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Keyword: fiduciary duty

22 results found
Copyright_Mikhail Tsikhanovich_123RF

New Brunswick’s new unclaimed property regime, which came into force on Jan. 1, 2022 and is the fourth such provincial regime in Canada, will finally allow defined benefit pension plan sponsors with unlocatable or missing members to fully windup their plans. The governing legislation, the Unclaimed Property Act, received Royal Assent in March 2021, but […]

Low financial literacy and the slow pace of legislative frameworks are among the challenges hindering Canadian DC plans from offering in-plan decumulation options, according to a panel discussion at the event. Speaking during a panel discussion at Benefits Canada‘s 2021 DC Plan Summit, Michael Dodd (pictured, far left), associate vice-president of pensions, treasury and shareholder […]

The U.S. Department of Labor is proposing new rules that would give pension plan fiduciaries the ability to make investment decisions based on environmental, social and governance factors. If adopted, the rules would amend the Employee Retirement Income Security Act of 1974. In its summary of the proposed changes, the Department of Labor said they’d […]

  • By: Staff
  • October 19, 2021 October 21, 2021
  • 11:00
24603574-123RF

Board and executive-level efforts to integrate environmental, social and governance issues into pension plans’ investment strategies are frequently thwarted by unclear guidance from plan sponsors and uncertainty about fiduciary duties, according to a new working paper by the University of Pennsylvania. The paper concluded that efforts to implement ESG criteria in investment decision-making are frequently hamstrung […]

  • By: Staff
  • September 2, 2021 September 2, 2021
  • 09:00
Copyright_Mikhail Tsikhanovich_123RF

The Financial Services Regulatory Authority of Ontario is releasing final interpretation guidance to support the role and responsibilities of pension plan administrators. The guidance, an updated and consolidated version of four previous documents, said the administrator’s role includes responsibility for implementing processes to ensure pension plan risks — such as investment, funding, operational and legal — […]

  • By: Staff
  • July 30, 2021 July 29, 2021
  • 09:00
Copyright_Michal Balada_123RF

Canada’s pension plan sponsors have a fiduciary responsibility to consider climate change in their financial decisions, according to Randy Bauslaugh, counsel for pensions and benefits and executive compensation at McCarthy Tétrault LLP, during a webinar hosted by the Canada Climate Law Initiative and the Canadian Pension & Benefits Institute. “The failure of plan administrators and […]

Institutional investors, regulators and financial standard organizations are calling on Canadian corporations to adopt transparent climate-risk reporting, according to a new report from the C.D. Howe Institute. The report noted corporate directors have the legal and fiduciary duty to act in the best interests of their companies in developing strategies to address climate-related financial risks […]

  • By: Staff
  • February 5, 2021 March 26, 2021
  • 09:54
FSRA issues final guidance on missing pension plan members

Ontario’s pension plan administrators and plan members share the responsibility of maintaining current contact information, according to the Financial Services Regulatory Authority of Ontario’s final guidance on missing plan members. It recommended administrators maintain a records management system and retention schedules that support long-term administration of the pension plan and to exercise care and diligence […]

  • By: Staff
  • December 16, 2020 April 28, 2021
  • 09:00

The Pension Investment Association of Canada is expressing its support for the Financial Services Regulatory Authority of Ontario’s draft guidelines for pension plan sponsors dealing with missing members. In a letter, the PIAC said the draft guidelines would be helpful on a go-forward basis, but also noted plan administrators need more options regarding current missing […]

  • By: Staff
  • September 23, 2020 November 26, 2020
  • 09:30

The Canada Climate Law Initiative is calling into question whether the Canada Pension Plan Investment Board is sufficiently aligning its investments with the transition to a low-carbon economy. In a legal analysis, the organization said the pension fund’s current allocations to high-carbon assets reveal a “troubling incrementalism” within its efforts to mitigate Canadians’ exposure to […]

  • By: Staff
  • September 18, 2020 November 17, 2020
  • 09:20