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The Board of Directors of the Caisse de dépôt et placement du Québec is denying media reports that the Quebec government is poised to fire seven of the pension fund’s managers and has expressed confidence in its executive team.

The board unanimously adopted a resolution Tuesday reiterating its confidence in the senior management team.

“The Board of Directors unanimously and unequivocally reaffirms its confidence in the president and chief executive officer, Fernand Perreault, and the senior management team of the Caisse,” said the board in a statement. “The Board of Directors reiterates its support for the work plan prepared and implemented by the president and chief executive officer and the senior management team in response to the global financial crisis.”

The board adds that it “deplores” media reports of the Charest government’s plan to replace seven of the Caisse’s top eleven managers due to an alleged $38 billion loss in 2008—the worst in the fund’s history.

A Caisse spokesperson was not available for comment at the time of publication.

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GM Cutting 10,000 Jobs, Reducing Pay

General Motors will shed 10,000 salaried jobs globally and reduce pay for some U.S. workers in an effort to control costs and keep US$13.4 billion in government loans.

About 3,400 of the company’s 29,500 salaried jobs in the U.S. will be trimmed by May 1, said the automaker in a statement. The company will cut pay temporarily by 10% for U.S. executives and by 3% to 7% for many other U.S. salaried employees. GM is also reviewing salaried-worker pay and benefits in other countries.

The news comes as GM struggles to meet cost-cutting targets after a dismal January in which sales fell by 49%. Under the bailout agreement with the U.S. government, GM must submit a progress report by Feb. 17 explaining its efforts to restructure its business, return to profit and repay US$17.4 billion in loans by the end of 2011.

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Air Canada’s Unions Call for ACE to Fund Pension Plan

The five unions representing Air Canada workers are pressing the Office of the Superintendent of Financial Institutions (OSFI) to require ACE Aviation Holdings Inc.—Air Canada’s parent company—to fund Air Canada’s pension plan before being permitted to wind-up the holding company.

ACE—which was created in 2004 as Air Canada emerged from bankruptcy protection—is seeking shareholder approval for a company wind-up at a special meeting on April 7, 2009.

Koskie Minsky, the law firm representing the unions, is calling on OSFI to take immediate steps to ensure that Air Canada’s plan members and pensioners are protected.

According to the Canadian Auto Workers Union—which represents a portion of Air Canada’s workforce—the wind-up of ACE and subsequent payment to shareholders is not part of the 2004 restructuring agreement. “Not only has ACE failed to oversee the necessary restructuring to put the airline back on track, the company is threatening to pull out of Air Canada when the airline is facing a major pension shortfall and huge challenges with the faltering economy,” said Leslie Dias, president of CAW Local 2002, in a statement.

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Xstrata Cuts Sudbury Workforce

Swiss mining company Xstrata is eliminating 686 permanent jobs from its Sudbury, Ont., mining operations.

The cuts will affect both union and salaried employees in operational and non-operational roles.

The Zug, Switzerland-based company said its Craig and Thayer-Lindsley mines will both cease operations immediately in a response to falling commodity prices.

“Our leadership team is taking proactive and decisive measures during challenging times,” said Ian Pearce, Xstrata Nickel’s chief executive, in a statement. “The continued decline of the economic environment and deteriorating commodity markets, coupled with high operating costs particularly at our older mines, are negatively impacting our Sudbury operations.”

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Banyan, Aptitude in Merger

Banyan Work Health Solutions and Aptitude Santé have merged their operations, creating what they describe as Canada’s first national service delivery.

The new company will be known as Banyan Work Health Solutions in English Canada, and Banyan Solutions en Santé au Travail in Quebec. Operations will be centered out of Montreal and Toronto.

“This is a first in our industry,” says Maria Vandenhurk, president of Banyan Work Health Solutions. “Many employers and insurers have been seeking a truly national service delivery. By replicating the best of both companies in both English and French, we bring a much wanted solution to the marketplace.”

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com