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Canada pension fund boss Mark Machin quits after overseas trip for COVID-19 shot

Mark Machin

The head of Canada Pension Plan Investment Board (CPPIB), Mark Machin, has resigned after his trip to the United Arab Emirates for vaccination against COVID-19 flouted Canadian government’s travel advice and drew criticism.

CPPIB on Friday named John Graham, currently senior managing director and global head of credit investments, as the new chief executive officer of the country’s largest pension fund.

Machin, 54, becomes the second senior Canadian corporate executive to resign after attempting to jump vaccine queue, underscoring the frustration among some about the country’s slow vaccine roll out.

“It was a complete lapse of moral judgment which risked undermining people’s trust both in government policy and the stewardship of their public pension provision,” said David Wheeler, a former business professor at York University, adding that “clearly he had to go immediately”.

Covid-19 cases continue to decline

Machin received Pfizer’s PFE.N vaccine shot after arriving in the UAE with his partner this month, the Wall Street Journal reported on Thursday, adding he had stayed on in the UAE and was due to receive his second dose in coming weeks.

“We are very disappointed by this troubling situation and we support the swift action taken by the Board of Directors,” Kat Cuplinskas, press secretary for Canada’s ministry of finance.

CPPIB, which manages C$475.7 billion ($377 billion), is governed independently from the federal government but it reports to a board of directors selected by Canada’s minister of finance. It manages Canada’s national pension fund and invests on behalf of about 20 million Canadians.

Machin did not respond to a Reuters request for comment. Machin, after discussions with the Board, agreed the most appropriate step was to tender his resignation, Michel Leduc, senior managing director and head of public affairs and communications said in a statement to Reuters.

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Source: Reuters