Briefing

Barbara Zvan named inaugural president and CEO of the University Pension Plan Ontario

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The UPP was established on January 1 as a jointly sponsored pension plan meant to “enhance the long-term sustainability of Ontario university pension plans.” It will replace five pension plans worth approximately $10 billion in assets in place at Queen’s University, the University of Guelph and the University of Toronto, with plans to serve other Ontario universities. (The Logic)

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Talking point: Before taking the job, Zvan was the chief risk officer at the Ontario Teachers’ Pension Plan, a position she left in February after almost 25 years with the fund. She was one of four members of a federal expert panel on sustainable finance that was created in 2018. The panel—chaired by Tiff Macklem, now Bank of Canada governor—delivered a final report last summer, urging Canadian businesses to enforce standards for tracking and reporting on how climate change could impact businesses and make routine climate disclosures to investors. According to a UPP spokesperson, there are approximately $25 billion in assets across 32 pension plans up for grabs in the Ontario university sector. UPP still needs to be approved by the Financial Services Regulatory Authority of Ontario and the Canada Revenue Agency. It expects the fund to be operational by July 1, 2021.