Mark Machin resigns as CEO of Canada Pension after vaccination trip


Mark Machin

Photographer: Simon Dawson / Bloomberg

Mark Machin resigned as director of The Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a Covid-19 vaccine, challenging the Justin Trudeau government’s guidance to avoid international travel.

Machin tendered his resignation after discussions with the board last night, said the C $ 476 billion ($ 377 billion) pension fund in a statement on Friday morning. John Graham, the fund’s global chief investment officer, has been appointed to replace him as chief executive officer.

The office of Finance Minister Chrystia Freeland had criticized Machin after the Wall Street Journal. revealed the trip Thursday night. The northern nation is still struggling to intensify its own immunization campaign against the virus.

Although leaving the country is not illegal, Trudeau and his ministers have repeatedly warned residents not to do so and have imposed strict rules to discourage travel, including hotel quarantines for those returning from international locations. Canadian airlines canceled all flights to several popular destinations, including Mexico.

‘Very worrying’

Machin’s trip threatened to turn into a political headache for Trudeau. CPPIB’s senior executive reports to a government-appointed board, but the directors are entrepreneurs, including Nutrien Ltd. CEO Chuck Magro and Royal Bank of Canada President Kathleen Taylor, not political figures.

The government’s policy is to avoid political interference in the affairs of CPPIB. But there is growing impatience with the pace of the vaccine launch in Canada, which has been the slowest among the Group of Seven countries except Japan, and there is little public tolerance towards public officials who are seen as jumping the jackpot. line.

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