A recent article in the Globe and Mail reports:
Stephen Griggs alleges he was let go from pension plan after trying to rein in ‘lavish spending’ at fund’s private equity group
“The former CEO of the Ontario government’s employee pension fund has filed a wrongful dismissal lawsuit, alleging he was terminated after trying to rein in “lavish spending” at the fund’s autonomous and high-flying private equity investment group.”
“Mr. Griggs’ lawsuit alleges he was fired after members of the fund’s private markets division lobbied for his dismissal because they were angered by his attempts to review their operations and curtail the division’s “lavish spending”. He alleges he was trying to bring the private markets team under more centralized control because it was operating with little oversight.”
“The lawsuit says the fund’s private management group or PMG had little oversight and could make any size investment without board approval. It has separate computer and data systems, and “in effect operated as an autonomous entity”.
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