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Buschau Saga Continues: OSFI’s Refusal to Order Plan Termination Unreasonable
On September 11, 2008, the Federal Court of Canada released its decision in the ongoing case of Buschau v. The Attorney General of Canada and Rogers Communications Inc. The FCC allowed the judicial review of a previous decision of the Superintendent of the Office of the Superintendent of Financial Institutions, and held that the Superintendent’s decision to not terminate a closed pension plan was unreasonable. In the latest judicial pronouncement in this pension dispute, which has been before courts and regulators for over a decade, the FCC returned the matter to the Superintendent for re-determination. An appeal of this decision could clarify the legitimacy of extended contributions holidays and determine the weight that should be given to the intentions of the plan sponsor.
The CSA Releases Final Rules for Executive Compensation Disclosure Statements
On September 18, 2008, the Canadian Securities Administrators issued the final amendments to Form 51-102F6, Statement of Executive Compensation and Consequential Amendments. All companies likely have some work to do to comply with the new disclosure rules and they need to start reviewing and updating their executive compensation accounting and disclosure policies now in order to comply with the new rules by the 2009 proxy season.
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