moved for leave to introduce Bill C-567, An Act to amend the Pension Benefits Standards Act, 1985 (protection of the assets).
Mr. Speaker, I am proud to introduce this bill on behalf of many members of pension plans. This bill would ensure members have guaranteed representation on boards of trustees so that members and beneficiaries are represented on trustee boards, pension committees and pension councils.
It would also provide, and this is what we call the Enron clause, that not more than 10% of the total value of assets in a pension plan may be held in securities issued by the company where the employees work or by a corporation associated with the company.
It also would prevent pension plan administrators and beneficiaries from being restricted in the sale of the employer's securities unless the directors and officers of the employer are similarly limited and, in any event, for not more than year.
Finally, to ensure that pension benefits are adequately cared for, it would require that information that affects or is likely to affect the value of the security be provided to pension plan administrators at the same time as it is provided to anyone other than the directors, officers, managers, et cetera, to prevent insider trading problems.
This is very important legislation to ensure that what happened to Enron employees in the United States does not happen to employees working for Canadian firms in this country.
(Motions deemed adopted, bill read the first time and printed)