O NTAR IO E D ITIO N ■ WE D N ESD AY , JAN U ARY 2 2 , 2 02 0 ■ GLOBE AN D MAIL .
COM
S&P/TSX DOW S&P 500 NASDAQ
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OSC chair to step down amid
clashes with Ford government
Maureen Jensen to leave in April, almost a year ahead of the end of her term
GREG McARTHUR most populous province, announced
DAVID MILSTEAD Tuesday she will resign effective April
CHRISTINE DOBBY 15. Ms. Jensen was first appointed to the
position in 2016 by the then-Liberal
government. She was reappointed in
Ontario Securities Commission chair 2017 to a three-year term that was set to
and CEO Maureen Jensen is resigning al- expire in February, 2021.
most a year before her term expires The resignation follows well-docu-
amid tensions with the Progressive mented differences between a number
Conservative government. of priorities the OSC pushed early in Ms.
Ms. Jensen, the first woman to lead Jensen’s tenure and the objectives of
the securities regulator of Canada’s the PC government, which was elected
[ RETAIL ]
Starbucks to phase out black plastic
World’s largest coffee chain vows to cut its carbon emissions
and waste in half by 2030 B2
Starbucks says it is working to eliminate black plastic cutlery, which is not recyclable, in its 1,600 Canadian stores
by the summer. MELISSA TAIT/THE GLOBE AND MAIL
Pension funds team up for Mississauga megaproject
RACHELLE YOUNGLAI the popular Square One shopping mall
REAL ESTATE REPORTER in Mississauga.
Called Square One District, the devel-
opment will encompass 130 acres of
Two Canadian pension funds are plan- land and be home to 18 million square
ning to build 37 new buildings west of feet of new space, of which 13 million is
Toronto, in what they say is the biggest slated for residential. The total is equiv-
development project in Canada’s histo- alent to about one-fifth of the total rent-
ry, as the companies race to capitalize able office space in downtown Toronto,
on the housing shortage and low office according to commercial real estate
vacancy rates in the country’s most brokers.
populated region. “We think it will bring transforma-
Oxford Properties, the real estate tional change,” Mississauga Mayor Bon-
company of Ontario Municipal Em- nie Crombie said. “Our plan is to make
ployees Retirement System, and Al- our downtown core more walkable and
berta Investment Management Corp. livable.”
(AIMCo) will spend an undisclosed Home builder Daniels Corp. will part-
sum on redeveloping the area around ner with Oxford and AIMCo on the first
SPORTS HO CK EY
Former Flame Akim Aliu
to resume playing career
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in Czech Republic B16
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in 2018. These included a proposed ban
on certain mutual fund fees that the
PCs declined to support and issues
around the obligations of companies to
disclose risks to climate change.
“There was a consensus there was a
real frost between Maureen and the
government, so you don’t have to be
Kreskin to see this outcome,” said John
De Goey, a portfolio manager at Welling-
ton-Altus Private Wealth.
OSC, B6
phase of development that includes a
36-storey apartment building and a 48-
storey condo tower. Construction is ex-
pected to start this summer. Ms. Crom-
bie said the city is in negotiations with
the developers over how much space
will be set aside for affordable housing
in the apartment buildings.
The first new apartment will be of-
fered at market rents.
“The affordability will still be nego-
tiated with Oxford,” she said. The city
has approved the developers’ master
plan, which means no new zoning is
needed. However, Oxford will need per-
mits to start building the new residen-
tial towers.
DEVELOPMENT, B6
SO CCER
Michael Bradley’s misfortune
could mean opportunity for
Liam Fraser and TFC B17
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TMX head retired
with $44-million
in equity holdings
DAVID MILSTEAD
INSTITUTIONAL INVESTMENT REPORTER
TMX Group Ltd. CEO Lou Eccleston left the
company with nearly $44-million in com-
pany stock awards after a five-year tenure
that ended abruptly earlier this month af-
ter TMX investigated allegations he sexual-
ly harassed employees during his tenure at
Bloomberg LP in the 1990s.
The total includes more than $16-mil-
lion in “unvested” options and shares that
he would have forfeited if he had resigned.
Mr. Eccleston, 61, announced his retire-
ment on Jan. 10, almost a year before his
contract was set to expire at the end of
2020.
While the TMX probe “found no evi-
dence that Mr. Eccleston engaged in sexual
harassment or sexual misconduct while
employed at TMX,” The Globe and Mail
learned that TMX employees alleged he
bullied colleagues and fostered a toxic
work environment at the operator of the
Toronto Stock Exchange.
Mr. Eccleston’s stock holdings are not a
severance package; rather, they represent
share awards the company gave him as
compensation since his November, 2014, ar-
rival as chief executive, and which he still
held at his departure. The $44-million in
stock options and other share awards –
which were valued by TMX at $1-million or
$2-million a year when granted – became
immensely more valuable as TMX stock
gained nearly 150 per cent during his tenure.
TMX says executives who resign, as op-
posed to retiring, must forfeit share awards
that have not vested. However, the TMX cir-
cular filed in April, 2019, said the 61-year-
old Mr. Eccleston had “met the age thresh-
old” to be eligible for “retiree treatment”
under the stock plans – in other words,
keeping all unvested options and shares.
ECCLESTON, B6
ANNA MONEYMAKER/THE NEW YORK TIMES
ER IC R EG ULY
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Trump’s Davos speech B4
G LOB E IN VESTOR
Top economist backtracks on
recession prediction B8
COMPANIES
AIR CANADA .......................................... B8
BANK OF MONTREAL ............................ B3
BOMBARDIER ......................................... B7
RESTAURANT BRANDS INT’L .................. B9
TMX GROUP ........................................... B2
VIRTU FINANCIAL ................................... B2
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