The Board of Directors is responsible for developing NAL's approach to governance. There are currently six members of the Board, including four independent oil and gas businessmen; a representative from Manulife; and NAL’s President & CEO. Members are (from left to right): Jeffrey Smith, Kevin Adolphe, William Eeuwes, Brian Lemke, Kevin Stashin, and Donald Driscoll.
NAL has established corporate governance practices which have been designed to align the interests of management and its owner, Manulife.
The Board of Directors is responsible for the stewardship of the Company’s business. The primary responsibilities of the Board of Directors are to:
- Approve the strategy of NAL to ensure the long-term success of the Company;
- Oversee the business affairs of NAL in accordance with the terms of all applicable agreements and laws;
- Monitor the manager to ensure that it meets its duties and responsibilities under investment management agreements.
NAL has established committees to assist the Board of Directors in carrying out its oversight responsibility as it relates to matters of the Company.
NAL’s committees are listed below:
- Audit Committee
- Corporate Governance and Compensation Committee
- Health, Safety and Environment, and Reserves Committee
Kevin J.E. Adolphe
Chairman of the Board
Mr. Adolphe holds several senior executive positions with Manulife Financial Corporation including President and Chief Executive Officer of Manulife Asset Management Private Markets and President and Chief Executive Officer, Manulife Real Estate the Company’s global real estate arm. In addition to being a member of Manulife Financial Corporation’s Management Committee, Mr. Adolphe is Chair and Chief Executive Officer of Manulife Real Estate Funds, Chair of the Board of Directors and a member of the Audit Committee and Corporate Governance & Compensation Committee of NAL Resources Management Limited, as well as a Board Member, Chair of the Audit Committee, and member of both the Natural Resource Investment Committee and Ethics Committee of Hancock Natural Resources Group, subsidiary groups of Manulife Financial Corporation.
As President and Chief Executive Officer of Manulife Asset Management Private Markets, Mr. Adolphe has overall responsibility for origination and management of the Company's real private asset classes, both for the Company's general account and in additional private asset classes, for the benefit of third party investors. Collectively, private assets span across private placement debt, commercial mortgages, timberland, farmland, renewable energy, real estate, private equity and mezzanine debt, oil and gas, and power and infrastructure assets. As President and Chief Executive Officer of Manulife Real Estate, Mr. Adolphe has overall accountability for the strategic management and operations of Manulife’s extensive and diversified portfolio of prime commercial real estate properties in key metropolitan centers throughout Canada, the United States and Asia. Mr. Adolphe joined Manulife in 2006 and prior to his current role, was Chief Operating Officer of Investments, where he was responsible for all finance, market risk management, securities operations, mortgage administration, derivatives and middle office operations, systems and functions in offices spanning Toronto, Boston, Asia and the United Kingdom.
Prior to joining Manulife, Mr. Adolphe served as Chief Control Officer with CIBC, one of Canada’s major banks, playing a lead role in governance and internal control frameworks across the bank. In addition, Mr. Adolphe served as Chair of the Audit Committee for the joint venture in CIBC Mellon as well as Chief Financial Officer and Chief Administrative Officer for CIBC World Markets. He has extensive experience in derivatives and managing Capital market middle and back office functions. During his career, Mr. Adolphe has worked in Canada, England and Australia.
Mr. Adolphe is a graduate of the University of Toronto and holds designations from both the Canadian and Ontario Institutes of Chartered Accountants and is a member of the Canadian Institute of Certified Management Consultants. He is a member of the Institute of Corporate Directors, the Ontario Chapter of World Presidents’ Organization (WPO), and a member of Real Property Association of Canada (REALpac). Mr. Adolphe also serves on the Regional Transportation Champions Council of the Greater Toronto CivicAction Alliance and on the Board of Directors of Rogers Bank.
Donald P. Driscoll
Chairman of Corporate Governance & Compensation Committee, Member of Health, Safety, Environment and Reserves Committee
Mr. Driscoll brings over four decades of diverse corporate experience and more than 30 years of oil and natural gas investment management expertise. NAL Resources Management Limited was conceived by Mr. Driscoll in 1989 and he held the position of President, Chief Executive Officer and Director from 1989 to 2005. Don successfully led a $135 million IPO of NAL and subsequently, two public financings totaling $65 million. By 2005, the assets managed by NAL Resources Management exceeded $2 billion. Mr. Driscoll was formerly President of the Board with The Calgary Petroleum Club, past Director and Officer of the Oilmen’s, and held the position of Governor with the Canadian Association of Petroleum Producers (CAPP). Mr. Driscoll holds a B.Sc. in Physics from St. Francis Xavier University and an MBA from the University of Western Ontario.
