President’s opening remarks – the President, Wib Antler, called the meeting to order; introduced the CLPENS Executive; and provided a summary of CLPENS’ activities over the past year:

· Search for Documentation - CLPENS representatives visited the Financial Service Commission of Ontario (FSCO) in a continuation of their efforts to put together a complete set of documents;

· SERP Concerns – CLPENS thoroughly reviewed and, in the end, retained an actuarial consulting firm (Robertson Eadie Associates) to address concerns that the Company’s action with respect to the Supplementary Employee Retirement Plan (SERP) resulted in a transfer of liabilities from the SERP to the registered pension plan (thereby, reducing the size of the registered plan’s surplus). In the end, Robertson Eadie concluded that the Company’s actions did not result in such a transfer;

· Work with Legal Team – The CLPENS Executive took part in ongoing work with our legal advisors (Koskie Minsky and Harrison Pensa). In particular, discussions took place in anticipation of a settlement offer from the Company. In order to receive a settlement offer, the CLPENS Executive was asked to enter into a Communications and Confidentiality Agreement to be effective during any negotiating process. This Agreement had to be thoroughly reviewed and then amended to the satisfy CLPENS’ concerns. However, although the Company made many promises regarding an offer, none were kept and, to date, no settlement offer has been made. As a result, we await the rescheduled certification hearing set to take place on November 14 and 15, 2006;

· Website – Withdrawal of services by our longtime service provider necessitated a time-consuming move to a new supplier. Concurrently, an extensive overhaul/ enhancement to the website was completed;

· Challenge Regarding 2005 Annual Financial Statement – Given the Company’s agreement with FSCO that, pending resolution of the expenses issue, no further expenses would be taken from the plan, CLPENS challenged the Company’s treatment of expenses in the pension plan’s 2005 Annual Financial Statement. The Company’s response, that they were not taking expenses but were just setting up an accrued liability, was acceptable to both CLPENS and FSCO.

Legal update – the President, introduced Jim Martin, who, in turn, introduced representatives of our legal team (Clio Godkewitsch from Koskie Minsky and Jonathan Foreman from Harrision Pensa).

Mr. Foreman addressed the meeting. He complimented the CLPENS Executive on their efforts on behalf of the membership and reviewed, in general terms, how class actions work. In particular, Mr. Foreman stressed the importance of being certified as a class action as “it makes a three person case a 5,000 person case”. Mr. Foreman described the two sub-classes present in our action:

§ the main class (5,350 members) which is challenging the inappropriate removal of administrative expenses; and

§ the partial wind-up sub-class (2,149 members) who have a statutory entitlement to be considered in the distribution of surplus assets.

He noted that our case will not be a class action until it is so certified by the judge and cautioned that the judge may reserve judgment (meaning that we may not have a decision at the time of the November certification hearing).

Mr. Foreman responded to questions from meeting attendees.

Report on voting procedures – Mr. Antler reviewed the voting procedures to be followed at the meeting. He also introduced John Wakeford, who had agreed to act as scrutineer.

Treasurer’s Report – the Treasurer, Gary Nummelin, presented a report on CLPENS’ financial position as at August 31, 2006. Total income for the past year was $15,030.10; total expenses were $2,282.55; resulting in net income of $12,747.55. Total assets were $44,214.95.

Membership Report – the Membership Chairman, Phil Davy, reported that CLPENS has over 1,000 members, of which 285 are voting members. He advised that, prior to the meeting, 43 individuals had renewed their membership for the upcoming year and urged all attendees who had not already renewed their membership to do so.

Constitutional Amendment – the Vice-President, Ed Barrett, explained that the CLPENS Executive was concerned that:

· to strengthen its position to serve all interested parties, it is important that CLPENS have representation from as broad a group as possible;

· certain sub-groups (most notably, currently active Canada Life employees) are not currently represented on the Executive; and

· current limits on the size of the CLPENS Executive preclude it from adding members to the Executive from these sub-groups.

Accordingly, Mr. Barrett, tabled the following amendments:

§ RESOLVED that the second sentence of Article 3 of the constitution shall be amended by adding the words “or such other number” immediately after the comma.

PASSED (unanimously).

§ RESOLVED that, in accordance with Article 3 of the Constitution, the maximum number of Directors shall be set at thirteen for the time being.

PASSED (unanimously).

Election of Executive Members - Mid-term appointee, Shriram Mulgund, and Executive members whose terms of office were expiring (Wib Antler, Ed Barrett, Phil Davy, Alex Harvey and Gary Nummelin) were elected (unanimously).

Questions for CLPENS Executive – Mr. Barrett accepted questions from meeting attendees.

Adjournment – by unanimous consent of attendees, the meeting was adjourned.

General Meeting Minutes October 19, 2005

General Meeting Minutes April 27, 2005

General Meeting Minutes October 5, 2004

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