Board of Directors

The Directors for CBV Institute are:

Chair: Bill Armitage

Bill Armitage, CPA, CA, CBV

Bill is a Partner in the Toronto Valuation Services Group within Ernst & Young LLP and has more than twenty two years of professional experience.  Bill provides valuations and dispute resolution services for private and public companies for financial reporting, acquisitions, divestitures, fairness opinions, financings, reorganizations, dispute resolution, and option arrangements.  Bill has provided expert reports for courts, arbitration and mediation on a variety of matters.  During his career Bill has practice in Canada, in the United States and in Sweden within industry, boutique firm and international accounting firms.

Bill presently serves as a director on the Board of CBV Institute.  Bill has previously been involved in a number of CBV Institute initiatives and continues to be on various on-going initiatives on behalf of the Institute.

Bill is a graduate of Laurentian University, a Chartered Business Valuator and a Chartered Accountant / Chartered Professional Accountant.

Vice- Chair: Doug McPhee

Doug McPhee, CPA, CA, CBV

Doug is Global Head of KPMG’s Valuation Services business which comprises some 1,400 professionals in over 45 countries.  He leads a dedicated team of professionals based in London, UK dealing with a full range of complex commercial and regulatory valuation issues in the context of mergers and acquisitions, divestitures, financing transactions, reorganisations, restructurings and disputes.  Doug holds a Bachelor of Arts degree from the University of British Columbia and he joined KPMG in Vancouver, Canada in 1991 in the Audit department.  He qualified as a CA before moving to Financial Advisory Services in 1994 where he completed his CBV qualification.  He relocated to KPMG’s London, UK Corporate Finance department in 1997 and was admitted to the UK partnership in 2001.  Doug has worked and undertaken projects on the ground throughout Africa, AsiaPacific, Europe, the Middle East and the Americas and spent 2009 to 2011 in Doha, Qatar working with Middle East Sovereign Wealth Funds as well as on the $50bn restructuring of Dubai World.

Doug served as a member of the International Valuation Standards Council Professional Board from 2010 to 2016.  In 2016 he was selected as a member of the UK Financial Reporting Council’s (FRC) Financial Reporting Review Panel.  He is on the Institute of Chartered Accountants England and Wales (ICAEW) President’s List for Expert Valuation Determinations.  Doug is also a member of the Board of Trustees of Achievement for All, a UK educational charity seeking to transform lives through improved educational opportunities and outcomes for children and young people vulnerable to underachievement.

Secretary/Treasurer: Luc Lafontaine

Luc Lafontaine CPA, CA, CF, CBV

Luc is a partner in Deloitte’s Montreal office. He has been providing business and intangible asset valuation services since 1993, acting primarily as a valuation specialist on mergers and acquisition, tax reorganization, litigation (including divorce) and financial statement compliance mandates.

He has worked as an asset and business valuation specialist for large and medium-sized companies in various sectors of the economy, including the technology, media and telecommunications and health sectors.

On many occasions, he has been asked to serve as guest speaker on various topics related to business and intangible asset valuation. Luc is also a business and intangible asset valuation instructor for CPA Quebec.

He served on the board of directors of CBV Institute from 2013 to 2015 and is still a member of the organization’s accreditation committee.

Luc obtained a bachelor’s degree in business administration from Université du Québec en Outaouais (Hull) in 1990, received his CPA, CA designation in 1992, and has held the Chartered Business Valuator designation since 1995.

CEO: Mary Jane Andrews - ex-officio

Mary Jane web

Mary Jane Andrews, FCPA, FCA, FCBV, CFF

Mary Jane Andrews is the President & CEO of  CBV Institute. She is responsible for the conduct of the affairs of CBV Institute in accordance with the Institute’s By-laws, policies and procedures, working with the Board of Directors and volunteers in various committees. She is responsible for the administration,  strategic plan, and overseeing the delivery of various programs and services offered by CBV Institute. Included in her duties is the responsibility of communications with Members and the external stakeholders, media, accounting  ,legal and investment firms, as well as other organizations in the valuation profession in Canada, the United States and worldwide.

