In its 2024-25 annual plan, the Financial Services Regulatory Authority of Ontario is focusing on assessing and mitigating systemic and high-priority risks in the province’s defined benefit pension plan sector. The regulatory body will review and enhance its supervisory framework to strengthen supervision of large public sector pension plans, ensuring its plan amendments and surplus […]
The Ontario government’s new funding framework for target-benefit plans that will provide more flexibility for plan administrators and boards, says Domenic Barbiero, principal at Eckler Ltd. The proposed framework requires trustees to establish a number of policies, including funding, benefits, communications and overall governance. “This proposal is the second iteration of a proposal from the […]
Environmental, social and governance investing is a powerful tool that can reveal systemic issues impacting all parts of institutional investors’ portfolios, said Aaron Bennett, chief investment officer of the University Pension Plan, during the 2023 Responsible Investment Association conference last week. Some of these issues can accrue over time — and, when they finally manifest, they can […]
As world markets contend with supply chain issues stemming from climate change, the coronavirus pandemic and Russia’s invasion of Ukraine, environmental, social and governance considerations are slowly taking a more prominent role in pension funds’ risk assessments. In particular, Canadian pension funds are taking a progressive approach to ESG investing. Many have become signatories of […]
The Association of Canadian Pension Management is urging the Financial Services Regulatory Authority of Ontario to apply a best practices approach for the pension sector in its information technology risk management guidance. In an open letter to the FSRA, the ACPM said a real-time reporting framework for material IT risk incidents could result in a […]
A resolution to reverse a rule allowing U.S. pension investors to consider environmental, social and governance criteria has been blocked by President Joe Biden. “It would put at risk the retirement savings of people across the country,” the president said after issuing his first-ever veto. Through the office’s veto power, a president may block any […]
A British Columbia court has dismissed an appeal of a Supreme Court of B.C. decision that upheld the B.C. Credit Union Employers’ Pension Plan’s choice to increase its normal retirement date to age 65 from age 62. In its decision, the court found the appeal — brought by a group of plan members — alleged […]
Canada requires clear, consistent guidance on the integration and reporting of sustainability factors into investment decisions, according to a new report from the United Nations-based principles for responsible investment. “There are currently no consistent regulatory requirements for sustainability reporting that apply to all investors and issuers across Canada,” noted the report. “Without such a tool, […]
As the University Pension Plan increases its focus on climate change, its responsible investment policy considers environmental, social and governance factors as essential to sound long-term investing. “We’ve seen a lot of evidence from a variety of service providers — from investment banks to investment managers — that have demonstrated [the climate] is getting warmer […]
Slightly more than a third (35 per cent) of U.S. institutional investors are incorporating environmental, social and governance factors into investment decisions, down from a high of 49 per cent in 2021, according to a new survey by investment consulting firm Callan. The survey, which polled more than 100 institutional investors, found 50 per cent […]