"The average Canadian pension plan has realized a robust 15.8 per cent annualized return over three years" with a return of 14.9 per cent over the past year, McDougall said.
Ontario Teachers' Pension Plan has called for benefit cuts and a hike in member contributions. Pension funds continue to do well in first quarter
Teachers last month reported investment income of C$14.1 billion ($12.4 billion) for 2005. Its net assets were C$96.1 billion, making it a mammoth on the Canadian investing landscape.
On Friday, union negotiator Brock Suddaby took aim at compensation paid to Claude Lamoureux, the plan's chief executive.
According to Teachers' annual report, Lamoureux made C$5.54 million in total compensation for 2005, including salary, bonus, and payments under a long-term incentive plan, as well as other compensation. This was an increase of almost C$1 million from 2004.
"The CEO ... made more money last year than our members will make in their entire lifetimes," Suddaby said in a statement. "He made as much money in 2005 as 100 of our members. Yet he has the gall to demand a longer work week from our members. He has the gall to demand that a portion of staff pay be allotted to individuals hand-picked by management." Strike set at Ontario Teachers Pension Plan
Critics say that Canadians earning between $10,000 and $85,000 annually who don't have children under six years old would be better off under the Liberal income-tax breaks enacted last November than they would be under the one-percentage-point GST cut and targeted measures the Tories pledged in the recent election campaign.
That's because this group doesn't benefit from the annual $1,200-a-child daycare payment the Tories are giving to parents with children under 6.
The Conservatives are working this weekend in hopes of shortly finalizing the budget, expected to be delivered the week of May 2, and are still considering measures that might offer Canadians additional tax relief, sources say.
Fonberg, and assistant deputy ministers Robert Dery, Michael Martin and Ken Sunquist were among the eight senior staffers who travelled to meet with Emerson between Feb. 19 and Feb. 23.
At the time, Emerson was weathering a political storm over his decision to join the Conservative cabinet as minister of international trade after having won election as a Liberal in Vancouver-Kingsway.
ADDING UP COST OF OFFICIALS' TRAVEL
Federal International Trade Minister David Emerson approved the travel of eight senior staff members to Vancouver to brief him on key files including:
- Robert Fonberg, deputy minister: Expenses, $3,506.08
- Robert Dery, acting assistant deputy minister and chief trade commissioner: Expenses, $3,172.04
- Michael Martin, assistant deputy minister: Expenses $3,381.58
- Ken Sunquist, assistant deputy minister: Expenses $3,862.53
So, it is not correct to say that oil prices go up because of shortage or war. The fact is that there is more production of oil today than was the case some 10 years ago. The production is going up, the consumption is going up, but refinery capacities are not increasing in a matching way.
More important is the fact that the industrialized world does not have enough refineries, even as they have access to oil. More shipments to the US, for example, alone will not help, as long as the country does not increase and upgrade its refining capacity. Increasing the refinery capacity is not easy, for the reason that it would have to be done in tandem with the environment standards set by the country. Pollution is a big issue for the developed world in particular, also the reason why those countries use mostly light crude in their refineries.
Dear readers, some are however tempted to see a coincidence between the oil price rise and the Bush presidency. If Bush won the elections with the backing and support of the Texas oil companies, it would also be that he created the necessary conditions for them to make extra gains during his presidency, is how the argument goes. Nothing can be ruled out in politics.
