CANADA - Claude Lamoureux will retire as president and CEO of the Ontario Teachers' Pension Plan (OTPP) at the end of the year. He will be replaced by Jim Leech.
Lamoureux has been CEO of OTPP since its inception in 1990, when it was created by the government to replace the Ontario Teachers’ Superannuation Fund. His role was to build up the organisation, grow AuM (then standing at C$19bn of Ontario government bonds) and meet “members’ needs for service”.
Commenting on his departure, Eileen Mercier, chair of the OTPP, said: “[Claude] leaves in place a legacy of member service and investment wisdom that is emulated by other pension plans and funds worldwide.”
Mercier also lauded Lamoureux’s efforts in advocating the need for improved corporate governance: “He put shareholders’ rights on the front page and kept them there.”
Lamoureux’s replacement, Leech, is currently senior vice president at Teachers’ Private Capital, the private investment arm of OTPP, with C$16bn in AuM. He is also a director at Cadillac Fairview, the real estate subsidiary of OTPP.
According to Mercier, the board was unanimous in its appointment of Leech, who has been at OTPP since 2001. He will take over as CEO on 1 December 2007.
As of year end 2006, OTPP had $106bn in AuM. At the end of August, the plan signed a deal to buy 50.8% of a Chilean water company, Empresa de Servicios Sanitarios del Bio-Bio S.A. (ESSBIO), for C$356.5m (US$340m).
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.