Bill C-361
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C-361
Second Session, Fortieth Parliament,
57-58 Elizabeth II, 2009
HOUSE OF COMMONS OF CANADA
BILL C-361
An Act to amend the Public Sector Pension Investment Board Act (reduced risk)
first reading, April 20, 2009
Mr. Marston
402237
SUMMARY
This enactment amends the Public Sector Pension Investment Board Act to provide that the Board shall only make investments that have a low risk of loss. The enactment also provides for additional information to be included in the annual report of the Public Sector Pension Investment Board.
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http://www.parl.gc.ca
http://www.parl.gc.ca
2nd Session, 40th Parliament,
57-58 Elizabeth II, 2009
house of commons of canada
BILL C-361
An Act to amend the Public Sector Pension Investment Board Act (reduced risk)
1999, c. 34
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Paragraph 4(1)(b) of the Public Sector Pension Investment Board Act is replaced by the following:
(b) to invest its assets with a view to achieving a maximum rate of return, with a low risk of loss, having regard to the funding, policies and requirements of the pension plans established under the Acts referred to in paragraph (a) and the ability of those plans to meet their financial obligations.
2. Section 32 of the Act is replaced by the following:
Investment policies, standards and procedures
32. (1) Subject to the regulations, the board of directors shall establish, and the Board and its subsidiaries shall adhere to, investment policies, standards and procedures that a person of substantial prudence would exercise in dealing with the property of others.
Equity investments
(2) For greater certainty, the only equity investments that the Board may make are in investment funds that are linked to a stock market index prescribed by order of the Minister.
3. Subsection 48(4) of the Act is amended by adding the following after paragraph (f):
(f.1) a statement identifying the risk param- eters applicable to each investment made by the Board in the financial year that includes the Board’s assessment of what constitutes an acceptable level of risk for each investment;
(f.2) a statement that disaggregates each investment made by the Board and identifies the benchmarks used to measure the perform- ance of each investment;
Published under authority of the Speaker of the House of Commons
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