Pension Fiduciaries and Public Responsibilities: Emerging Themes in the Law

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Rotman International Journal of Pension Management. Volume 6, Issue 2 (2013), p. 28-37.


Fiduciary; governance; Intergenerational Equity; Pension Fund; Prudent Person Standard; Social Norms


As society increasingly faces governance challenges, recognition is growing that a longer-term and more systemic view of fiduciary obligations is needed. This article reviews the singular efforts of the Supreme Court of Canada to develop a broader conceptual framework for such duties. Looking beyond Canada, we then consider, in the context of pension fund governance and administration, steps that might be taken to address and mitigate liability in respect of such duties. We also consider the trajectory of the law and how it appears to be positioning pension fiduciaries with public responsibilities that could alter legal and governance precepts.

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