Investor relations

Section Index


Shareholders information

Velan Inc. went public in September 1996 after operating as a private company for 46 years. Velan shares trade on the Toronto Stock Exchange (TSX) under the ticker symbol VLN.

Please note that Velan's publicly filed documents can be found at, or you can click here.

Investor relations contact
Réjean Ostiguy
Chief financial officer

Tel: (514) 748-7743 x5041
Fax: (514) 908-0180



Financial reports

2021 Annual Report
First Quarter 2020-21
Second Quarter 2020-21
Third Quarter 2020-21
Fourth Quarter 2020-21
2020 Annual Report
First Quarter 2019-20
Second Quarter 2019-20
Third Quarter 2019-20
Fourth Quarter 2019-20
2019 Annual Report
First Quarter 2018-19
Second Quarter 2018-19
Third Quarter 2018-19
Fourth Quarter 2018-19
2018 Annual Report
First Quarter 2017-18
Second Quarter 2017-18
Third Quarter 2017-18
Fourth Quarter 2017-18
2017 Annual Report
First Quarter 2016-17
Second Quarter 2016-17
Third Quarter 2016-17
Fourth Quarter 2016-17
2016 Annual Report
First Quarter 2015-16
Second Quarter 2015-16
Third Quarter 2015-16
Fourth Quarter 2015-16
2015 Annual Report
First Quarter 2014-15
Second Quarter 2014-15
Third Quarter 2014-15
Fourth Quarter 2014-15
2014 Annual Report
First Quarter 2013-14
Second Quarter 2013-14
Third Quarter 2013-14
Fourth Quarter 2013-14

Annual general meeting presentations

Presentation from July 9, 2020

Presentation from July 11, 2019

Analyst conference call

Velan Inc. (TSX: VLN) today announced that, on Thursday October 8th, 2020 it will release its 2nd Quarter results for the six-month period ended August 31, 2020.

The company will hold an investor and analyst call on Friday, October 9th, 2020, at 11:00 A.M. (Eastern Daylight Time) to discuss the results. The call may be accessed by dialing 800-747-0365, and quoting the reservation number 21970275. There will be a recording on PostView available for 7 days following this conference call. The numbers are as follow: 416-626-4100 or 800-558-5253. Enter Reservation number 21970275 then follow system prompts.

For further information, contact John D. Ball, Executive Vice-President Global, at 514-707-2542.

Board of directors mandate

Board of directors mandate


Code of business conduct & ethics

Velan has always been dedicated to the principles of ethical and legal business conduct. Because of the continuing emphasis being given to ethical corporate conduct together with the increasing complexity of legal requirements, management believes it is appropriate to revise and distribute a written Code of Business Conduct and Ethics to all Employees of the Velan group of companies (the "Company").

Everything the Company does is the direct result of the decisions made or actions taken by the Company's Employees (the “Employees”). The conduct of our business, the manner in which we discharge our obligations to those with whom we deal, the effectiveness and the good reputation of the entire organization — all depend upon the quality of our personnel and their commitment to a high standard of ethical behaviour.

It is the responsibility of each Employee to respect and comply with this Code of Business Conduct and Ethics. Any breach of this Code may result in severe disciplinary measures.

Code of business conduct & ethics


Board of Directors

James A. Mannebach(2)(3)
St. Louis, Missouri, United States
Born: 1960
Director since: 2018
Mr. Mannebach, BSBA, MBA, CPA, is Managing Partner of Blackbird Group LLC, a private equity investment and management firm. Prior to March 2009, he was Group President and CEO of IMI PLC’s Precision Engineering business, a global engineering firm focused on motion and fluid control technologies. Prior to September 2004, Mr. Mannebach was Group Vice President of the Industrial Technology group of Roper Technologies, a leading global provider of process control, fluid metering and pump systems. Prior to 2003, Mr. Mannebach was employed by Emerson where he served as a Corporate Officer and held multiple senior leadership positions in the Company’s Process Control business group which focuses on process management, control valves, fluid metering and control solutions. Prior to 1988, Mr. Mannebach started his professional career at the global accounting, tax and advisory firm of Deloitte. As Managing Partner of Blackbird, Mr. Mannebach serves on the Board of Directors of Power-Sonic Corporation and AMS Automotive LP.
Yves Leduc
Montréal, Québec, Canada
Born: 1965
Director since: 2017

Mr. Yves Leduc is Chief Executive Offcer of the Corporation. He joined Velan in January 2015, having been Vice-President General Manager of North American business at Bombardier Recreational Products Inc. since 2006. In his sixteen years as member of BRP’s senior management team, he built a broad experience taking on the responsibility for most business units, as well as for the key business functions of the company, including manufacturing, new product development, logistics, sales, and marketing. Mr. Leduc also brings an international experience, having spent six years in Europe, leading the Austrian engine division and spearheading several strategic manufacturing projects in Asia and Latin America. The divisions under his leadership have sustained a track record of delivering lasting process and operational improvements, while achieving market share and sales growth that consistently outperformed competitors. In his previous careers, he worked at McKinsey and Company as a management consultant working on projects in North America and Europe, and as an attorney at Stikeman Elliott in Montreal. He is fluently trilingual (French, English, and German).

