The Government will consult with provinces on permitting qualified persons who are not resident in Canada to serve on the board of directors of the Canada Pension Plan Investment Board.
The Canada Pension Plan Investment Board (CPPIB) has become one of the largest pension funds in the world, with total assets of $172.6 billion as at December 31, 2012. In prudently managing these funds for the benefit of current and future plan members, the CPPIB invests a significant proportionof its assets outside of Canada. Currently, only Canadian residents can serve on the CPPIB’s 12-person board of directors. At this stage of its evolution, the CPPIB’s board of directors might benefit from having access to the international talent pool. The Government will therefore consult provinces on permitting a limited number of qualified persons who are not resident in Canada to serve on the board of directors of the CPPIB, and if there is sufficient support, introduce the necessary changes to the Canada Pension Plan Investment Board Act. The Government is committed to ensuring the proper management and ongoing sustainability of the Canada Pension Plan. The Government proposes to make the necessary amendments to ensure that the Canada Revenue Agency can accurately identify, calculate and reimburse overpayments made to the Quebec Pension Plan (QPP) in a given year by QPP contributors living outside of Quebec.