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Premier Furey Announces Members of Economic Recovery Team

Press Release

October 22, 2020

The Honourable Andrew Furey, Premier of Newfoundland and Labrador, today announced members of the Premier’s Economic Recovery Team. In the face of the ongoing global pandemic, the team will review government expenditures, the province’s fiscal capacity, how services are delivered, and explore growth sectors such as clean energy and investments in technology.

Led by Dame Moya Greene, who is globally-recognized for her change-management skills, the team is made up of leaders recognized locally, nationally and internationally with extensive experience in such areas as technology, finance, oil and gas, labour and the public service.

Team members include:

·         Dame Moya Greene, Chair

·         Brendan Brothers

·         Moya Cahill

·         Zita Cobb

·         Oral Dawe

·         Philip Earle

·         Chief Misel Joe

·         Richard Kostoff

·         Iris Petten

·         Gary Mooney

·         Mary Shortall

·         David Vardy

 

 

Biographies of the team members are included in the backgrounder below. Also included in the backgrounder are the Terms of Reference and Statement of Work for the team.

Members of the Premier’s Economic Recovery Team are serving in a volunteer capacity but will be reimbursed for incurred expenses. An interim report to the Provincial Government will be provided by February 28, 2021 with a final report due by April 30, 2021.

Quote
“Newfoundland and Labrador has produced incredibly accomplished leaders in business, community and social sectors. We will leverage their passion for Newfoundland and Labrador and professional experience to inform our government’s plan to address our province’s serious financial situation. I sincerely thank them for their contributions and welcome their input on our plan.”
Honourable Andrew Furey
Premier of Newfoundland and Labrador

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Learn more
News Release: Premier Furey Appoints Chair of Premier’s Economic Recovery Team

Media contact
Meghan McCabe
Office of the Premier
709-729-3960
[email protected]

BACKGROUNDER

Biographies of Member of the Premier’s Economic Recovery Team

Dame Moya Greene, Chair
Born and raised in St. John’s, Dame Moya Greene is the former CEO of the British postal service, Royal Mail, and the former CEO of Canada Post. Dame Greene worked in the public service in Ottawa for 17 years and then in senior positions for Bombardier, CIBC and TD Securities before being appointed CEO of Canada Post in 2005. In 2010, she became the first woman and non-British citizen to take over the British postal service, Royal Mail. She retired from the position in 2018, having been honoured by the Financial Times, the Evening Standard and Her Majesty the Queen for excellence in business and in postal services to the public.

Brendan Brothers
Brendan Brothers, a computer engineering graduate of Memorial University, co-founded Verafin in 2003. Verafin provides the industry’s leading Financial Crime Management platform used by nearly 3,000 banks and credit unions across North America. With a specialized knowledge of robotics, behavior-based analytics, and probabilistic networks, he is a technical expert who knows the product inside and out. Mr. Brothers is also a seasoned public speaker, salesperson, and marketer who is constantly immersed in the customer side of Verafin from support and training to sales and marketing.

Moya Cahill, P.Eng.
Moya Cahill is co-founder and Chief Executive Officer of PanGeo Subsea Inc., a technology and service provider of high-resolution 3D sub-bottom acoustic imaging technology. A professional engineer holding a B.Eng. in Naval Architecture and Marine Engineering from Memorial University, Ms. Cahill has over 30 years’ experience in the oil and gas sector and more recently in offshore renewables energy sector. In 1994 Ms. Cahill received the Canadian Women Entrepreneur of the Year Award, and ‘Canada’s Top 40 Under 40.’ She also received Noia’s Outstanding Contribution Award.  She was Chair of Board of Governors for College of North Atlantic, a member of the Premier’s Advisory Council on the Economy and Technology, and member of the Federal Government’s Sectoral Advisory Group for International Trade. Ms. Cahill is Past-Chairman of the Board for Marine Atlantic Inc., Past-Director of Maritime Tel & Tel Co in Nova Scotia, Past-President of Noia, and was a member of the Federal Task Force for the Future of Canada’s Financial Sector. She currently serves on the Board of Directors for Canada’s Ocean Supercluster and Kraken Sonar Systems Inc.  Ms. Cahill resides in St. John’s, Newfoundland and Labrador.

