Manulife Financial Corp. plans to appoint Gail Cook-Bennett as its new chairwoman of the board at the company’s annual meeting in May.

The company released its management proxy circular on Friday, noting that “it is anticipated that subject to her re-election, Gail Cook-Bennett would be appointed chair of the board.”

If appointed, Cook-Bennett, 67, will be the first woman to lead the board in the company’s history.

Current chairman, Arthur Sawchuk, has reached the mandatory retirement age, but the board has waived the age policy in order to allow Sawchuk, 72, to continue for a few more months while Cook-Bennett finishes off her term as chair of the Canada Pension Plan Investment Plan Investment Board. Cook-Bennett has been chairwoman at CPPIB since 1998.

She has been a board member at Manulife since 1978 and became vice-chairwoman of the board in December 2007. She also sits on the board at Emera Inc. and Petro Canada.

Effective June 1, 2007, Manulife pays its chair of the board a $375,000 annual retainer, while as vice-chairwoman Cook-Bennett received $160,000, plus per meeting fees.

Cook-Bennett is one of two female members of the current 15-person Manulife board, along with Lorna Marsden, president emerita and professor at York University.