Corporate / Pension/Retirement / Canada
Statement from Morneau Shepell to clarify misinformation
TORONTO, Oct. 27, 2017 /CNW/ - Over the past four weeks, there has been a growing amount of misinformation spread about Morneau Shepell in general, and in particular about its contracts with the federal government. In the interests of the thousands of Canadians who we proudly employ and the millions of Canadians who benefit from our services, we are restating the following facts.
- Morneau Shepell has a diverse client base of approximately 20,000 clients. While we are proud of our work with the federal government, federal contracts make up a small fraction of Morneau Shepell's total client portfolio.
- Morneau Shepell wins business because we are good at what we do. We stand behind our success in the open, transparent, competitive process for government contracts.
- All of Morneau Shepell's contracts with federal departments, crown corporations and agencies were awarded as a result of a rigorous and transparent, competitive-tendering process. Nearly all of the Company's current federal contracts were awarded under the previous government.
- Any contract extension is a reflection of satisfaction with the service provided and in line with standard federal contract provisions.
- Morneau Shepell severed all contact with Finance Minister Bill Morneau upon his election to the House of Commons in October 2015; this includes any discussions about his financial investments.
- Morneau Shepell is not involved, in any capacity, with the changes to the small business tax code proposed by the Department of Finance, nor will we benefit from those changes if or when implemented.
- Morneau Shepell was not involved in the consultation for Bill C-27. While the Company has stated its support for the concepts proposed in Bill C-27, it has done so dating back to when it was originally considered by the previous government.
- Bill C-27 is not expected to have a material impact on our company. If passed it would allow federally regulated pension plans the option to implement target benefit pension plans. They would not be required to do this. Several provinces have already enacted similar enabling legislation for pension plans that they regulate, but in practice, very few employers have adopted it.
While we understand that we cannot always control the context of how our name is referenced, we will defend our reputation, our employees and our clients.
SOURCE Morneau Shepell Inc.
For further information: Cathren Ronberg, Morneau Shepell, firstname.lastname@example.org