CAAT Pension Plan board chair Don Smith has been suspended, according to media reports.
The move follows the departure of three executives — Mike Dawson, chief financial officer; Asif Haque, chief investment officer; and Evan Howard, chief pension officer — last month.
The triple resignation was first reported by The Globe and Mail, citing an internal staff email.
No reason was given at the time, but the Globe reported Tuesday that the executives had raised concerns with the board about a payout to CEO Derek Dobson and an ongoing personal relationship he had with a CAAT employee.
The $1.6-million payment was approved by the board last year in lieu of vacation time, while the relationship with the employee had been disclosed and sanctioned by the board, according to three sources cited by the newspaper.
In a statement to the Globe, CAAT spokesperson Stephen Hewitt said the personal relationship, which is with an employee that does not report directly to Dobson, was disclosed to the board in November 2024 and subject to a review by external legal counsel. Additional measures were also put in place to avoid conflicts of interests.
Smith’s suspension was at the request of Ontario Public Service Employees Union (OPSEU), which appointed him. The union is a key sponsor of CAAT.
Hewitt told the Globe that OPSEU has the right to remove Smith from the board and has suspended him as its nominee, but said he is still serving as chair “until he is formally removed.”
CAAT did not publicly announce the departures, but OPSEU published a notice it received on Jan. 28 confirming the executives’ resignations.
In the notice, CAAT said it had promoted Kevin Fahey, a 17-year CAAT Investment veteran, as chief investment officer, and that John Baiocco, vice-president of actuarial solutions, would continue to oversee funding and sustainability of the plan.
It also announced an outside appointment, Scott Blakey, as interim executive vice-president and chief people and culture officer. It added it was conducting searches for a new chief people and culture officer and other roles.
CAAT and OPSEU did not immediately respond to a request for comment.
CAAT, a defined benefit pension plan with more than 750 participating members, had $23.3 billion in assets under management at the end of 2024.