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In the second annual Elite Women list, Benefits and Pensions Monitor celebrates 43 exceptional women leaders in the benefits, pensions, and institutional investment space.
After a rigorous review of the nominees’ achievements and industry impact, the BPM team has recognized the 2025 women leaders for driving innovation and inclusion, ushering in a new era of equitable leadership and transformative change.
The March 2024 Barely Breaking Ground report from the Business Data Lab at the Canadian Chamber of Commerce highlights the advancements made by women in corporate Canada and the areas where continued efforts are needed to achieve full equality. Canada’s share of women managers, at 35.6 percent, is behind nearly half of all OECD countries.
The report’s analysis revealed that women in Canada have yet to reach parity in employment, especially in management positions.
“[They] face not one glass ceiling but several; not one broken rung in the promotion ladder but many, all of which hinder their ascent to full equality,” the report states. The report found:
If current trends continue at their present pace, Canadian women won’t reach equal representation until 2129, with the map below showcasing the target year in each province.
Women from across the sector shared their views on what qualities they feel define an Elite Woman. Some of the feedback included:
In addition, BPM’s respondents also revealed the type of struggles they have faced as women in their professional journeys:
With over 20 years in financial services, the Saskatoon, SK-based director of member experience has stood out for helping people manage their financial futures.
From developing a new, modern portal to better engage CSS Pension Plan’s 55,000 pension plan members and pushing for more inclusive pension policies, to leading financial literacy initiatives across Canada, Dove has made retirement planning more transparent, fairer, and accessible.
“One of the most rewarding parts of my journey so far has been the opportunity with people – and I do mean meaningful connections to connect with their heart, their story, and the impact on their financial wellness,” she says.
“I believe that our work is setting a benchmark. The work we’re doing here at CSS, as well as in other groups I’m involved with, is establishing a new standard, one that prioritizes the member’s experience, focuses on the individual, and emphasizes the human side of their financial journey.”
Dove’s achievements and industry contributions include:
A significant part of her efforts has been advocating for diversity, equity, and inclusion (DEI) in pensions. She has passionately advanced more inclusive pension plan design and has spoken at industry events about making retirement plans work for everyone. Her inspiration to champion the issues stems from a deep belief that diverse perspectives will lead to better decision-making and more inclusive financial solutions.
“If we open up our minds to see the broader world of DEI, then we’re going to reach some members and help them in a different way, ensuring our services meet the needs of all members, regardless of their background,” Dove says.
When she turned her mind to DEI, one avenue focused on plan design, which is a unique approach in Canada. A complementary aspect involves leveraging DEI principles to engage and educate members from a plan design perspective to make pension plans more equitable for people at different life stages.
“To me, diversity and inclusivity are critical drivers to the future of pension plans and financial wellness across the country because you’re trying to build this resilient financial system and resilient people, and also you want the language and the messaging to fair and received by the person you’re communicating with.”
One of the most important lessons Dove has learned is the value of resiliency and self-advocacy. Building a strong network of mentors on all sides of the gender equation and allies across the industry is equally important, as they will provide support and honest communication.
“It’s essential that women entering this industry or any other industry, where they feel there might be an unintentional bias, believe in their capabilities and speak up for themselves and their ideas in a confident way,” she says. “We also have to speak differently, but investing time in developing one’s executive presence is also helpful. You don’t have to wait until you’re seen as a leader to invest in your presence.”
Challenges and opportunities
Leveraging technology is one of the most significant opportunity stories at CSS. The organization has invested in skill sets around AI and other emerging tech to enhance its ability to educate, engage, and provide financial literacy components to members so they can best understand and respond.
“For example, we are looking at the use of AI to provide personalized financial advice and retirement income planning solutions to improve those member outcomes in a quantifiable way,” Dove says.
The challenges revolve around adapting as the financial system evolves through regulatory shifts. Within the pension world, AI, cyber risk, financial services, and marketing are also changing under regulators’ lens. Dove points out that these developments ensure pension plans are sustainable in what might continue to be a volatile economic environment.
“To address some of these, we at CSS, and even across the industry, in pension groups and in those forums where people get together and speak, are looking at how to leverage innovative solutions, collaborate, and cooperate with our shared knowledge,” she says.
“Essentially, the goal at CSS is to remain at the forefront of the industry and to represent a standard to which other organizations working with pension plan members could look and say, ‘Oh, they got it. They understand the human side. They understand what they’re working on.’”
Few people, men or women, would have stepped into the role this Elite Woman did in mid-2022.
When Adams was asked to take over Kii Health (formerly CloudMD) during a financial and management crisis, the board chair had quit, the whole executive team had walked away, and the company was teetering on the brink.
“They told me, ‘It’s in crisis. You have to act quickly,’” she recalls.
Failure wasn’t an option for Adams, as 469 employees and over 5,000 clients depended on the organization’s survival. Among her key achievements are:
Drawing on her 25 years of industry experience and belief in transparency and clarity, Adams immediately set out to rebuild the organization.
“For me, it was about core values, collaboration, and empowerment,” she says. “Financial considerations were, of course, important, but developing core values that we could align to, and championing empathy, focus, and integrity were what resonated most. People felt we were in it together.”
Kii Health helps empower individuals to manage their health journey through treatment plans and return to health, whether managing a disability, mental health challenge, or workplace injury. Unlike competitors that focus on adjudicating claims, the organization provides personalized direct treatment and recovery support.
Operating across North America, its team of occupational health doctors and nurses assesses, treats, and guides employees through recovery, ensuring their physical and mental health needs are met. By bridging gaps in mental health and disability services, it enables employees to take control of their health and recovery.
