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


Head of Canada’s largest pension fund received COVID-19 vaccine in United Arab Emirates
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Randy Risling/The Globe and Mail
The head of Canada Pension Plan’s investment branch received a COVID-19 vaccine while in the United Arab Emirates, jumping the domestic queue and travelling abroad despite a federal advisory to avoid leaving the country.
Mark Machin runs Canada Pension Plan Investment Board. CPPIB is the country’s largest pension fund and manages $476-billion on behalf of Canadians. ....

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Canada Pension Chief's Vaccine Trip Vexes Trudeau Government

(Bloomberg) Justin Trudeau’s government criticized the head of Canada’s national pension fund for getting a Covid-19 vaccine in the Middle East, as the northern nation struggles to ramp up its own immunization campaign against the virus.Canada Pension Plan Investment Board Chief Executive Officer Mark Machin traveled to the United Arab Emirates to receive a first dose of the Pfizer Inc.-BioNTech SE shot, the Wall Street Journal reported Thursday, citing unnamed people familiar with the matter.“While the CPPIB is an independent organization, this is very troubling,” Katherine Cuplinskas, a spokesperson for Finance Minister Chrystia Freeland, said by email. “The federal government has been clear with Canadians that now is not the time to travel abroad.”The finance department was unaware of Machin’s trip, Cuplinskas said, adding further questions should be raised with CPPIB.Spokespeople for the Toronto-based fund, which has C$475.7 billio ....

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Canada Pension Chief Quits After Vaccine Trip to UAE

(Bloomberg) Mark Machin quit as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a Covid-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.Machin resigned as chief executive officer after discussions with the board on Thursday evening, the C$476 billion ($377 billion) pension fund said in a statement Friday morning. John Graham, the fund’s global head of credit investments, was named to replace him as CEO.Canada’s largest pension fund was thrown into crisis mode Thursday evening when the Wall Street Journal reported Machin’s travel to Dubai. He earned a rebuke from the office of Finance Minister Chrystia Freeland, who rarely comments on CPPIB matters in order to protect the fund’s political independence.Although leaving the country isn’t illegal, Trudeau and his ministers have repeatedly warned residents not to do it and imposed strict rules to discou ....

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