Past Chair: Paul Gill

Paul Gill, CPA, CA, CBV, ASA

Paul has over 15 years of experience with a specialty in corporate strategy, fairness opinions, business valuations and modeling, financing and capital structure issues, employee share ownership plans and deal pricing for M&A or divestitures. Paul has prepared valuations for purposes of business planning, board governance matters, financial reporting, tax compliance, litigation support and shareholder transactions. In addition, Paul has extensive experience providing transaction support to small-to-large private equity firms and pension funds.

Paul’s industry experience includes leading the finance, valuations and FP&A functions of a large Canadian pension fund for over 5 years where he worked directly with deal and risk teams and boards on activities that impacted pricing and decision making for multi-billion dollar private equity and infrastructure investments. He has international experience working with multi-disciplinary service teams for public and private companies in Canada, the US, Australia, Finland, France, Germany, Mexico, Netherlands, South Africa, Sweden, Switzerland and the UK.

Richard Davies

Richard Davies,  CPA, CA, CBV, CFE, CFF

Richard is a Senior Manager at Cohen Hamilton Steger & Co. Inc. where he specializes in the areas of business valuations, the quantification of economic damages, and forensic accounting investigations.  He has particular experience in business valuations and forensic accounting investigations for matrimonial and shareholder disputes, as well as complex commercial litigation including breach of contract, fraud investigations, patent infringement, and other intellectual property disputes.  

Richard is a Director on the Board of the CBV Institute, and is involved in a number of its committees.  He also currently sits on the education committee for the International Institute of Business Valuers, and is the past President of the Halton-Peel District CPA Association.

Richard holds a Bachelor of Accounting degree from the Goodman School of Business at Brock University.  He is a Chartered Business Valuator, a Chartered Professional Accountant, a Chartered Accountant, a Certified Fraud Examiner, and is also Certified in Financial Forensics.

Chris Polson

Chris Polson,MBA, CPA, CMA, CFA, CBV, CFF

Chris is a valuation and damages expert focusing on corporate/commercial, securities, tax, and restructuring disputes.  He draws upon his extensive corporate finance and M&A transaction advisory experience to bring a real world perspective to complex financial issues.

Chris has testified in both US and Canadian courts as well as numerous arbitration and mediation proceedings.  He has held a number leadership and advisory roles within the capital markets industry, including as an advisor to the Ontario Securities Commission and the President and Chairman of the CFA Society Toronto.

In addition to an Honours Bachelor of Commerce (with Distinction) and a Masters of Business Administration, Chris holds the Chartered Professional Accountant (CPA), Chartered Management Accountant (CMA), Chartered Financial Analyst (CFA), and Chartered Business Valuator (CBV) designations, as well as the Certificate in Financial Forensics (CFF) credential.

Susie Foley

Susie Foley, CPA, CA, CBV

Susie is a member of the Valuation & Litigation Support practice, which is part of KPMG’s Deal Advisory Group. She has over 10 years of experience in the areas of business valuations, assurance, and finance.

Susie is a CPA, CA, CBV with over 10 years of professional experience. She joined Ernst & Young LLP in Assurance as a co-op student in 2004 and transitioned to EY’s Valuations group in 2009. In late 2013 Susie moved into industry at Bell Canada, where she worked in a Senior Manager Financial Planning & Analysis role, working directly with Senior Wholesale & Finance Executives. After three years in industry, Susie returned to Valuations as a Senior Manager with KPMG LLP in Vancouver.
Susie has been involved in numerous valuation engagements of private and public companies in Canada and Internationally, undertaken in connection with mergers and acquisitions, litigation, securities regulatory matters, corporate re-organizations and financial reporting, spanning across a wide range of industries, including mining, technology, power, private equity/pension funds, and manufacturing.
Susie provides high quality work product efficiently, and her friendly and outgoing demeanor has been instrumental in her building and maintaining long-term relationships.