Zita Cobb
Zita Cobb is Chief Executive Officer and co-founder of the Shorefast, which uses a social entrepreneurship model to contribute to cultural and economic resiliency for Fogo Island. Its most significant projects to date are the Fogo Island Inn, Fogo Island Arts, the Woodshop on Fogo Island, and Fogo Island Fish. Ms. Cobb has considerable experience in the telecommunications industry and has received Honourary Doctorates from Memorial University, Carleton University and McGill University, as well as a Honourary Fellowship from the Royal Architectural Institute of Canada and the Dr. Gill Chin Lim Global Award. In 2016, Ms. Cobb was awarded the Order of Canada in recognition of Shorefast’s work in collaboration with the community of Fogo Island to help secure a more resilient future for this singular rural place.

Oral Dawe
Oral Dawe is the founder and Chief Executive Officer of Dawe Holdings. Previously, Mr. Dawe was the Chief Executive Officer of J.P. Morgan’s Asia-Pacific Commodities Group and was a member of J.P. Morgan’s Asia-Pacific Investment Banking Management Committee and a member of J. P. Morgan’s China Management Committee. Prior to those experiences, he was with Goldman Sachs for 10 years in a variety of capacities including President of Goldman Sachs Singapore (SE Asia), Co-Head of Goldman’s Asia-Pacific Commodity Group, Co-Head of North American Energy Sales based in New York, as well serving on a number of Asia-Pacific boards.

Philip R. Earle
Philip Earle is Vice President of Air Borealis LP, a majority Indigenous owned company with its corporate offices in Labrador. While growing the company, Mr. Earle has placed considerable focus on building human resource capacity by promoting Labrador Inuit and Innu to key positions. Mr. Earle’s background is steeped in rural and Indigenous communities where he has built strong knowledge and experience through working with Indigenous leaders and understanding their culture and values. Mr. Earle also serves on the Board of Directors of the Air Transport Association of Canada and Destination Labrador.

Chief Misel Joe
Misel Joe was born in Miawpukek into a strong Mi’kmaq family; both his grandfather and uncle have held the office of hereditary Saqamaw. Chief Joe has been educated in all the Mi’kmaq ways and traditions. Morris Lewis, the first appointed Chief in Newfoundland by the Grand Chief in Mi’kmaq territory, was Chief Joe’s great, great uncle. Since 1973, Chief Joe has been involved in First Nation politics, first as a Councilor and after the death of his uncle, Chief William Joe in 1982, he became Traditional Saqamaw and the Newfoundland District Chief for the Mi’kmaq Grand Council. Chief Joe is currently serving his 14th consecutive two-year term as Administrative Chief. He is also the spiritual leader of his people. In this capacity he has gained recognition provincially, nationally, and internationally, particularly in the area of spiritual healing. He is a recognized author and has published three literary works.

In May 2004, Chief Joe was awarded an Honorary Doctor of Laws, honoris causa, by Memorial University. In 2012, the Queen’s Jubilee medal was awarded to Chief Joe. The recipients of this medal are recognized individual contribution to making Canada better for our communities and collectively by helping to create a smarter, more caring nation. On January 24, 2018 in a ceremony in Ottawa, Chief Misel Joe was awarded the Order of Canada. The Order of Canada’s mandate is to recognize outstanding achievement, dedication to the community and service to the nation. Since 2019, Chief Joe has been appointed to Honorary Lieutenant Colonel of the 5 Canadian Ranger Patrol Group.

