CANADA - Trustees of the $1.4bn Canadian Commercial Workers Industry Pension Plan (CCWIPP) claimed they made substantial changes in response to a Financial Services Commission of Ontario investigation into illegal financial dealings (FSCO).
In a statement released to coincide with the regulator's final report, the trustees said most allegations were unfounded. However, the trustees said that they recognised the seriousness of the findings in the FSCO report and had taken substantive actions in response.
The plan was previously offside with respect to pension regulations that restrict permissible quantitative investments in real estate and the securities owned in any one company.
The FSCO found no evidence to support anonymous allegations that trustees or plan officials of the CCWIPP benefited personally or received improper payments from the plan.
The trustees admitted past due diligence processes were not always as rigourous as they could have been for real estate and private equity and claimed this has been corrected.
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