The CAAT Pension Plan board of directors approved a $1.6-million vacation payout to CEO Derek Dobson last year and sanctioned a personal relationship between Dobson and another employee, The Globe and Mail reported. Three top executives—chief investment officer Asif Haque, chief financial officer Mike Dawson and chief pension officer Evan Howard—departed the firm in January, after reportedly having lost faith in Dobson’s leadership. (The Globe and Mail)

Talking point: Board chair Don Smith was subsequently suspended over the ordeal by the union that appointed him, though he hasn’t been formally removed from the board. The province’s pension regulator is now investigating whether there was a governance failure at CAAT. Spokesperson Stephen Hewitt told The Globe that the board “is aware of concerns” and has appointed an independent expert to review the pension plan’s governance policies, procedures and practices.