UPP Joint Sponsors appoint next Chair of the Board of Trustees

The Joint Sponsors of University Pension Plan Ontario (UPP) have appointed Peter Wallace as the next Chair of the Board of Trustees, effective January 1, 2027.

Gale Rubenstein will continue to serve as Chair of the Board of Trustees through December 31, 2026, when her seven-year term formally concludes. Appointed as UPP’s independent inaugural Chair in 2020, she has played a central role in establishing the Board’s governance practices and guiding the Plan through its formative years, helping to build a strong foundation for the delivery of defined benefit pensions to members.

Peter Wallace brings extensive experience in public-sector leadership and governance, including senior roles across federal, provincial and municipal governments. He has served as Secretary of the Treasury Board of Canada, City Manager for the City of Toronto, and Secretary of the Cabinet and Head of the Ontario Public Service. He has also served as an independent trustee and director on several boards.

“We are deeply grateful to Gale for her leadership as UPP’s inaugural Chair,” said Colleen Burke, United Steelworkers, Co-Chair of the Joint Sponsors’ Board Chair Selection Committee. “She has played a foundational role in establishing the Board’s operational processes and guiding the Plan through its formative years, helping to position the Plan for the future.”

“Peter brings deep experience, a strong approach to Board oversight, and is well positioned to support the Board in the years ahead,” said Kelly Hannah-Moffat, University of Toronto, Co-Chair of the Joint Sponsors’ Board Chair Selection Committee. “We look forward to working with him as the Board continues its mandate in support of the delivery of a defined benefit pension.”

“It has been a privilege to serve as the inaugural Chair of the Board of Trustees and to help establish the governance practices that support the Plan today,” said Gale Rubenstein. “I am proud of the role the Board has played in delivering secure pensions for members. I look forward to continuing to serve through the end of my term and working with Peter, the Board, and the Joint Sponsors to ensure a smooth, orderly transition.”

“I’m honoured by the confidence of the Joint Sponsors and the opportunity to build on the strong foundation established under Gale’s leadership,” said Peter Wallace. “I look forward to working with the Board, management, and the Joint Sponsors to continue delivering secure pensions for members.”

The Joint Sponsors, represented by the Employer Sponsor Committee and Employee Sponsor Committee, are responsible for appointing the Chair of the Board of Trustees.

This appointment reflects the Joint Sponsors’ ongoing commitment to strong governance and disciplined succession planning, ensuring continuity of leadership and oversight in support of the Plan’s long-term commitments to members.