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The Ontario Teachers’ Pension Plan logo is seen in this file photo.
The Ontario Teachers’ Pension Plan logo is seen in this file photo.

Ontario Teachers fears political interference at Infrastructure Bank Add to ...

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A major Canadian pension fund is raising strong concerns over the independence of the proposed Canada Infrastructure Bank, warning it could be vulnerable to political interference unless legislative changes are made.

Andrew Claerhout, who leads the infrastructure-investment division of the Ontario Teachers’ Pension Plan Board, is suggesting changes to the federal legislation creating the $35-billion bank that would soften cabinet’s power to fire the bank chief executive officer and its directors. Mr. Claerhout is also expressing concern with a structure advanced this week by Finance Minister Bill Morneau, who said cabinet would play a role in selecting specific projects. Mr. Claerhout argued that independence and expertise are needed to avoid political interference, while also fending off private-sector “wolves,” who will be hunting for a slice of the bank’s money.

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