Chairman of Health, Safety, Environment & Reserves Committee, Member of Corporate Governance & Compensation Committee
Mr. Smith is an independent businessman and investor. He has over 40 years of oil and gas industry experience and has held various senior positions and is a former COO of Northstar Energy (now Devon) which grew from 600 to over 25,000 boe per day. He also has 15 years of experience serving as a director of a number of private and public oil and gas related companies including Tethys Energy, Compton Petroleum Corp., Resolute Energy Inc., Provident Energy Ltd. and Chair of Intrepid Energy Ltd. He currently serves on the board of Pembina Pipeline Corporation. Mr. Smith graduated from the University of Ottawa with an Honours B.Sc. Geology and is a member of The Association of Professional Engineers and Geoscientists of Alberta.
Brian K. Lemke
Chairman of Audit Committee
Mr. Lemke is an independent investor and corporate director. He is presently Chairman of the Board of Laricina Energy Ltd.; a private oil sands company. He is a Chartered Accountant with over 25 years of experience in the oil and gas industry. Previously, Mr. Lemke served as a Chairman and Director of Cordero Energy Inc. and Laricina Energy Ltd., founder, CEO and director of Resolute Energy Inc., director of Deer Creek Energy Limited, Chief Financial Officer of Crestar Energy Inc., Senior Vice President and Chief Financial Officer of HCO Energy Limited and Vice President, Finance of Northstar Energy Corporation. He also served as director of YMCA Calgary from 2004 to 2011; the last two years he served as Chair of the Board.
William J. Eeuwes
Member of Audit Committee
William (Bill) Eeuwes held the position of Senior Vice President and Global Head of Private Equity, Manulife Financial when he retired in April 2015. He had executive responsibility for four alternative asset teams, including: Manulife Capital in Canada and Hancock Capital Management Inc. in the USA (Private Equity & Mezzanine), Regional Power Inc. (Hydraulic Power), and NAL Resources Management Limited (Upstream Oil & Gas). Total AUM exceeded CAD $5 billion.
Since joining Manulife in 1999 to lead a private equity initiative in Canada, Manulife Capital has successfully made private equity investments in a broad range of industries including, manufacturing, retail, life sciences, financial services, real estate, and oil and gas. In 2002, Mr. Eeuwes also established a Project Finance team in Canada which focused on the underwriting of senior and mezzanine debt, and equity investments in the renewable energy and infrastructure sectors.
Prior to joining Manulife in 1999, Mr. Eeuwes was a career banker with 20 years of experience in underwriting and managing a broad range of financing, including: LBOs, corporate lending, and project finance. Mr. Eeuwes is a graduate of the Richard Ivey School of Business, University of Western Ontario in London, and he is a member of the Institute of Corporate Directors.
Mr. Eeuwes is a current director ofHancock Natural Resources Group Inc. and a member of its investment and ethics committees and a director of Regional Power Inc. Bill is a current and past director of several public companies including; Canaccord Genuity Group Inc. (since June 2002), Seamark Asset Management Ltd. (August 2006 – August 2010), NAL Energy Corp. (February 2009 – May 2012), Golf Town Limited (June 1999 – November 2004), and VFC Inc. (July 2004 to April 2006). In addition was a past director of several other private Canadian companies in healthcare, manufacturing, infrastructure, and investments.
Kevin L. Stashin, P.Eng.
President & Chief Executive Officer
Mr. Stashin joined NAL Resources in August 2012 and is President and CEO. Kevin has over 34 years of industry experience with junior and major oil and gas companies and previously served as Vice President, Exploitation at Devon Canada Corporation. During his tenure at Devon, Kevin had oversight in areas of capital budget, exploitation, drilling and completions, and acquisitions and divestitures. His career at Devon began in 1992 with predecessor Anderson Exploration Ltd. where he quickly rose within the organization to Vice President, Operations. Prior to that, Kevin enjoyed an 11-year career at Petro-Canada in various operations and engineering roles.
Kevin graduated from McGill University with a B. Eng. and holds an MBA from the University of Calgary. He is a professional member of APEGA, APEGS, and the Society of Petroleum Engineers. Mr. Stashin currently serves on the Board of the Petroleum Technology Alliance of Canada (PTAC). Previously he was a member of the Board of Governors with the Canadian Association of Petroleum Producers (CAPP) and a Director of the Petroleum Society of CIM. Prior thereto, Kevin was the oil and gas industry representative with the Alberta Water Council and Chair of the Board for the Calgary French & International School.