moved for leave to introduce Bill C-474, an act to amend the Pension Benefits Standards Act, 1985.
Mr. Speaker, it is an act to amend the Pension Benefits Standards Act to give more protection to members of pension plans. It does that in three or four ways but the highlight of the bill would ensure that there is adequate representation on the boards of trustees and pension committees and on the different counsel to pensions on behalf of the pension holders themselves.
It would also put a limit of some 10% of the amount of money that may be held in securities by the employer of that particular pension plan. This comes out of the problems that were found in Enron a little while ago in the United States. The bill would provide more protection for Canadians in terms of their pension plans.
(Motions deemed adopted, bill read the first time and printed)