accomplishments in the community, the accounting profession, and the workplace.

Angela has held a number of Board positions including chair of the Board of CMA Ontario, and Board Director of Sprinkles Global Health Initiative.

Phil Howell

Committee: Audit & Risk Management Committee, Member

Date of Initial Appointment to OFA Board of Directors: September 2009

End of Current Term: September 2012

Phil was appointed the Chief Executive Officer and Superintendent, Financial Services Commission of Ontario effective August 19, 2009.

Previously, Phil 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 panned over thirty years in both the public and private sectors beginning with the Bank of Canada. His Ontario Public Service (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.

Richard J. Kostoff

Committee: Human Resources Committee, Vice-Chair

Date of Initial Appointment to OFA Board of Directors: June 2007

End of Current Term: June 2013

Richard is the founder and Chair of Temple Rock Holdings Inc., an active investment interest.

Richard is a former Deputy Chair of TD Securities Inc. Over the course of his career his senior management responsibilities have included fixed income sales and trading, derivative marketing and equity and debt capital markets origination. Richard is also a current board member of the OCAD University Foundation Board and the Chair of Theatrefront, a non-profit group. Additional appointments include the advisory board of CommunityLend and FemMed.

Richard has advised a number of government and corporate entities including GMP Inc., Infrastructure Ontario, GE Capital Canada, OP Trust, the Hospital for Sick Children and Theralase Technologies Inc.

Vincenza Sera

Committee: Audit & Risk Management Committee, Vice Chair

Date of Initial Appointment to OFA Board of Directors: February 2011

End of Current Term: February 2014

Vincenza has been Chair of the Ontario Pension Board since 2007 having served as a board member since 2004.

Vincenza is a former investment banker with 25 years expertise in capital markets, corporate finance and corporate governance; she has held senior positions with major Canadian firms, including National Bank Financial and CIBC.

She holds a Masters degree in Business Administration (Finance) from the University of Toronto, and an Honours Business Administration (Accounting) degree from the University of Windsor.

Vincenza has considerable experience on corporate and not-for-profit boards and is a member of the Institute of Corporate Directors.