A boost to Jim Shaw’s executive pension plan may have pushed the cost of financing his retirement to about $100-million for Shaw making one of Canada’s most generous corporate pension plans even richer. Concordia University accounting professor Michel Magnan, who has done extensive work on executive compensation issues, estimated Shaw’s cost to provide a monthly pension of $495,833 to Mr. Shaw, who retired last month as chief executive officer of the telecommunications company at age 53. Stephen Griggs, executive director of the Canadian Coalition for Good Governance, said it is very unusual for an executive to get an enhanced pension when retiring at age 53, when most people face a substantial penalty for retiring early. Mr. Griggs said his coalition, which represents most of Canada’s largest institutional investors, is against oversized pension plans for executives.
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