
Board of directors
- Stephen Smith, Executive Chairman
- Moray Tawse
- Jason Ellis
- Martine Irman
- Duncan N. R. Jackman
- Robert Mitchell
- Barbara Palk
- Robert Pearce
- Diane Sinhuber
Stephen Smith, Executive Chairman
Stephen Smith is the Chairman and CEO of Smith Financial Corporation (SFC). Throughout his career, he has been an innovator in the development and utilization of various securitization techniques to finance mortgage assets and a leader in the development and application of information technology in the financial services industry. Through SFC, he has significant equity investments in a range of financial entities including First National, Canada Guaranty Mortgage Insurance, Fairstone Bank of Canada and Peloton Capital Management.
Mr. Smith co-founded First National Financial Corporation in 1988, serving as CEO until 2022 at which time he was appointed Executive Chairman. He served as Chair of Canada Guaranty Mortgage Insurance Company from 2010-2023. He is the Chairman of Peloton Capital Management, a mid-market North American private equity firm, Glass, Lewis & Co., a leading global proxy advisory firm and Fairstone Bank of Canada, a 250 branch bank focused on consumer lending.
Mr. Smith is Chair of Historica Canada, the creator of the Heritage Minutes and publisher of The Canadian Encyclopedia. He is a member of the Boards of the Rideau Hall Foundation, Canada Infrastructure Bank and the C.D. Howe Institute and is an Honourary Governor of the Royal Ontario Museum.
In 2015, Queen’s University announced the naming of The Stephen J.R. Smith School of Business at Queen’s University in honour of Mr. Smith and his then historic $50-million donation to the school. In 2019, Mr. Smith was inducted into the Canadian Business Hall of Fame. In 2012, he was awarded the Queen’s Diamond Jubilee Medal. In 2023, Mr. Smith pledged $100-million to the Queen’s faculty of engineering, now named Smith Engineering, the largest gift ever made to an engineering faculty in Canada.Mr. Smith holds a B.Sc. (Hons.) in Electrical Engineering from Queen’s University and an M.Sc. in Economics from the London School of Economics. In 2017, Queen’s University awarded him an honourary LL.D.
Moray Tawse
Moray Tawse is Senior Executive Vice President and Secretary, as well as Co-founder of First National. Mr. Tawse directs the operations of all of the Corporation’s commercial mortgage origination activities. With over 40 years of experience in the real estate finance industry, Mr. Tawse is one of Canada’s leading experts on commercial real estate and is often called upon to deliver keynote addresses at national real estate symposiums
Jason Ellis
Jason Ellis is the President and Chief Executive Officer for First National and is responsible for the design and maintenance of strategy and operational excellence across the organization. Mr. Ellis joined First National in 2004 as Director, Capital Markets responsible for leading First National’s capital markets’ activities including interest rate risk management, funding, and securitization for all commercial and residential mortgage origination. Mr. Ellis was appointed Chief Operating Officer in 2018 and President in 2019. On January 12, 2022, Mr. Ellis was appointed Chief Executive Officer. Prior to joining First National in 2004, Mr. Ellis was with the Asset/Liability Management group at Manulife Financial and with RBC Dominion Securities in Toronto and New York where he traded fixed income and interest rate derivatives. Mr. Ellis holds a BA degree from the University of Western Ontario, an MBA degree from McMaster University and is a CFA charterholder.
Martine Irman
Martine Irman is a director of the TMX Group of Companies, Ontario Teachers’ Pension Plan and Plan International Canada. She also sits on the board of St. Michael’s Hospital Foundation and is the Immediate Past Chair of the Board for Export Development Canada. Ms. Irman is a senior financial executive and brings over 30 years’ experience in international banking, treasury, securities and trade and has spent 20 years sitting on both corporate and not-for-profit boards along with Executive Advisory Councils. She held several senior level positions over a 30 year period with TD including as Vice-Chair, TD Securities and Senior Vice President, TD Bank Group. She is also a Past Chair of the Board of the YMCA of Greater Toronto. Ms. Irman holds a Bachelor of Arts in Economics and Financial Studies and has completed The Wharton Business School Advanced Management Executive Program. She is a graduate of the Rotman School of Management Institute of Corporate Directors and holds the ICD.D certification and the Global Competent Board International ESG Désignation, GCB.D.