Education, Licenses & Certifications
• Honours Bachelor of Mathematics (with Distinction), the University of Waterloo
• Master of Accounting, University of Waterloo
• Member of the Canadian Institute of Chartered Accountants
• Member of the Canadian Institute of Chartered Business Valuators

Anish Chopra


Anish Chopra
, FCPA, FCA, FCBV, CFA

Anish is a Managing Director and Portfolio Manager covering global equities and fixed income at Portfolio Management Corporation, a boutique investment management firm that provides professional discretionary portfolio management services to individuals, families, corporations and institutions. Prior to this, Anish led the Innovative Solutions Group at TD Asset Management where he held the position of Managing Director and Lead Portfolio Manager. In this key strategic role, he provided oversight for a team of 30 investment professionals with $100 billion in assets under management which included synthetics, derivatives, quantitative, passive and fundamental mandates. Anish also held numerous other roles at TD Asset Management including leading investment teams and serving as Lead Portfolio Manager of a number of successful TD Mutual Funds including the TD Canadian Value Fund and high net worth and institutional mandates.

Anish holds both a Bachelor of Arts and a Masters of Accounting (Gold Medalist) from the University of Waterloo. He is a Chartered Professional Accountant (FCPA, FCA) as well as a CFA charterholder. He also holds the Chartered Alternative Investment Analyst designation, is a Chartered Business Valuator (Canadian Gold Medalist) and holds FCBV honours as a Fellow of CBV Institute.

Anish is actively involved in the community including as a member of the Investment Committee of the Lawson Foundation and a past member of the Ontario Judicial Council. Anish also served as Chair of CFA Society Toronto and was a member of the Canadian Accounting Standards Board.

Brian Gibson

Brian Gibson,CA, CPA, CBV

Brian is a Senior Manager in KPMG’s Deal Advisory practice in Calgary. His current practice includes a variety of engagements, including financial reporting work, litigation support and valuations in connection with tax planning or restructuring.

In his time with KPMG, Brian has developed an emphasis on valuation for financial reporting, including fair value issues related to purchase price allocations, fair value of intangible assets, valuation of financial instruments and derivatives, goodwill impairment and investments held by private equity firms. In connection with his work, Brian works with a variety of clients, from owner-managed business seeking to understand the value drivers of their business, to public companies completing transactions in excess of $20.0 billion USD in transaction value.
Prior to KPMG, Brian spent almost 10 years in mid-size accounting firms, serving as an audit manager for public and private companies before transitioning to help start a small-business focused valuations practice within an accounting firm. These experiences helped to foster an interest in education and developing new professionals, both through mentorship in the workplace and engagement with students through various education initiatives.

Brian has been involved with the Canadian Institute of Chartered Business Valuators (“CICBV”) for the past three years as an instructor for the Valuation for Financial Reporting elective course offered to CBV students. In addition, Brian has been a CBV Institute Congress organizer, a speaker on VFR topics at the CBV Institute VFR symposium and National Congress, and participated in the creation of a valuation course in conjunction with the Chartered Professional Accountants of Canada.

Cameron L. McInnis

Cameron L. McInnis, CA, CPA, CPA (Illinois)

Cameron McInnis is the Chief Accountant of the Ontario Securities Commission and is responsible for providing specialized accounting advisory services to the Commission, its senior management and staff, as well as market participants. Cameron represents the Canadian Securities Administrators on the Audit and Assurance Standards Oversight Council and is a member of the IFRS Discussion Group of the Canadian Accounting Standards Board. He is also a member of the International Organization of Securities Commission’s committee on Accounting, Auditing and Disclosure. He joined the OSC in 2001 and has served as Manager in the Corporate Finance branch of the OSC as well as Associate Chief Accountant at both the OSC and the British Columbia Securities Commission. Cameron holds a Bachelor of Commerce degree from the University of British Columbia, and qualified as a CA in Vancouver and provided audit and advisory services while working at KPMG Bermuda prior to commencing his regulatory career.