Richard J. Kostoff
Richard Kostoff is a former Deputy Chair of TD Securities Inc. Mr. Kostoff is a past board member of the Ontario Financing Authority and former Chair of the OCADU Foundation. He currently serves as a member of the Independent Review Committee for Fidelity Investments Canada. Additional appointments include the Chair of Smooth Commerce Inc., and the boards of HealthCare 365, Novari Health and FreePoint Technologies Inc. He has advised a number of government and corporate entities including GMP Inc., GE Capital Canada, Infrastructure Ontario, OP Trust and The Hospital for Sick Children. Mr. Kostoff is proud to be an Honorary Life Member of the Toronto Bond Traders Association and a past recipient of the Women in Capital Markets Award for Leadership.

Iris Petten
Iris Petten is the Chair of Memorial University’s Board of Regents. She is a senior executive with over 25 years of experience in the fishing industry and was born and raised in Port de Grave. Ms. Petten has served as a Corporate Director of Canship Ugland Ltd., Canada Post Corporation, and Oceanex. Her work and volunteer experience with many organizations, including the Canadian Armed Forces, Kids Eat Smart, Newfoundland and Labrador Angel Network, Easter Seals, and the Advisory Committee of the Fisheries and Marine Institute of Memorial University, illustrates her exceptional versatility and adaptability within a variety of organizations.

Gary Mooney
Gary Mooney is a Newfoundlander and Labradorian and a St. Bon’s alumnus (1962). Mr. Mooney has been a foundational supporter of Shallaway Choir and Stella Burry House. He has also endowed several scholarships for Newfoundland and Labrador students to attend Osgoode Hall Law School in Toronto. Mr. Mooney has had an extremely diverse career as a Jesuit Priest, an academic, a lawyer and an entrepreneur. He was formerly CEO, and latterly Chairman Emeritus of the Canadian division of a Fortune 500 company, and pioneered title insurance and legal processing outsourcing for financial institutions in Canada.

Mary Shortall
Mary Shortall was first elected President of the Newfoundland and Labrador Federation of Labour (NLFL), in October, 2013. The NLFL represents 70,000 union members in more than 25 affiliated unions, who live and work in every community in Newfoundland and Labrador, in every sector of the economy. Her role, as President, is to represent the interests of workers in the broader political arena; as she works to bring about legislative and policy changes that create a more equal, fair, and just society and economy for all workers. Before being elected to the NLFL, Ms. Shortall was the Atlantic Regional Director for the Canadian Labour Congress (CLC); and had been the Newfoundland Representative for the CLC, since 2001. She has been an activist, leader, facilitator, and curriculum developer throughout her 40-year involvement in the labour movement; and sees education and political action as the key components of activism and change.

Currently, Ms. Shortall sits on the Board of Directors of the St. John’s Status of Women Council, the Collaborative Applied Research in Economics Board at Memorial University, and Memorial’s Masters of Employment Relations Advisory Committee.

Ms. Shortall defines herself as a feminist, a political activist, and a human rights and workers’ rights advocate; who is proud to work with so many others of like mind to “be the change she wants to see in the world.”

David Vardy
David Vardy served in a number of executive positions in the Provincial Government, including Clerk of the Executive Council, President of the Marine Institute, Deputy Minister of Fisheries and Chair of the Public Utilities Commission. He is former Director of the Public Policy Research Centre and currently an Associate of the Harris Centre at Memorial University. Mr. Vardy has received the Lieutenant Governor’s Award for Excellence in Public Administration awarded by the Institute of Public Administration of Canada, the Gold Medal Award from the Professional Institute of the Public Service of Canada and an honorary doctorate from Memorial University for his contributions to public policy and governance.

Terms of Reference and Statement of Work
Premier’s Economic Recovery Team

The Province of Newfoundland and Labrador is currently facing an unprecedented fiscal crisis. The Budget deficit forecast for 2020/2021 will exceed $1.8 billion. Furthermore, the Province has added over $6.3 billion to its net debt in the past 6 years. This is unsustainable.

A comprehensive plan to address its ballooning debt, deficit, and expenditures will be essential.