While Yves’ initial focus at Velan is to draw on his extensive supply chain experience to reorganize Velan's North American operations, longer term he will also be focusing on company's overseas operations.

Tom Velan(1)
Montréal, Québec, Canada
Born: 1952
Director since: 1976
Mr. Tom Velan is Chairman of the Corporation. He joined the Corporation in 1973 and held various positions with increasing levels of responsibility mainly in international sales and developing and managing foreign subsidiaries. Prior to being appointed President in 2003, he was Executive Vice-President, Export Sales and Overseas Operations. In 2011 he was appointed President & CEO. In 2015, he was appointed Chairman and CEO. He has been a director of the Corporation since 1976. Mr. Velan graduated with a B. Comm. from McGill in 1972.
William Sheffield(2)
Lead Director
Toronto, Ontario, Canada
Born: 1949
Director since: 2004
Mr. Sheffield, BSc., MBA, is a corporate director, who is also a member of the boards of Canada Post, a Federal Crown Corporation, and Houston Wire and Cable Company, an electrical products distribution company listed on NASDAQ where he holds the position of Chairman. Mr. Sheffield past board services also include OPG, Corby Distilleries, Royal Group Technologies, Sappi Ltd and Pan Asia Paper. He holds a professional director certification by Canada’s Institute of Corporate Directors (ICD.D) and a similar designation by the National Association of Corporate Directors in the USA (FEA). In 2013, he completed the Family Enterprise Advisors Program (FEA) at UBC. Mr. Sheffield started his career with Canadian steel industry. From May 2001 to May 2003, he was the Chief Executive of Sappi Fine Paper Division of Sappi Ltd., a coated paper manufacturer, and, prior to August 2000, was the Executive Vice-President of Abitibi-Consolidated Inc., a newsprint manufacturer.
Jacques Latendresse(2)(3)
Granby, Québec, Canada
Born: 1962
Director since: 2013
Mr. Latendresse is the Vice-President, Strategies, Acquisitions and Technological developments and main shareholder of Ezeflow Inc. The company founded in 1972 is a leading manufacturer in pipe fittings. Mr. Latendresse joined the company as an engineer in 1994 and since then he held various positions including the position of co-President from 2005 to 2014.

Rob Velan
Vice-Chairman, Executive Vice-President, General Manager, MRO & Aftermarket
Montréal, Québec, Canada
Born: 1971
Director since: 2013

Mr. R. Velan was employed by the Corporation from February 2004 to August 2012 successively as Director, Strategic, Planning and Business Development, President of the Corporation’s subsidiaries in UK and Germany and Vice-President, Marketing. From August 2012 to October 2013 he was President & Owner of Emergia Aerospace. In February 2014 he was rehired as Vice-President, Distribution for the Corporation and in February 2016 he was promoted to Vice-President, Customer Service. He holds an MBA from Cornell University and a professional director certification from Canada’s Institute of Corporate Directors (ICD.D).

Dahra Granovsky
Toronto, Ontario, Canada
Born: 1970
Director since: 2019

Ms. Granovsky, is the CEO of BA Folding Cartons, a full service manufacturer of folding cartons with 2 plants in Ontario. Prior to her role at BA Folding Cartons, Ms. Granovsky was the President at Chem-Ecol Ltd, a specialty blender of industrial oils and lubricants and remains a managing director with Chem-Ecol. Ms. Granovsky is a Director and past President of Atlantic Packaging, where she worked from 1995-2010 in varied roles leading to President, IPG. Atlantic Packaging is a Leading Manufacturer of Liner and Medium and Corrugated cartons. Ms. Granovsky has over 21 years of experience in the manufacturing and distribution industry. She sits on the Board of Directors at Atlantic Packaging and Hammond Power Solutions (TSX:HPS). Ms. Granovsky holds a BSc. and an MBA and resides in Toronto, Canada.


Bruno Carbanaro
Paris, France
Born: 1967
President since: 2019
Bruno Carbonaro was appointed President of Velan Inc. on November 11, 2019. Mr. Carbonaro, an engineer by training, brings more than 20 years of experience in the industrial equipment industry, spending the last eight years at Groupe Fives, a global engineering firm that supplies industrial equipment to numerous industries, including Steel, Aluminium, Logistics, Automotive, Aerospace and Defence and Energy, most recently as a member of the Executive Committee and Director of the company's Automobile division, with P&L responsibility for a global division composed of three business units, 1700 employees and just under €400 million in annual sales. Previously at Groupe Fives, he held the position of Director of Fives Nordon, one of the company's subsidiaries. Between 2002 and 2010, he held executive positions with Groupe Vallourec (2008 – 2009) as Director General of OCTG Europe and Groupe Legris Industries (2002-2008), where he worked in varied functions as a leader of business development, marketing, strategy execution and operations. He started his career in the automotive industry and at the Boston Consulting Group's Paris office. He received his Engineering education at Ecole Polytechnique in Paris, France.


(1) Holds the same respective offices with Velan Valve Corp. as with Velan.
(2) Member of the Corporation Governance and Human Resources Committee.
(3) Member of the Audit Committee.



Canada Business Corporations Act
Board Committee Charters
Position Descriptions


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