TORONTO, April 15 /CNW/ - The University of Toronto Faculty Association
(UTFA), at its Annual General Meeting yesterday, passed a resolution
commending UTFA's leadership for challenging University administrators over
management of the University's pension plan and endowment investments.
In a letter dated April 9, 2009, University of Toronto President David
Naylor called UTFA leaders "pessimists" and "professional Cassandras" for
criticizing Administration investment practices which most recently resulted
in about $1.3 billion in losses in 2008.
Those attending yesterday's meeting responded to President Naylor by
unanimously supporting a resolution stating that the Administration's attitude
"points to the need for more genuinely collegial" relationships between UTFA
and the Administration.
In a series of newsletters over the past two years and presentations to
Governing Council's Business Board over the past three years, Faculty
Association President George Luste has called into question the practices of
the University's investment arm and detailed the cumulative impact of the
Administration's failure to make contributions to the faculty's pension plan.
The resolution commends UTFA leadership for "providing the university
community with the information it needs about pension governance, missing
pension contributions, investment practices, and much else" and calls on the
Administration "to sit down with UTFA to begin a new phase of genuine
partnership in the management of its members' pension plan, and in broader
issues of governance of the University."
For AGM background information see
For further information:
For further information: Professor George Luste, (416) 978-4676
(office), (416) 534-9313 (home), firstname.lastname@example.org