Doug Mahaffy has been appointed to the board of directors of the Canada Pension Plan Investment Board (CPPIB), finance minister Jim Flaherty said Monday.

Mahaffy, who has more than 35 years of experience as a financial executive, will retire in March 2010 as chairman of Toronto-based McLean Budden, an institutional money management firm.

Directors of the CPPIB are selected by the federal government, in consultation with participating provincial governments, from a list of qualified candidates provided by a joint federal-provincial nominating committee.

The CPPIB is responsible for prudently investing Canada Pension Plan investment funds in the best interests of CPP contributors and beneficiaries. It invests in a diversified portfolio of assets and operates at arm’s length from governments.

IE