The Public Fiduciary: Emerging Themes in Canadian Fiduciary Law for Pension Trustees

Associety increasingly faces governance challenges at all levels, there is
a growing recognition of the need to take a longer term and more
systemic view of fiduciary obligations. We begin this article with a
summary discussion of how fiduciary duties have developed and been
applied in the pension fund context. We then review the ef orts of the
Supreme Court of Canada to develop a broader conceptual framework
forfiduciary duties and considerstepsthatmight be taken to address and mitigate liability in respect of these dutiesin the context of pension fund administration. We conclude by considering the trajectory of the lawand
how it appears to be positioning fiduciaries with public responsibilities
and, in doing so, could alterlegal and governance precepts.