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
Rishi Sharma
Chief Financial Officer
Tel: (514) 748-7743
Fax: (514) 908-0180



Financial reports

2022 Annual Report
First Quarter 2021-22
Second Quarter 2021-22
Third Quarter 2021-22
Fourth Quarter 2021-22
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

Quarterly presentations

Q4 presentation from May 19, 2022

Q3 presentation from January 13, 2022

Annual general meeting presentations

Presentation from July 9, 2020

Presentation from July 11, 2019

Analyst conference call

Velan Inc. (TSX: VLN) announced today that, on Thursday, July 7, 2022, it will release its financial results for the first quarter ended May 31, 2022.

The company will hold an analyst call on Friday, July 8, 2022, at 11:00 A.M. (Eastern Daylight Time) to discuss the results. The call may be accessed by dialing 1-800-754-1346 and quoting the reservation number 22019459. Live content to support the discussion will be presented to participants at the following link for the duration of the call:

There will be PostView available for 7 days following this conference call. The numbers are as follow: 1-416-626-4100 or 1-800-558-5253. Enter Reservation number 22019459 then follow the system prompts. Any material presented during the call will be subsequently made available on the company’s website in the investor relations section.

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)
Chair of the Corporation
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.

Rob Velan
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).
Tom Velan(1)
Montréal, Québec, Canada
Born: 1952
Director since: 1976
Mr. Tom Velan 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.
Ivan Velan
Montréal, Québec, Canada
Born: 1945
Director since: 1970
Mr. Ivan Velan joined the Corporation in early January 1970 soon after receiving an MBA from University of Michigan. He has had a 50-year business career in the valve business, all at the Corporation, serving in various management positions including Marketing Manager, VP Sales - North American Market, and Executive Vice President reporting to the then-CEO, Tom Velan. Until December 2019, he was Special Advisor to President and CEO, Yves Leduc. During his employment, Mr. Velan implemented the establishment and rework of the USA and Canadian distributor and agent networks as well as the introduction of three Distribution Centers in the United States. He served on the Corporation’s Board of Directors from mid 1970 until mid 2010, including about 5 years as Chairman. He was the representative to the US/CAN Valve Manufacturers Association from 1980, joining the Board there a few years later and was Chairman in 2013-14. He has also served for many years in the past on Boards at Concordia University, Montreal General Hospital Foundation, and Lower Canada College, all in Montreal.
William Sheffield(2)(3)
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.

Dahra Granovsky(2)(3)
Director & President of the Corporation Governance and Human Resources Committee
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.
Suzanne Blanchet(3)
Director & President of the Audit Committee
La Prairie, Québec, Canada
Born: 1957
Director since: 2021
Ms. Blanchet, D.h.c., IAS. A, is a Corporate Director and is Chair of the Board of the RFAQ, an NFPO that works for the development of women-owned companies. She currently serves as a directors of Resolute Forest Products (TSX), where she chairs the Environment and Health and Safety Committee, and of GDI Integrated Facility Services Inc. (TSX). She also serves as a director of Solmax and EBI, where she chairs the Audit Committee.   

Suzanne Blanchet pursued a career with the Cascades group for over 30 years, rising through the ranks to become President and Chief Executive Officer of Cascades Tissue Group from 1997 to 2014. Under her leadership, she grew the Tissue Division both organically and by acquisition to become the 4th largest player in North America in the retail, commercial and industrial sectors. She then held the position of Senior Vice President, Corporate Development for Cascades where she developed and implemented the ESG plan, as well as the entire innovation component for the group. Since 2017, Ms. Blanchet is a Corporate Director.

Ms. Blanchet studied Accounting Sciences at the Université du Québec à Trois-Rivières and is an accredited Corporate Director (ICD.A.). She has received prestigious awards including the Golden Stevie Award for the Executive Officer of Canada in 2013. In 2015, the Université du Québec en Outaouais [UQO] awarded her an honorary doctorate for her significant contribution as a pioneer in sustainable development and her innovative approaches in the pulp and paper sector were recognized.

Robert Raich(3)
Montréal, Québec, Canada
Born: 1952
Director since: 2021

Mr. Raich. LLB., graduated from McGill University and was called to the Barreau du Québec in 1976. Prior to establishing RaichLegal Inc, Robert Raich was a senior partner at Spiegel Sohmer Inc., a Montreal firm specializing in taxation law, where he served as managing partner for over 25 years.

His areas of expertise include taxation advice for real estate transactions, advice to both purchasers and vendors in acquisitions and sales of businesses, corporate reorganizations, venture capital financing and charitable planning.

Mr. Raich has been recognized on several occasions as one of the “Best Lawyers in Canada” in the fields of Taxation law and Law of Estates and Trusts in Canada and has been a frequent guest lecturer at McGill University Faculty of Law and tax conferences. Mr. Raich is currently sitting on the boards of several private companies.

Edward Kernaghan(2)
Toronto, Ontario, Canada
Born: 1971
Director since: 2021

Mr. Kernaghan has over 15 years of experience in the financial services business. He held the position of Executive Vice President at Kernaghan Securities, a firm he started along with his father, Ted Kernaghan, in 2001. He is currently a partner at Kernaghan & Partners and is President of Kernwood Limited.

He also currently serves on the board of five other TSX listed companies. Mr. Kernaghan is a graduate of the University of Toronto with a Master of Science in Theoretical Physics, and he has a Bachelor of Science, Honors degree from Queens University.

CEO and President

Bruno Carbonaro
CEO and President
Paris, France
Born: 1967
President since: 2019
Bruno Carbonaro was appointed CEO of Velan Inc. on December 1st, 2021 and has been President since 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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