CAPSA Governance Principles
CAPSA is the Canadian Association of Pension Supervisory Authority
The plan administrator has fiduciary and other responsibilities to plan members and beneficiaries. The plan administrator may also have fiduciary and other responsibilities to other stakeholders
The plan administrator should establish governance objectives for the oversight, management, and administration of the plan.
Roles and Responsibilities
The plan administrator should clearly describe and document the roles, responsibilities, and accountability of all participants in the pension plan governance process.
The plan administrator should provide for the establishment of performance measures and for monitoring the performance of participants who have decision making authority in the governance process.
Knowledge and Skills
The plan administrator, directly or with delegates, has a duty to apply the knowledge and skills needed to meet governance responsibilities.
Access to Information
The plan administrator and, as necessary, any delegates should have access to relevant, timely and accurate information.
The plan administrator should provide for the establishment of an internal control framework, commensurate with the plan's circumstance, which addresses the pension plan's risk.
Oversight and Compliance
The plan administrator should provide for the establishment of appropriate mechanisms to oversee and ensure compliance with the legislative requirements and pension plan documents and administrative policies.
Transparency and Accountability
The plan administrator should provide for the communication of the governance process to plan members, beneficiaries and other stakeholders to facilitate transparency and accountability.
Code of Conduct and Conflict of Interest
The plan administrator should provide for the establishment of a code of conduct and a policy to address conflicts of interest.
The plan administrator should conduct a regular review of its plan governance.