The Public Fiduciary: Emerging Themes in Canadian Fiduciary Law for Pension Trustees

Canadian Bar Review, Vol. 91, No. 1, pp. 163-209, 2012

Osgoode CLPE Research Paper No. 24/2013

48 Pages Posted: 24 Feb 2013 Last revised: 23 May 2013

Edward J. Waitzer

York University - Osgoode Hall Law School; York University - Schulich School of Business; Stikeman Elliott LLP

Douglas Sarro

Sullivan & Cromwell LLP

Date Written: February 22, 2013

Abstract

As society increasingly faces governance challenges at all levels, there is a growing recognition of the need to take a longer term and more systemic view of fiduciary obligations. We begin this article with a summary discussion of how fiduciary duties have developed and been applied in the pension fund context. We then review the efforts of the Supreme Court of Canada to develop a broader conceptual framework for fiduciary duties and consider steps that might be taken to address and mitigate liability in respect of these duties in the context of pension fund administration. We conclude by considering the trajectory of the law and how it appears to be positioning fiduciaries with public responsibilities and, in doing so, could alter legal and governance precepts.

Suggested Citation

Waitzer, Edward J. and Sarro, Douglas, The Public Fiduciary: Emerging Themes in Canadian Fiduciary Law for Pension Trustees (February 22, 2013). Canadian Bar Review, Vol. 91, No. 1, pp. 163-209, 2012; Osgoode CLPE Research Paper No. 24/2013. Available at SSRN: https://ssrn.com/abstract=2222836 or http://dx.doi.org/10.2139/ssrn.2222836

Edward J. Waitzer (Contact Author)

York University - Osgoode Hall Law School ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
416 869 5587 (Phone)

York University - Schulich School of Business

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Stikeman Elliott LLP

5300 Commerce Court West
199 Bay Street
Toronto, ON M5L1B9
Canada

Douglas Sarro

Sullivan & Cromwell LLP ( email )

125 Broad Street
New York, NY 10004-2498
United States

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