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Word document PIAC - The First 30 Years
The Modern PIAC: 2000 To Present
PIAC continues to fulfill its mission “to promote sound investment practices and good governance for the benefit of pension plan sponsors and beneficiaries.”
To accomplish its mission, PIAC continues to pursue several goals, including:
- Communications – To ensure that all members are aware of all PIAC activities and that PIAC positions are effectively communicated to external audiences
- Investment Practices – To evaluate and promote sound standards and practices pertaining to investment of pension assets
- Government Relations – To monitor and evaluate federal and provincial activities, laws, and regulations pertaining to the investment of pension assets and to advocate appropriate changes proactively wherever possible
- Corporate Governance – To develop, monitor, and promote sound standards of corporate governance in Canada
- Member Services – To promote a high level of member professional awareness and competence through appropriate programs and services
As well, the modern PIAC has undertaken a number of initiatives to meet the needs of its members.
It now holds two conferences each year and can depend on 50 per cent to 60 per cent of its membership to participate at one or both conferences.
It now offers seminars on key investment issues.
As a national voice, it has been involved in many advocacy issues with regulators and legislators over the past 30 years. It was a leading proponent for the elimination of the 30 per cent foreign property rule and has written a submission to the Canadian Securities Administrators (CSA) on executive compensation proposals. This year, it plans to meet with the Ontario Expert Pension Commission in October to present its views on changing Ontario pension legislation for Defined Benefit pension plans and is developing a submission to the government of Canada to help minimize negative tax impacts related to non-resident trusts.
In 2007, it re-released its own corporate governance standards which were first developed in 1993. These are regularly updated to reflect current standards. In 1997, it issued its model for effective pension plan governance, a tool which sponsors still use to make sure their governance practices are working.
For more information on PIAC, visit www.piacweb.org,
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Views From The Chair
Terri Troy has the distinction of being the chair of Pension Investment Association of Canada (PIAC) during its 30th anniversary year.
As the chief executive officer of the Halifax Regional Municipality Pension Plan, she is responsible for all aspects of the pension plan including governance, risk management, asset/liability management, pension administration, and member service. She shares some of her thoughts on PIAC.
Q: What is the benefit to you of being in PIAC?
TT: I have benefited enormously from PIAC. PIAC helps me do my job better.
When I started in the pension industry in May 2000, my boss encouraged me to speak to other PIAC members in order to quickly learn about key issues facing the pension industry. I was immediately impressed by PIAC members’ pension knowledge and, more importantly, their willingness to help other members. In my 20-year career in the financial services industry, I have never been exposed to an organization as unique as PIAC. Year in and year out, I continue to get significant value for the membership fees paid. I haven’t stopped learning.
PIAC members learn how to improve returns, reduce risk, and reduce costs. Information is exchanged via conferences, seminars, presentations, and ongoing networking either in person or via PIAC’s on-line information exchange.
Q: What are the big challenges PIAC is facing?
TT: Many pension funds face funding challenges. This is due to a number of factors including the uncertainty of surplus ownership, Income Tax Act limits that restrict the amount of tax deductible contributions that can be put in a pension plan, and restrictive funding rules that require plan sponsors to manage long-term pension plans in a short-term environment. PIAC encourages CAPSA to adopt recommendations made by PIAC in its submissions to regulatory bodies. These recommendations will help maintain and encourage the growth of Canadian pension plans.
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