A letter to CAAT Pension Plan members and employers

July 17, 2026

To Members and Employers,

We want to highlight several enhancements the Board has made to build on how the Plan is governed in its members’ best interests. These actions follow the conclusion of an independent governance review of the Plan, led by Carol Hansell (Senior Partner, Hansell LPP). Importantly, the matters examined did not relate to the Plan’s financial health and funded status. Your pension is secure.

Recently, we initiated the search for a permanent CEO. Our focus will be on a new leader who can combine strategic vision with operational discipline, inspire confidence across stakeholders and build on CAAT’s strong culture and performance. The Board is strengthening succession planning for Board and committee leaders, the CEO, and senior executives to maintain strong leadership over time.

The Board took additional steps to strengthen its oversight of CEO and senior executive compensation. At the Board’s direction, CAAT has also made executive compensation more transparent through its 2025 Annual Report and planned compensation disclosure. Together, these initiatives reinforce Board oversight, enhance transparency, and support sound governance of executive compensation.

CAAT has updated its workplace relationship policy. It now prohibits internal relationships involving the CEO or senior executives, regardless of reporting relationships. The Board has also affirmed that CAAT’s Human Resources policies apply to all employees, regardless of level, title or role. This includes policies related to vacation carry-over and vacation pay. We believe clear, consistently applied policies will enhance accountability and fairness across the organization.

The Board remains committed to continuously enhancing its governance practices. As part of this commitment, it will continue to regularly review the skills and experiences of Trustees to ensure the Board maintains the expertise needed to meet its responsibilities and the regulatory expectations of the administrator of a pension plan of CAAT's size and complexity. Over the past year, seven new Trustees have joined the Board, further strengthening and complementing the existing mix of skills, experience, and perspectives required to provide effective oversight of the Plan.

In addition to the enhancements outlined above, in 2026, the Board appointed a new Chair and Vice-Chair as well as an Acting CEO, who has deep knowledge of the organization, sound judgment, and the steady leadership needed to maintain stability in our operations and continuity at CAAT. And the Plan announced a new leadership team to execute on the Plan’s strategy, maintain stakeholder trust and continue to deliver on CAAT’s pension promise to its members.

Taken together, these actions help provide CAAT with the leadership and governance practices needed to maintain the prudent and responsible management of the Plan. Of course, good governance only gets stronger through ongoing improvement. The Board will continue to act in the members’ best interests, so the Plan can help support the retirement they want and deserve.

CAAT Board of Trustees