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The future of financial services: finding the right balance for stability and economic growth
As Rick Waugh prepares to step down after a decade as CEO of Scotiabank and several years as Vice Chair of the Institute of International Finance, he will take an in depth look at the ongoing fallout from the global financial crisis and what it means for the future of the financial services industry, the world economy and Canada.
He began his career with Scotiabank in Winnipeg in 1970 as a branch employee and, over the years, has served in the Bank’s treasury, corporate, international and retail banking areas. In 1985, he moved to New York as the most senior executive in the U.S.
Rick returned to Toronto in 1993, and was appointed Vice Chairman, Corporate Banking, in 1995, and Vice Chairman, International Banking and Wealth Management in 1998. He was appointed President in January 2003 and became President and CEO later that year, serving in both roles until October 2012. He remains CEO and continues to serve on the Board of Directors of the Bank.
Outside the Bank, Rick is a member of the Canadian Council of Chief Executives. He is Vice Chair of the Board of the Institute of International Finance, IIF and Past President of the International Monetary Conference, IMC. Rick is a member of the Council of the Americas, and is on the Charman’s International Advisory Council for the Americas Society. He also serves on the Board of Directors for TransCanada Corporation and Catalyst, Inc., and is Chair of the Catalyst Canada Advisory Board. In addition, he serves on the Advisroy Council of the Schulich School of Business at York University, the Guanghua School of Management at Peking University and the Canadian Museum of Human Rights.
Rick has long been active in several philanthropic organizations. Among them is the United Way of Greater Toronto, where he was Campaign Chair in 2006, the organization’s 50th anniversary. He has also worked extensively with the MS Society, both as Honourary Chair of the endMS Capital Campaign and as a Board member for their Scientific Research Foundation. He is a director of St. Michael’s Hospital and was Co Chair of the Hospital’s Campaign to build the Li Ka Shing Knowledge Institute.
Rick holds a Bachelor of Commerce, Honours degree from the University of Manitoba, a Master of Business Administration from York University, a Fellow of the Institute of Canadian Bankers, and Honorary Doctor of Laws degrees from York University and Assumption University. He was awarded the Merit of Honor, Council of the Americas, for his distinguished contribution to the Americas and received the 2008 Award of Merit from B’nai Brith Canada. In 2009, he received the Corporate Social Responsibility Award from the Foreign Policy Association in New York, and had the Order of Merit conferred upon him by the President of the Dominican Republic for distinguished service to the country. Rick most recently received the 2011 International Aware from the Horatio Alger Association of Distinguished Americans.
Rick and his wife, Lynne, have three sons.