Richard L. George Elected Chairman of the Canadian Council of Chief Executives

January 14, 2003

Richard L. George, President and Chief Executive Officer of Suncor Energy Inc., has been elected Chairman of the Canadian Council of Chief Executives (CCCE). In addition, the Council’s Executive Committee welcomes three new Vice-Chairmen: Dominic D’Alessandro, President and Chief Executive Officer of Manulife Financial; Gwyn Morgan, President and Chief Executive Officer of EnCana Corporation; and Gordon M. Nixon, President and Chief Executive Officer of Royal Bank of Canada.

In his opening address to the Council’s Annual General Meeting in Toronto this morning, Mr. George suggested that corporate scandals and the prolonged downturn in markets have reinforced the need for chief executives to work together both to promote sound public policy and to restore public trust.

“We as business leaders must demonstrate that we have something to offer Canada beyond the profits, taxes and jobs generated by our enterprises,” Mr. George said. “That has always been true, but in an atmosphere of mistrust and cynicism, we must show that we are ready to roll up our sleeves and work constructively with others to build a better future for Canadians.”

Mr. George, who assumes the post of Chairman of the Board of Directors after having served on the Council’s Executive Committee as a Vice-Chairman, said he will build on the Council’s strong record of policy entrepreneurship. “I look forward to working with the Council’s chief executive, Tom d’Aquino, and with my fellow CEOs from coast to coast, to advance bold ideas for addressing the issues that matter to Canada as a whole.”

At its Annual General Meeting, the body of chief executives also elected as members of its Board of Directors Ron A. Brenneman, Travis Engen, Michael A. Grimaldi and Paul J. Hill, the heads respectively of Petro-Canada, Alcan Inc., General Motors of Canada Limited and Harvard Developments Inc. – A Hill Company.

In his remarks to the Council’s annual meeting, Mr. d’Aquino laid out an ambitious policy agenda for the year ahead. He said that domestic issues to be addressed during 2003 will include fiscal discipline, tax competitiveness, enhancement of innovation and productivity, regulatory reform, employment insurance, education and learning, immigration policy, urban issues and infrastructure.

Internationally, the Council will launch a major initiative to develop a Canadian strategy for advancing relations with the United States and Mexico, support a comprehensive review of foreign and defence policy and participate in a range of efforts to expand trade liberalization multilaterally, regionally and bilaterally.

“Canada is well on its way to achieving the goal established by the Council in 2000, that of making this country the best place in the world in which to live, to work, to invest and to grow,” Mr. d’Aquino said. “At the same time, much remains to be done if Canada is to maintain its current status as the fastest-growing economy in the G-7 and to ensure a steadily rising standard of living for all Canadians over the next generation.”

The CCCE, composed of the chief executive officers of 150 leading Canadian corporations, was known as the Business Council on National Issues until late 2001. Its members head companies that administer in excess of $2.1 trillion in assets, have annual revenues of more than $500 billion and account for a significant majority of Canada’s private sector investment, exports, training and research and development.

In addition to Messrs. George, D’Alessandro, Morgan, Nixon and d’Aquino, the Council’s Executive Committee includes Honorary Chairman A. Charles Baillie, Chairman of TD Bank Financial Group, and Vice-Chairmen Derek H. Burney, David L. Emerson and Paul M. Tellier, the chief executives respectively of CAE, Canfor Corporation and Bombardier Inc.