Head of Canada’s largest pension fund flew to United Arab Emirates for COVID-19 vaccine

Head of Canada’s largest pension fund flew to United Arab Emirates for COVID-19 vaccine

The head of Canada Pension Plan’s investment arm flew to the United Arab Emirates to receive a COVID-19 vaccine, jumping the domestic queue and travelling abroad despite a federal advisory to avoid leaving the country.

Mark Machin runs the Canada Pension Plan Investment Board, which manages $476-billion on behalf of Canadians. The fund is a federal Crown corporation, but operates independently from the federal government with its own board of directors who are selected by the federal finance minister.

Mr. Machin received his vaccine in Dubai, and is still there with his partner. The vast majority of Canadians are waiting for their vaccinations, with some provinces just beginning to roll out plans to inoculate people in the general population who are 80 years or older.

Late Thursday, the CEO sent an internal memo to CPPIB staff acknowledging that he took a personal trip and was in Dubai for a number of reasons, some of which were “deeply personal.”

Mr. Machin said the trip was supposed to be “very private” and that he was disappointed it has become the focus of “expected criticism.” He added that he regrets any criticism of CPPIB that could come from it.

Finance Minister Chrystia Freeland’s press secretary, Katherine Cuplinskas, said it is concerning that Mr. Machin received the COVID-19 vaccine while in the Middle East. Mr. Machin’s trip was first reported by The Wall Street Journal Thursday evening.

“While the CPPIB is an independent organization, this is very troubling,” Ms. Cuplinskas said. “The federal government has been clear with Canadians that now is not the time to travel abroad. We were not made aware of this travel and further questions should be directed to the CPPIB on this matter.”

CPPIB did not return a request for comment from The Globe.

Mr. Machin, who is British-born, flew to the U.A.E. this month to receive his first vaccine dose, according to the Wall Street Journal. It is not illegal for Canadian residents to travel abroad, but the federal government has issued a global advisory to avoid all non-essential travel outside Canada.

Mr. Machin joined CPPIB in 2012 and became head of its international operation a year later, making him responsible for advisory relationships and investment activities outside of Canada. He became CEO in mid-2016.

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Published at Fri, 26 Feb 2021 01:33:17 +0000