Former Pan Am CEO gets $525K as CEO of Ontario pension corporation

TORONTO - The man the Liberal government brought in to fix problems with Toronto's Pan Am Games committee will head the agency overseeing the Ontario Retirement Pension Plan.

See Full Article

Saad Rafi, who had also been a deputy minister in several government departments, will be paid $525,000 as CEO of the ORPP Administration Corporation, and will be eligible for an annual performance bonus of up to 25 per cent.

The government says Rafi will focus on building the administration corporation and delivering on its mandate to implement the provincial pension plan, with deductions from paycheques and contributions by employers scheduled to begin next January.

However, it could not point to any pension plan experience in Rafi's resume, which also includes time as an equity partner with Deloitte, a professional services firm.

Finance Ministry spokesman Scott Blodgett says pension and investment knowledge is important for the organization once it's established, but adds there are distinct skills needed for the start-up phase which the board knows that Rafi can provide.

Rafi will be responsible for developing the corporation's organizational structure and overseeing the set-up of the infrastructure and technology needed to administer the new pension plan.



Advertisements

Latest Economic News

  • Onex Corp. to buy venue manager SMG Holdings for undisclosed price

    Economic CTV News
    TORONTO -- Onex Corp. (TSX:OCX) says it has agreed to acquire a U.S. company that manages hundreds of sports, entertainment and business venues including Soldier Field, home to the NFL's Chicago Bears. The Toronto-based private equity company didn't disclose how much it will pay for privately held SMG Holdings Inc. Source
  • Apple buys music identifying app Shazam

    Economic CBC News
    Shazam has been valued at roughly $1 billion US. (Simon Dawson/Bloomberg) Apple is buying Shazam, a popular app that identifies music for users by listening to a short snippet of it. Technology website Techcrunch first reported on the possibility of the merger last week before Apple made it official in a statement Monday. Source
  • Securities-related trial underway in Montreal for ex-Amaya CEO David Baazov

    Economic CTV News
    MONTREAL -- The securities-related trial of former Amaya CEO David Baazov and others accused of insider trading is underway at the Montreal courthouse. It is opening with a request by the defence to have the case tossed due to unreasonable delays in getting evidence. Source
  • Stay request at insider trading trial for ex-Amaya CEO David Baazov, others

    Economic CTV News
    MONTREAL -- Even before the first witnesses could be heard at a rare insider trading case that involves former Amaya CEO David Baazov and others, lawyers representing the accused attemped Monday to have the charges stayed. Source
  • Calgary-based water pipeline company accepts $509M offer from New York partner

    Economic CTV News
    CALGARY -- A Calgary-based water pipeline technology and inspection company says it has agreed to be sold for more than half a billion dollars to New York-based Xylem Inc. Pure Technologies Ltd. says the offering price of $9 per share or $509 million in cash is more than double its closing share price last Friday. Source
  • Of government and golf courses: Mulroney's East Coast experiment, 30 years later

    Economic CTV News
    HALIFAX -- Ben Cowan-Dewar was a bright-eyed 25-year-old entrepreneur when he visited Inverness, N.S., and saw a jaw-dropping landscape fit for a luxury golf course. Past the abandoned mines and hardscrabble edges of the Cape Breton village, he envisioned a boutique 18-hole course and upscale resort perched atop craggy cliffs. Source
  • Bitcoin futures contract flirts with $19K US, even as current price hovers near $16K

    Economic CBC News
    After jumping out of the gate, the first bitcoin futures contracts to trade on a mainstream exchange stabilized on Monday at around $18,000 US. The Chicago Board of Options Exchange started trading a bitcoin derivative contract on Sunday evening. Source
  • Lyft starts global expansion with Toronto service launch Tuesday

    Economic CTV News
    TORONTO - Ride-hailing service Lyft will launch its service in Toronto on Tuesday, marking its first expansion outside the United States. The addition of Lyft brings increased competition to Uber in Canada's largest city. Source
  • Will misconduct scandals make men wary of women at work?

    Economic CTV News
    NEW YORK -- Some women, and men, worry the same climate that's emboldening women to speak up about sexual misconduct could backfire by making some men wary of female colleagues. Forget private meetings and get-to-know-you dinners. Source
  • CRA's new Postal Code Project targeting richest homeowners

    Economic CTV News
    With the release of the Panama and Paradise Papers, the headlines have been filled with world celebrities engaging in offshore tax evasion. But Canada has its own problem with tax evaders who engage in “creative bookkeeping,” which is why the Canada Revenue Agency has launched a new initiative to crack down. Source