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Post says pension giant "omitted" $2.46B in SEC report

2019-09-18 08:59 ET - In the News

The Financial Post reports in its Wednesday edition that one of Canada's largest pension funds "inadvertently omitted" all of its Canadian holdings from a recent disclosure it made to the U.S. Securities and Exchange Commission, failing to include about $2.46-billion (U.S.) in investments. The Post's Victor Ferreira writes that B.C. Investment Management Corp. made the omission in February, when it submitted its disclosures for the three months ended Dec. 31. The pension fund, which has $145.6-billion in assets under management, failed to disclose holdings in 98 companies, primarily across Canada's energy, banking and mining sectors, accounting for more than 20 per cent of its total disclosed investments. The public-sector-worker fund said it only discovered that it had omitted these investments following inquiries from the Post about its disclosed holdings in Canadian energy companies, which appeared to decline to zero in the final quarter of 2018. More than two weeks later, BCI corrected the errors in its Dec. 31 filing with an amendment. The SEC declined to comment about the omissions and whether the pension fund would be penalized for them, something a number of experts who spoke to the Post thought was unlikely.

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