The plaintiff, Ian McPherson, was hired as CEO and Ultimate Designated Person (UDP) of Global Growth Assets Inc. and Global RESP Corporation in August 2018.
His primary task was to bring the companies into compliance with Ontario Securities Commission orders following years of regulatory violations.
In January 2019, the board removed Ms. Hanane Bouji (chair and executive) from Mr. McPherson's supervision, reporting directly to the board instead.
Mr. McPherson repeatedly raised concerns that this decision interfered with his UDP obligations under Ontario securities law and violated the Commission's prior orders restricting Mr. Bouji's (the shareholder and Ms. Bouji's father) involvement in the company.
On February 28, 2019, the board terminated Mr. McPherson's employment without cause.
The court found that Global breached Part XXI.2 of the Ontario Securities Act by terminating Mr. McPherson's employment as a reprisal for his protected activity in expressing concerns about violations of Ontario securities law.
The court awarded Mr. McPherson $5,379,808.22 (two times his remuneration from termination to judgment date) plus prejudgment and postjudgment interest.