“It’s a rewarding business, and our people love what they do,” Adams says. “They go home knowing they’ve helped hundreds of people with healthcare issues.”
To turn the organization around, Adams made tough decisions, including restructuring and divesting non-core businesses, but she ensured that employees understood the cuts were business decisions, not personal ones.
Through frequent town halls and “transparent overcommunication,” she fostered trust and engagement, and despite the turbulence, employees remained engaged.
Notably, Adams reshaped how employees access healthcare benefits.
“We want to be that trusted health navigator for employee group benefit plans, helping employees use their benefits to solve health problems and, where appropriate, connecting them to the right resources.”
One of her proudest innovations is the mental health coaching program, a first in the industry. It gives employees access to nurses with mental health expertise before seeing a therapist. Insurance giant Sun Life Financial was the first to adopt the program, offering it to all employees and, subsequently, to plan sponsors.
Breaking barriers
Despite breaking barriers as a woman leading a majority shareholder private equity firm, Adams remains focused on driving change. She was undaunted by some chatter that she wasn’t “CEO pedigree” and was determined to prove them wrong.
“The number one attribute is resiliency,” she says. “I used to speak about resiliency to companies 10 years ago, but I didn’t fully appreciate its importance as a CEO until a year or two ago. Resiliency is the attitude that we can make a difference and find a solution.”
Early on, Adams sought out coaches, advisors, and industry mentors. One was Jim Reid, the former CHRO of Rogers, because she recognized she was in a people business, and strategy focused on people was crucial.
Her other mentors included investor Arlene Dickinson, founder and general partner of District Ventures Capital, who helped support her during difficult times.
“There were moments where I had no playbook: 35,000 shareholders were berating me online for the previous management’s missteps, the investment community wasn’t loaning us money, interest rates were rising, and the bank was deciding whether to renew our loan,” she recalls.
“We were up against the wall. In those moments, given the number of issues we were dealing with, I questioned how I could manage it all. Having mentors who helped me breathe, step back, and regain balance was invaluable.”
With over 25 years of experience practicing pension, benefits, and executive compensation law, the Elite Woman co-founded Canada’s leading boutique law firm focused exclusively on pension, benefits, and executive compensation law in 2017.
As a senior partner, Klinck played a significant role in growing Brown Mills Klinck Prezioso LLP (BMKP Law) from four founding partners (along with Elizabeth Brown, Lisa Mills, and John Prezioso) and one associate, to its current composition of five partners and seven counsel and associates, making it the country’s largest private practice legal team in pension and benefits law.
“Our primary reason for starting the firm was a business opportunity,” Klinck says. “We saw successful boutiques in other jurisdictions and believed the model could work here, and it has turned out very well.”
She also sought to create a better private practice firm structure that balances flexible working arrangements with the highest standards of client service. As a boutique law firm, BMKP Law remains nimble, allowing it to accommodate team members’ career paths and professional needs.
A respected player in de-risking pension liabilities in Canada, Klinck worked on one of the first transactions in Canada involving transferring longevity and inflation risk from a pension plan to an insurer. She recently worked on one of the largest single pension annuity buy-out transactions in Canadian history.
Strategies that set her apart
Klinck has been fortunate to have had great mentors who have strongly influenced her skills and problem-solving approach. As a strong mentor herself, she provides opportunities for BMKP Law’s junior associates to build their profiles to attend and speak at conferences.
For example, she has “passed the torch” to her colleagues for various speaking engagements and works with associates to have them take on leadership roles on client files. Another key approach that sets Klinck apart is thinking outside the box. In many major projects, she has gone directly to the government to seek regulatory changes to help achieve the best results for all parties.
“I pride myself on being practical and finding real, workable solutions that meet clients’ needs,” she says.
When tackling a big or complex project, Klinck focuses on understanding the client’s goals and takes pride in digging deep to understand what they’re trying to achieve and why.
“The better you understand clients’ goals and priorities, the greater the chance of finding a solution that truly works,” she remarks. “It’s also important to consider other stakeholders’ interests. Knowing the facts and balancing everyone’s goals helps lead to the best outcome.”
She has distinguished herself through:
The pension and benefits space has continuously evolved, making for a dynamic and rewarding career. When Klinck began practicing, defined benefit (DB) surpluses were a focus, followed by years of helping employers navigate deficits.
She is now assisting clients navigate DB surplus issues again. Demographic shifts have also influenced the field, with younger employees prioritizing savings for homeownership over retirement.
“Pensions are woven into the fabric of society, and as the economy and workforce change, so does how we deliver pension plans,” she says. “That presents both challenges and opportunities for industry professionals. Defined benefit plan coverage under single employer plans continue to decline in Canada, but we’re seeing innovation to address that shift.”
One example she offers is the growth of the jointly sponsored pension plan model, which has expanded significantly, with large plans and jurisdictions working to increase coverage through these arrangements.
In November 2024, Benefits and Pensions Monitor invited professionals from across the country to nominate their most exceptional female leaders for the second annual Elite Women list. Nominees had to be working in a role that related to, interacted with, or in some way impacted the financial services industry, and to have demonstrated a clear passion for the benefits, pensions, and institutional investments industry.
Nominators were asked to provide details of their nominee’s achievements and initiatives over the past 12 months, including specific examples of their professional accomplishments and contributions to the industry as a whole.
The BPM team reviewed all nominations, examining how each individual had made a meaningful contribution to the industry, to narrow down the list to 43 Elite Women.