Keith Ambachtsheer, emeritus director of the International Centre for Pension Management, remarked on the decision: 'In my history of being in this space, it’s unique... a departure certainly in the eyes of not just Canada, but the world.' He emphasized that the incident speaks to broader standards of governance in the pension landscape, suggesting that the recent actions will be noted internationally as an alarming deviation from established practices.
The Canadian pension model has been esteemed globally, rooted in independence. As Keith Ambachtsheer pointed out, 'The Canadian pension model, pioneered by the Ontario Teachers’ Pension Plan during the 1990s, is based on the principle that funds should be managed independently of both governments and unions and free of political interference.' This model has encouraged robust governance and fiscal responsibility.
Ambachtsheer further noted that despite political complaints about fund managers' high salaries, the independent Canadian system validates these costs. He stated, 'The politically independent Canadian system justified them with returns that have not only more than covered pension obligations, but have also sometimes allowed pension contributions by employees to be lowered.'
Commenting on Alberta's recent governance changes, Ambachtsheer categorized it as 'Soviet style.' He reflected, 'I’ve talked to people from Australia to the U.K. about what’s going on,' signaling a concern that the independence and effectiveness of pension governance could be compromised by such political interferences.
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