In the memo viewed by
"This was a very personal trip and was undertaken after careful consideration and consultation," the memo reads.
CPP Investments declined to specify why Machin travelled or whether the board had approved the trip in advance as part of the consultation process.
In Friday statements, CPP Investments said the incident "unfolded very quickly" and resulted in the board appointment of
"The board will want to reflect on these events, carefully. That’s to be expected," wrote spokesperson
The federal government's advisory asking Canadians to avoid all non-essential travel outside the country has been in place for almost a year. This month,
The advisories and measures, however, have not stopped several prominent Canadians from heading abroad or making special trips to secure a vaccine ahead of schedule.
Former
They were ticketed for violating the territory's Civil Emergency Measures Act, which carries fines of up to
Incidents such as these have led companies to create policies that require board permission for executives to travel or even removing to locations beyond corporate headquarters, said
Machin alluded to CPP Investments policies in his message to staff but the fund did not respond to a question about its policies around executive travel.
Executives are closely associated with the brand of an organization even when they're not at work, so Leblanc said they have to manage reputational risk for the company and its board of directors at all times.
"You shouldn't have to say to a CEO, 'We can't jump the queue (for the vaccine),' but certainly, you need to come to the board when you have any non-essential travel requests," he said.
"That's not inappropriate because ... you have a succession issue if you have to fire your current CEO and boards don't want to get caught flat-footed."
Machin's compensation for the 2020 fiscal year was
The move to appoint Graham, previously
What Machin, who is in his mid-fifties, did isn't illegal, but is "troubling" because
The
The
There doesn't appear to be a compelling reason for Machin to get the vaccine early, said Leblanc.
"In other words, he's not a front-line worker, he doesn't appear to be at risk."
Also, there are plenty of recent examples of the professional troubles that can result from travelling amid a pandemic that should have acted as a deterrent, said Leblanc.
The former CEO of the
Former
A spokeswoman for Finance Minister
"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."
CPP Investments, which had
This report by
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