CEO Derek Dobson has been placed on administrative leave by the CAAT Pension Plan, according to a media release issued Friday. The move follows the dismissal of the fund’s chair earlier this month and three executives — Mike Dawson, chief financial officer; Asif Haque, chief investment officer; and Evan Howard, chief pension officer — last month.
The Globe and Mail reported that CAAT executives triggered a governance review after learning about a $1.6 million vacation payout to Dobson in lieu of vacation time and a consensual employee relationship that had been disclosed.
“Mr. Dobson’s administrative leave is effective immediately,” according to the CAAT release. “Kevin Fahey, who most recently served as CAAT’s chief investment officer and has spent more than 16 years at the plan, has been appointed as acting CEO.”
Audrey Wubbenhorst has been named chair, and Janet Greenwood has been appointed vice-chair.
“The CAAT board of trustees has determined that these changes are in the best interests of the plan and are necessary to restore stakeholder trust in CAAT’s leadership, governance and plan management,” read the release.
Fahey sits on the Teachers’ Pension Plan Corporation of Newfoundland and Labrador’s investment committee. He’s also a former chair of the Pension Investment Association of Canada.
Both Wubbenhorst and Greenwood have served CAAT as employee-appointed trustees since 2023. Wubbenhorst co-chairs the finance and administration committee. Greenwood co-chairs the investment committee and sits on the governance committee.
“Good governance is the backbone of a pension plan’s stability and strength, and the foundation for trust between the plan and its sponsors, members and all other stakeholders,” Wubbenhorst said in the media release. “The board will carefully consider findings and recommendations of the independent review and remains focused as always on strengthening plan governance to ensure it aligns with industry best practices.”
The CAAT Pension Plan serves more than 800 employers in 20 industries and has more than $23 billion in assets.