PC Number: 2004-0225
Date: 2004-03-12
Whereas, by Order in Council P.C. 2000-1278 of July 31, 2000, Michel Vennat was appointed President of the Business Development Bank of Canada, to hold office during good behaviour for a term of five years, effective August 15, 2000;
Whereas on February 6, 2004, the Honourable Justice André Denis of the Superior Court of Québec issued his reasons for judgment in François Beaudoin v. Business Development Bank of Canada, in which he commented adversely on the conduct of Michel Vennat;
Whereas, by Order in Council P.C. 2004-147 of February 24, 2004, Michel Vennat was suspended, without pay, from his duties as President of the Business Development Bank of Canada until further notice;
Whereas on February 24, 2004, Michel Vennat was informed by the Government of Canada of its concerns respecting his conduct as described in the reasons for judgment in François Beaudoin v. Business Development Bank of Canada, and was invited to make submissions in response before March 1, 2004;
Whereas on March 1, 2004 and March 2, 2004, Michel Vennat made submissions orally and in writing;
And whereas the Governor in Council, having considered the reasons for judgment in François Beaudoin v. Business Development Bank of Canada and the submissions received from Michel Vennat in response,
(a) has lost confidence in Michel Vennat as President of the Business Development Bank of Canada, and
(b) is of the opinion that the conduct of Michel Vennat in respect of the matters addressed in the reasons for judgment in François Beaudoin v. Business Development Bank of Canada is incompatible with his continued appointment as President of the Business Development Bank of Canada;
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Therefore, Her Excellency the Governor General in Council, on the recommendation of the Minister of Industry, hereby terminates the appointment of Michel Vennat as President of the Business Development Bank of Canada, made by Order in Council P.C. 2000-1278 of July 31, 2000.