The government of Ontario has appointed David Denison as the new chair of Hydro One. Mr. Denison is a senior executive from the finance sector who served as part of the Premier’s Advisory Council on Government Assets, led by Ed Clark, the group that advised the government on how to manage major public enterprises including Hydro One, Ontario Power Generation, and the LCBO. Mr. Denison is expected to lead the potentially challenging process of taking the company through the sale of up to 60% of its equity to the private sector. His appointment took effect April 16.
“I think there’s an opportunity to position this company as a growth company going forward,” he said. “It will have a currency in its shares and share values which allow much more flexibility for doing acquisitions that might make sense. … That’s what we should be doing, and there will be no impediments to us doing that.”
Mr. Denison was in charge of the Canada Pension Plan Investment Board (CPPIB) for more than seven years until he stepped down in 2012. His professional history includes a period during which he served as chair of the Canadian Coalition for Good Governance, experience that may prove useful in ensuring that Hydro One is properly organized for the changes ahead.
Prior to the CPPIB, Mr. Denison was President of Fidelity Investments Canada Limited. He is a director of the Royal Bank of Canada, Bell Canada, Allison Transmission, and serves as Chair of the Board of Bentall Kennedy Limited Partnership and Vice-Chair of Sinai Health Systems. He is also a member of the Investment Board and International Advisory Committee of the Government of Singapore Investment Corporation, the International Advisory Council of China Investment Corporation, the World Bank Treasury Expert Advisory Committee and the University of Toronto Investment Advisory Committee. Mr. Denison earned Bachelor degrees in mathematics and education from the University of Toronto and is a Chartered Professional Accountant and a Fellow of the Institute of Chartered Accountants of Ontario. Mr. Denison is an Officer of the Order of Canada.
Speaking about the recruitment of further board members, Mr. Denison said, “I know we’ll find very qualified people who have the same attitude as I do, others will join me in doing what we collectively can to make sure the execution of this leads to a very, very successful result.” Early in his professional life, Mr. Denison taught math.