M. Elizabeth Greville

Following a decision affirming the Superintendent's Notice of Proposal regarding a partial wind-up report, the interested party sought an award of costs against the company.

The interested party argued that the company was wholly unsuccessful and caused unreasonable delays by advancing frivolous positions.

The Tribunal dismissed the request for costs, finding that the company's arguments were reasonable and necessary for the hearing, and that its conduct was consistent with its fiduciary duty as plan administrator.

The applicant company initiated a voluntary partial wind-up of its pension plan following a plant closure and restructuring.

The company excluded its former President and CEO from the wind-up group, arguing he was terminated for cause following a corporate takeover, not as a result of the plant closure.

The Superintendent of Financial Services issued a Notice of Proposal refusing to approve the wind-up report unless the former executive was included.

The Financial Services Tribunal affirmed the Superintendent's proposal, finding that the executive was terminated during the defined partial wind-up period and the company failed to demonstrate his termination was not a result of the restructuring.

The Tribunal also rejected the company's argument that the Superintendent was functus officio.