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TransCanada appoints Scotiabank's Waugh as director

Rick Waugh, president and CEO of Scotiabank.

Andrew Vaughan/Andrew Vaughan/THE CANADIAN PRESS

TransCanada Corp. has appointed Scotiabank president and CEO Rick Waugh to its board as a new independent director.

The move, announced Monday, was effective Feb. 1.

TransCanada chairman Barry Jackson said the company was pleased to have Mr. Waugh join the board "to help TransCanada continue to expand and realize our ambitious growth plans."

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"We look forward to drawing on his extensive experience and knowledge in the areas of banking, international markets and organizational leadership."

Mr. Waugh has headed Scotiabank since 2003 and has helped grow Canada's biggest international bank with acquisitions in Latin America and other parts of the world. He has also guided the bank's expansion into wealth management and other businesses.

Scotiabank is a also a major lender to corporate Canada, including the oil and gas industry.

TransCanada, a major gas pipeline operator, is moving aggressively to expand its diversified energy business with its Keystone XL pipeline proposal to ship Alberta and northern U.S. crude to refineries on the Texas Gulf Coast.

Although its original $7.6-billion (U.S.) plan was rejected by the Obama administration, it is putting together a new proposal to reroute the pipeline away from a sensitive aquifer in Nebraska.

The Calgary-based company has said that proposal will be ready soon to be presented to Nebraska state officials and environmental regulators.

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