Duncan N. R. Jackman
Duncan N. R. Jackman has been Chairman, President and Chief Executive Officer of E-L Financial Corporation, an investment and insurance holding company, since 2003. In 2003, he was also elected Chairman of the board of directors of The Empire Life Insurance Company. Mr. Jackman is also Chairman of Algoma Central Corporation, the largest Great Lakes bulk shipper, as well as Chairman and President of Economic Investment Trust Limited and United Corporations Limited, two Canadian listed closed-end funds. He also serves as a member of the board of directors of several other public and private companies. Mr. Jackman is a member of the Business Council of Canada and formerly served on the Economic Advisory Council to the Minister of Finance, Government of Canada. Mr. Jackman graduated from McGill University in Montreal.
Robert Mitchell
Robert Mitchell is a director (and was formerly Executive Chair and Chair of the Investment Committee) of Dixon Mitchell Investment Counsel Inc., a Vancouver-based investment management company. From 2000 to 2020, he was President of Dixon Mitchell Investment Counsel Inc. and although he retired from Dixon Mitchell in June, 2023, he still serves as a member of the board. Prior to that, he was Vice President, Investments at Seaboard Life Insurance Company and is a former board member of Equestrian Canada. Mr. Mitchell is also a member of the investment committee for the First Nations Child and Family Compensation Trust and holds an MBA from the University of Western Ontario and a Bachelor of Commerce (Finance) from the University of Calgary; he is also a CFA charterholder.
Barbara Palk
Barbara Palk retired as President of TD Asset Management Inc. in 2010, following a 30-year career in institutional investment and investment management. Her experience on boards of directors include Crombie Real Estate Investment Trust where she chaired the Governance and Nominating Committee and the Human Resources Committee; Ontario Teachers’ Pension Plan, where she chaired the Investment Committee; TD Asset Management USA Funds Inc.; Canadian Coalition for Good Governance, where she chaired the Governance Committee; Greenwood College School; the Investment Counselling Association of Canada; the Perimeter Institute; the Shaw Festival; UNICEF Canada; and Queen’s University, where she was the Chair of the Board of Trustees. Ms. Palk is a member of the Institute of Corporate Directors, a Fellow of the Canadian Securities Institute and a CFA charterholder. She holds a Bachelor of Arts (Honours) in Economics from Queen’s University and has been named one of Canada’s Top 100 Most Powerful Women (2004).
Robert Pearce
Robert Pearce is a director of Canada Guaranty Mortgage Insurance Company and Fairstone Bank of Canada. Mr. Pearce spent 26 years with BMO Bank of Montreal from 1980 to 2006, most recently holding the position of President and Chief Executive Officer, Personal and Commercial Client Group. He also served on the board of directors of MasterCard International from 1998 to 2006 and as Chairman of the Canadian Bankers’ Association from 2004 to 2006. Mr. Pearce holds a BA from the University of Victoria and an MBA from the University of British Columbia. Mr. Pearce brings over 40 years of operational and leadership experience in the financial services industry to the Board of Directors.
Diane Sinhuber
Diane Sinhuber is a director of Scarborough Health Network and is an independent and objective financial expert, as well as a risk, governance and controls professional with over 35 years’ experience providing accounting and auditing services, including reporting to and chairing Audit Committees. Ms. Sinhuber is a retired Deputy Chief Auditor of TD Bank Group and held several positions with Ernst & Young LLP over a 29 year period, including as leader of EY Canada’s Financial Services Organization. She previously served on a number of Boards including as Chair of the YMCA of Greater Toronto and the Kidney Foundation of Canada in Toronto. Ms. Sinhuber has a Bachelor of Business Administration from Wilfred Laurier University, is a Fellow of Chartered Professional Accountants of Ontario (FCPA) and holds the ICD.D certification and GcB.D certification.

Committees of the Board
The Board of Directors has created an Audit Committee and a Governance Committee to further the effective functioning of First National's corporate governance strategy.