Newfoundland and Labrador has the highest per capita revenue of any Province in Canada. It also has the highest per capita spending. A plan is needed that will realign our expenses closer to our revenue base.

Over the past 13 years, the Province has become overly dependent on oil revenues. This reality spells revenue volatility. This needs to be reflected in expenditure planning.

New ideas for economic diversification and changes to our delivery methods are required for the Province to move forward in a sustainable manner. Fortunately, the Province is well-positioned at this time of transition to capitalize on the resource potential it has, and to become a significant player in a variety of industries.

The Province is also facing structural challenges with an aging and declining population. This means that expenditure planning in the Province needs to change.

The Premier has established an Economic Recovery Team in order to address these fiscal and economic concerns.

The Mandate

The Premier’s Economic Recovery Team is tasked with developing a plan of action that will respond to the Province’s immediate fiscal challenges and plot a new course forward. In addition, the Economic Recovery Plan should also focus on programming to revitalize the economy and identify the changes required to get us there. The problems we face are serious but there are solutions available.

There are new and innovative sectors of the economy that are contributing to our economic base. We need to identify ways to enhance these opportunities. Similarly, we need to build on our strengths in the resource sector and seek new ways to diversify and extract enhanced value.

The Premier’s Economic Recovery Team (PERT) will provide an interim report to Government by February 28, 2021 with a final report due by April 30, 2021.

The Team members will provide input to these reports but the responsibility for the final report and its content will be that of the Chairperson.

In carrying out the Mandate the PERT will:

  • Conduct an in-depth review of the Province’s Fiscal position including:
    1. All debt of the Province whether direct or indirect;
    2. Fiscal capacity of the Province from all revenue sources;
    3. All expenditures of all Provincial, Departments, Boards, Agency, Commissions and Crown Corporations;
    4. All government programs, services and business lines and propose alternative ways of delivery and financing; and,
    5. Any other matters the PERT considers relevant to its role.
  • The mandate will also include providing options for economic and social diversification. The PERT will:
    1. Review the state of industry sectors;
    2. Review current economic development programs and policies;
    3. Review best practices in other jurisdictions;
    4. Identify opportunities to enhance value in both new growth areas and traditional sectors; and,
    5. Develop practical and scalable options for economic diversification.
  • Present a plan and recommend options for the Province to address these challenges over the next three years.

Premier’s Economic Recovery Team Members

Members of the PERT will be experts in their subject matter areas and dedicated to the revitalization of Newfoundland and Labrador. The PERT membership will include the Chairperson and these interested individuals. Representatives must have deep experience in their functional areas and a strong commitment to this Province and to delivering a sustainable and better future.

The Chairperson will be Dame Moya Greene. Other Team members include:

·         Dame Moya Greene, Chair

·         Brendan Brothers

·         Moya Cahill

·         Zita Cobb

·         Oral Dawe

·         Philip Earle

·         Chief Misel Joe

·         Richard Kostoff

·         Iris Petten

·         Gary Mooney

·         Mary Shortall

·         David Vardy

 

 

The Province can nominate to the PERT a senior government official in an Ex-Officio role that is non-substitutable. The Chairperson will communicate with the Premier and Clerk of the Executive Council on a weekly basis. This will be an update on progress and to discuss the work of the PERT.Throughout its work the PERT will engage with individuals or groups. This is to ensure that the PERT has input from key stakeholders. Anyone who wishes to provide views on the economic recovery of the Province will be able to do so through the EngageNL portal.

The Clerk of the Executive Council will undertake to ensure that all Departments, Agencies, Boards and Commissions, Crown Corporations and related parties in the Province will provide data and analysis on an urgent basis as required by the PERT.

Experts may be hired by the PERT to provide guidance on specific topics it deems important to its work.

Remuneration of Premier’s Economic Recovery Team Members

Team members serve without receiving compensations, except for out-of-pocket expenses. Funding will be provided to support travel costs of Team members.

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