North America

CANADA - Alberta has become the first province to allow its pension funds the permanent right to use letters of credit (LOC) to fund solvency deficiencies.

CANADA - The majority of pension plans are failing to give investment managers direction on proxy voting, a survey from the Shareholders Association for Research and Education (SHARE) has found.

CANADA - A dozen schools have yet to ratify a deal agreed between the Alberta Teacher's Association (ATA) and the provincial government in order to cover a CAN$4.6bn liability in the Teacher's Pension Plan.

CANADA - Quebec has had its financial outlook rating for long-term foreign and currency debt upgraded to 'positive' from 'stable' by Fitch Ratings, despite rising debt levels and high pension liabilities.

CANADA - Longevity rates are set to slow and mainly affect older people in coming years, according to the chief actuary of the Canadian Pension Plan (CPP), Jean-Claude Ménard.

CANADA - The Ontario Teachers' Pension Plan Board (OTPP) has submitted a bid for a C$84m (US$84m) stake in oil and gas company NuVista Energy.

CANADA - The Canadian Pension Plan (CPP) Investment Board has defended its decision to invest in asset backed commercial paper (ABCP) and cited market confusion as an opportunity to make money.

CANADA - Workers have won legal protection for their wages and pension contributions when their employer goes bankrupt, following the approval of a new Bill.

CANADA - Drugmaker Biovail Corporation has agreed to pay US$138m to settle a securities fraud class-action suit led by the Ontario Teachers' Pension Plan (OTPP) board.

CANADA - A proposal to merge Montréal Exchange (MX) and Toronto Stock Exchange (TSX) has been met with calls for a public hearing by pension fund Caisse de dépôt et placement du Québec.