Penny Somerville is one of the two Directors nominated by the Association of Municipalities of Ontario (AMO). She is Chair of the Governance Committee and Chair of the Risk Oversight Committee. She is also a member of the Investment Committee and the AC/SC Joint Council.
Ms. Somerville held a number of senior leadership roles during her nearly 30-year career with BMO Financial Group. This experience reflects her strong grasp of the interplay between corporate/financial strategy and risk. Her roles at BMO included the following: Executive Vice President, Technology & Operations Initiatives; Executive Vice President & Senior Market Risk Officer; Executive Vice President & Treasurer; and Senior Vice-President & Corporate Controller. Prior to working at BMO, Ms. Somerville provided accounting and auditing research advice to the Canadian operating offices of a large accounting firm.
Ms. Somerville is a member of Cidel Bank Canada and Cidel Trust Company Board of Directors, Governance & Conduct Review Committee and is Chair of the Audit Committee. Previously, she served on Runnymede Healthcare Centre’s Board of Directors and Finance/Audit Committee as well as the University of Toronto’s Audit Committee, the Board and Audit Committee of Moneris Solutions Corporation and the Board of Bank of Montreal (Barbados) Limited.
Ms. Somerville holds an Honours Bachelors of Commerce from Queen’s University. She is a member of the Institute of Corporate Directors and a Fellow of the Chartered Professional Accountants of Ontario.