The chair of the CAAT pension plan’s board of trustees, Don Smith, has been officially ousted as a governance crisis at the plan continues.
On Thursday, CAAT spokesperson Stephen Hewitt confirmed Smith’s formal removal by the members of the plan’s Sponsors’ Committee. Comprised of eight members, the committee represents the interests of the groups who appoint them.
The board of trustees will select a new chair later this month, Hewitt said.
Smith had been recently suspended by the Ontario Public Service Employees Union (OPSEU) as its nominee on the board, but remained as a trustee until now.
In a statement Wednesday, OPSEU said Smith was being investigated for potentially breaching “the policies and procedures of the plan.”
The union also called on the College Employer Council (CEC) to probe the actions of their appointed trustee to the board, vice-chair Kareen Stangherlin.
Board members of CAAT, which serve 125,000 members from more than 800 employers (including the Toronto Star), have been under public scrutiny in light of the sudden departure of three senior executives last week.
Smith is alleged to have overseen the approval of a $1.6-million vacation payout to the plan’s CEO, Derek Dobson, and sanctioned Dobson’s relationship with a coworker.
Smith and Stangherlin could not immediately be reached for comment.
This is a developing story.
