Saturday, September 1, 2012

The Canadian Pension Plan Investment Board

  A federal Crown corporation called the "Canadian Pension Plan Investment Board", which operates at arm's length from government, loses billions of Canadian tax dollars a year -  hard earned, public money. On top of that, CPPIB executives have the gall to give themselves bonuses. New Democratic Party of Canada Leader Jack Layton said in the House of Commons that that CPPIB directors did not deserve their bonuses. An Internet article entitled "The Looting of Nations by Pension Privatization" singles out Argentina and Canada as two nations that are being fleeced of their pension benefits. CPP "contributions" are automatically deducted from our pay cheques, so Canadian workers are compelled by law to contribute to this tax.
It is time for Auditor General Sheila Fraser to investigate this Crown corporation, which is mismanaging public money, money that millions of Canadians  need for  retirement income.
The CPP Investment Plan Board appoints its own auditor; essentially, they investigate themselves.
The CPP Investment Board:
  1. Is not an agent of Her Majesty.
  2. Directors, Officers, Employees and Agents are not part of the federal public administration.
  3. CPP Board members/employees cannot be government employees, Senators, MP's or MPP's. (Why not? Ordinary Canadians, the "little people" elect MP's and MPP's so they can be our voice in federal and provincial parliaments, and represent our collective interests. Canada Pension Plan money is OUR MONEY, so we should have a say in:
  • where and how our money is invested. Commercial paper is an unsecured promissory note issued by corporations. A banker would laugh in your face, if you tried to buy a house with an unsecured promissory note, or note payable.
  • how much compensation CPPIB members are entitled to.
  • how many billions of dollars the CPPIB can lose, before the Crown corporation is deemed unsuitable to manage pension money. Many ordinary Canadians have to work at two jobs, they cannot afford to spend time with their children or elderly parents; they are employed in donut shops, gas stations or low-paying  Wal-Mart stores to pay for rent and utilities. This is not Lottery money, or a Las Vegas windfall---show a little respect for  middle and low-income workers in Canada, Pension Board officials. This is not your money to throw away.  I think you are despicable, you have no shame or honour. The sooner the government dismantles the CPPIB, an unaccountable Crown corporation, the better.
  • UPDATE: According to a May 22, 2008 article "CPP Investment Board loses $23.6B - thestar.com" by James Daw, the Board refuses to pull out of the stock market, despite staggering losses. No wonder politicians are forcing "the little people" to wait until they are 67, before they are entitled to full pension benefits. No wonder politicians are saying the CPP is unsustainable. I have a few suggestions, for the highly-paid MP's who represent 33 million Canadians: tell the CPP board members they have to earn their bonuses; get our money out of volatile stock investments; call in the Auditor General of Canada and follow the money.
 NDP Leader Jack Layton always cared about, and fought for Canadians who were denied pension benefits, including thousands of employees of a high-technology company that went bankrupt.

No comments:

Post a Comment