In 2005, the Faculty of Management was renamed to the Desautels Faculty of Management in honor of Marcel Desautels, a retired executive from the credit reference industry, who made several gifts of more than $32 million total to the faculty. The Desmarais Global Finance Research Centre, made possible by a donation from the Desmarais family, was also established. In 2007, Marcel Desautels received an honorary McGill doctorate in recognition of his outstanding contributions to business education. In July 2008, he was made a Member of the Order of Canada, one of the highest civilian honours bestowed by the Canadian government.