Vestcor Inc. Announces Upcoming Board Leadership Change | November 28, 2022
November 28, 2022
Fredericton, NB – After serving as Chairperson of the Vestcor Inc. Board of Directors since the company’s inception in 2016, Michael Walton announced today that he will be stepping down as Chairperson effective June 30, 2023. Although he will remain in the role for several more months, making this announcement early will allow the Board sufficient time to undergo the rigorous process required to fill his position on the Board of Directors as outlined in the Vestcor Act. He plans to stay actively involved with the Board by fully serving out his appointment as a Director of the Board until his term expires on June 30, 2024.
“Michael’s well-earned reputation as an executive leader with extensive business acumen has been a very valuable asset to Vestcor Inc. and its’ predecessor company NB Investment Management Corp.” said John Sinclair, Vestcor’s President and CEO. “He particularly played a very important governance support role as the organization went through the extensive transformation to an independent company in 2016”.
Michael first joined the Board of the New Brunswick Investment Management Corporation, in March 2005. He served as Chair of the Human Resources and Compensation Committee from 2009 to 2012. In 2013, he became Chairperson of the Board, and an ex-officio member of the Board’s Audit, Governance and Human Resource and Compensation Committees. More recently he took on the role of President and CEO of the public company Rogers Sugar Inc. in October 2021.
“I have thoroughly enjoyed my leadership role and I look forward to working with the Board of Directors in determining our next Vestcor Chairperson” said Mr. Walton. “It will be an exciting and challenging opportunity for the next generation of Board Leadership to help oversee Vestcor’s continued success. It has been my distinct privilege and pleasure to have had the opportunity to work with this professional group of employees and board members over the years.”
Vestcor’s Board of Directors is responsible for the independent governance, stewardship, and strategic direction of the company. The Board is comprised of nine Directors and assisted in its endeavours by the efforts of three Committees: the Audit Committee, the Human Resources and Compensation Committee and the Governance Committee. To learn more about Vestcor’s governance, visit vestcor.org/governance.
For information on how to be considered to serve on the Vestcor Inc. Board of Directors, including eligibility criteria, visit Vestcor.org/vestcorappointment.
A Partner in Creating and Delivering Sustainable Financial Security.
Vestcor is an independent not-for-profit company located in Fredericton, New Brunswick which provides global investment management services to 10 different public sector client groups representing approximately $21.0 billion in assets under management as at December 31, 2021, and administration services to 11 public sector pension plans and 4 employee benefit plans.
Vestcor’s team of more than 140 service professionals provides innovative, integrated, cost-effective investment management and pension and benefit administration services solutions to public sector entities. Vestcor currently services the requirements of over 106,000 individual plan members and 140 participating employer groups.
Further information about Vestcor, including the 2021 Annual Report, is available at Vestcor.org.
John A. Sinclair, President and Chief Executive Officer, 506-453-2296