Ian Bruce

Board Chair

67 | Independent
Calgary, Alberta, Canada
Director since: 2012
Citizenship: Canadian

  • Key Skills and Experience

    • Board / corporate governance
    • Financial acumen
    • Investor relations
    • Investments / mergers and acquisitions
    • Risk oversight
  • Ian brings a strong finance and investment banking background as well as board, executive, energy sector, and leadership experience to Cameco’s board. He serves as chair of the Cameco board and is a member of each of the five board committees.

Biography

As of March 10, 2021

Ian Bruce is a corporate director. He is the former president and CEO of Peters & Co. Limited, an independent investment dealer. He has more than 30 years of experience in investment banking with specialization in corporate finance and mergers and acquisitions, predominantly in the oil and gas industry.

Ian is a fellow of the Chartered Professional Accountants of Alberta, a recognized Specialist in Valuation under Canadian CPA rules, and a chartered business valuator. He is a past member of the Expert Panel on Securities Regulation for the Minister of Finance of Canada and is also a past board member and chair of the Investment Industry Association of Canada.

Prior to becoming board chair in May 2018, Ian was chair of the human resources and compensation committee. He has served on Cameco’s audit committee for his entire tenure and has also served on audit and compensation committees of other public-company boards. Ian became board chair of MEG Energy Corp. in 2020 and is a director of the private company, TriAxon Energy Services Inc., and is a member of its audit and compensation committees.

Board and Committee Membership and Attendance

As of December 31, 2020

    2020 Attendance
2020 Voting Results Board and Committee Membership Regular Special Overall
99.3% votes for Board Chair * 7 of 7 5 of 5 100%
0.7%% votes withheld        

* Ian is a member of all committees and he attended all committee meetings in 2020.

Other Public Company Boards in the Past Five Years

MEG Energy Corp. (TSX)   June 2019 to present
Cona Resources Ltd. (TSX)*   2014 to 2018
Logan International Inc. (TSX)   2011 to 2016

*   Ian was a director of Northern Blizzard Resources Inc., a predecessor company to Cona Resources Inc., from 2011 to 2014, and continued to serve as a director from 2014 to 2018 after it changed its name to Cona Resources Ltd. and became a public company in 2014.

Securities Held

As of December 31, 2020

Year Cameco Shares DSUs Total Shares
 and DSUs
Market Value of
Shares and DSUs1
Multiple of 2020
Annual Retainer
(at market value)
Share Ownership
Guideline Compliant2
2020 75,000 79,673 154,673 $ 2,637,175 7.0x Yes
2019 75,000 65,147 140,147 $ 1,617,296    
Change –– 14,526 14,526 $ 1,019,879    

1  Based on total holdings multiplied by the closing price of Cameco common shares on the TSX on December 31: $11.54 (2019) and $17.05 (2020).

2  For evaluating compliance with Cameco’s share ownership guidelines, Ian’s shares and DSUs held at December 31, 2020 are valued at $3,116,573 and represent 8.3x the board chair retainer of $375,000.


Ian was a director of Laricina Energy Limited (Laricina), a junior oil sands private company, from 2013 to 2017. Laricina was under Companies’ Creditors Arrangement Act (Canada) (CCAA) protection from March 26, 2015 until February 1, 2016, when it exited from CCAA protection. Its restructuring plan was approved by the Alberta Court of Queen’s Bench on July 22, 2015.