Federica Nazzani

Federica Nazzani, FCPA, FCA, FCBV, CFF

Federica Nazzani is the President of Capital Assist Valuation Inc., an independent business advisory practice which specializes in business valuation, litigation support, management consulting and transaction advisory services.  In the past, Federica has held senior positions in both the private and public sectors, serving as President & CEO of the Windsor International Airport until 2012 where she was instrumental in turning-around the Airport operations to achieve profitability, stability and diversification.  She also served as Vice President of Business Development for one of Canada’s largest privately-held maintenance, repair & overhaul companies.  In 2015, Federica was recognized as the first CBV Professional of the Year from the Windsor Essex Regional Chamber of Commerce.  

Federica is a Fellow Chartered Professional Accountant and Fellow Chartered Business Valuator and was educated at the University of Waterloo, having received her Honours Bac helor in Chartered Accountancy Studies and Masters of Accounting.  

She is actively involved in her community, currently serving on the Board of Directors of the Art Gallery of Windsor, Windsor Club and the Small and Medium Enterprise Taskforce of the Windsor Essex Regional Chamber of Commerce.  She also previously served on the Boards of Canadian Airports Council, Windsor Family Credit Union, Enwin Energy, Windsor Utilities Commission and Women’s Economic Forum.

Charlene Rodenhiser

Charlene RodenhiserCharlene Rodenhiser, CPA, CA,  CBV

Charlene Rodenhiser is a vice president in the Deals practice of PwC. She is part of the Valuations, Modelling & Disputes Group, serving Atlantic Canada.

Charlene specializes in business valuations of tangible and intangible assets as well as quantification of losses in litigation matters, including breach of contract, loss of earnings, business interruption, family law and personal injury. Charlene supports clients requiring expertise in valuations for financial reporting purposes, including purchase price allocation
and goodwill impairment under applicable accounting standards.

Charlene graduated with a Bachelor of Commerce from Saint Mary’s University in Halifax in 1996. She obtained her CA designation in 1999 and her CBV designation in 2003. She is a member of the Institute of Chartered Accountants of Nova Scotia and the Canadian Institute of Business Valuators.

Charlene is the Past Treasurer for the Hammonds Plains Consolidated Parent & Teacher Association, committee member for ICANS Professional Development, member of PwC’s Diversity & Inclusion Council and course leader for CBV Institute (Introduction to Business Valuations).

Derek Sanders

Derek SandersDerek Sanders, CPA, CA, CBV, CFA 

Derek is based in Kelowna and is a partner with Spence Valuation Group and SVG Capital Group, having joined the firms in 2011. Derek is a Chartered Accountant, Chartered Business Valuator and a Chartered Financial Analyst charterholder. He obtained his CA designation in 2003, placing 4th in British Columbia, became a CFA charterholder in 2006 and obtained his CBV designation in 2008, receiving the Canadian silver medal. 

Derek has been working in the area of business valuations, mergers and acquisitions and litigation support services since 2004. Prior to joining Spence Valuation Group and SVG Capital Group, Derek worked for national firms in valuations, transaction advisory and audit roles in Kelowna, London and Vancouver.
Derek has extensive experience in the valuation of privately-held companies in support of purchase and sales transactions, shareholder disputes, corporate reorganizations and estate freezes. Derek has also prepared business valuations and guideline income calculations for family law purposes, loss quantification analyses and limited critique reports for litigation purposes and through SVG Capital Group has advised numerous business owners through the marketing and sale of their businesses.

Derek currently acts as the Treasurer of the Kelowna Art Gallery, was a member of the organizing committee for the 2013 CICBV Western Regional Conference and is also an active member of the Okanagan CFA Society. In addition, he has lectured and presented on numerous topics related to business valuations, litigation support and mergers and acquisitions including the 2014 Mini MBA for Lawyers in Vancouver and was a past contributor to the Law Society of BC in the development of its financial curriculum for the Professional Legal Training Course. In his spare time, Derek enjoys skiing, curling and is an avid golfer.