Pension Forum Held for Union Activists

MFL and SHARE teamed up to help prepare union members for participation in pension plans.

The 2009 Manitoba Pension Forum held on February 12 was the first of what the MFL hopes will be an ongoing series of educational sessions for union pension activists. There will be a need to have well educated unionists ready to take their places on Manitoba registered pension plans when the provincial legislation passed in 2005 is finally proclaimed. The new Manitoba Legislation will require the participation of workers in such pension plans.

The forum was attended by unionists from both public and private sector unions. Most participants were attending their first pension conference.

In her opening comments, MFL President Darlene Dziewit said "The global economic crisis was created by and through corporate greed. Working people were victimized by that corporate greed. That's why it's important to ensure that the labour movement has activists who are well versed in pensions. We need to defend our members interests, since we cannot rely on Bay Street and Wall Street to do it for us."

Three individuals with extensive knowledge of pension plans and investments gave presentations to the attendees. Each managed to take very complicated topics and provide information in a way that made it understandable to both new and more experienced forum participants.

Simon Archer, a lawyer with the Toronto law firm of Koskie Minsky gave a presentation on Fiduciary Responsibilities. Manitoba's Auditor General, Carol Bellringer, conducted an excellent session on Governance. And Darlene Himick (right), from the University of Calgary, made a presentation on Investment Practices.

It was an day cram packed with information about pension plans and investments, with even the lunch hour being used to provide valuable knowledge to the participants. Andrew Swan (left), Minister of Competitiveness, Training and Trade, was the first of two lunch hour speakers. Minister Swan spoke about the state of pension plans in Manitoba. He announced, on behalf of Labour Minister Nancy Allan, that the long awaited new pension legislation regulations would be finalized following consultation with stakeholders. Once the regulations are completed the legislation will be proclaimed in the spring.

David Levi, CEO GrowthWorksCapital
"Economies are driven by you and I buying things. In North America, 60 to 80 per cent of the economy is consumer driven. For most people, their largest monthly payment is their mortgage payment - and their second largest payment is energy costs - electricity, gasoline and so on."

"Interest rates are down - gas prices are down - the average American probably has $400 or $500 more in their pocket this month than they had four or five months ago. As soon as they figure out the lending arrangemnents, that $400 or $500 a month represents $10,000 or $20,000 worth of purchases - Americans are addicted to their credit."

"By the end of the year, we'll see some small recovery."

Following Swan's talk, the Forum's Keynote address was given by David Levi, CEO of GrowthWorksCapital. Levi provided an excellent analysis of the current global economic situation and how that will affect pension plans. His observations were both timely and welcomed by those who were in attendance.

The MFL wants to acknowledge the work done by SHARE to make this Forum a success. Both Peter Chapman, the Executive Director of SHARE, and Brooke Sundin, their Pension Program Director attended the Forum. They were of great assistance.

SHARE, the Shareholder Association for Research and Education, is a social enterprise that coordinates and implements responsible investment practices. Since its creation in 2000, SHARE has carried out this mandate by providing active ownership services, including proxy voting and shareholder engagement services as well as education, policy advocacy and practical research on emerging responsible investment issues.

Share is dedicated to improving institutional investment practices that protect the long-term interests of investors, working people, communities and society in general. By implementing responsible investment policies, institutional investors play an important role in building a healthy economy, society and environment - elements that are essential for long-term investment returns and a high quality of life.