The Government of Canada has put in place a more rigorous approach to Governor in Council appointments in which open, transparent and merit-based selection processes result in highly qualified candidates that serve the interests of Canadians.

In keeping with this commitment, Finance Minister Bill Morneau today announced the appointment of two new members to the Board of Directors of the Canada Development Investment Corporation (CDEV), including Darlene Halwas and Stephen J. Swaffield.

Ms. Halwas is Corporate Director of Aquatera Utilities Inc., focusing on audit and risk. She has held senior positions in risk management with Direct Energy Limited, the Saskatchewan Wheat Pool, and TransAlta Corporation. She chairs the Audit Committee of the Commission for Complaints for Telecom-television Services and is past chair of the Governance Committee of the CKUA Radio Foundation. She has held senior roles in foreign exchange with the Canadian Wheat Board and the Bank of Montreal. Ms. Halwas has also served on the boards of the Calgary Police Commission and the Alberta Pensions Services Corporation and is a Chartered Financial Analyst, and a Director certified by the Institute of Corporate Directors. Ms. Halwas is a recipient of the Queen Elizabeth II Diamond Jubilee Medal.

Mr. Swaffield has significant experience in Canada’s financial and energy sectors, having held senior roles with the Royal Bank of Canada (RBC Capital Markets and RBC Dominion Securities) and Canaccord Financial Inc. He also held senior leadership positions at the executive level with British Gas and Shell International Petroleum Company. Mr. Swaffield brings to CDEV many years of advisory and board experience, from both public and private companies, as well as with not-for-profit organizations.


“I am pleased to welcome these accomplished individuals who have impressive track records in their respective fields to the board of the Canada Development Investment Corporation. I am certain that they will be successful in their new roles and offer them my congratulations.”
– Bill Morneau, Minister of Finance

Quick Facts

  • The Canada Development Investment Corporation (CDEV) was established in 1982 under the Canada Business Corporations Act, to manage investments assigned to it and to privatize its holdings when appropriate.
  • CDEV manages a portfolio of assets and investments held by the Government of Canada, on behalf of all Canadians.
  • CDEV’s assets include the following wholly owned subsidiaries: Canada Hibernia Holding Corporation, which owns and manages an 8.5% interest in the Hibernia oilfield; Canada GEN Investment Corporation, which owned the business interests of the Crown in General Motors; and Canada Eldor Inc., which has no operations, but services liabilities, chiefly arising from a 1988 agreement of purchase and sale with Cameco Inc.

Media may contact

Pierre-Olivier Herbert
Press Secretary
Office of the Minister of Finance

Media Relations
Department of Finance Canada

General Enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

Date modified: 2018-12-06