Prime Minister calls reserve money used to pay out-of-court settlements ‘absolutely unacceptable’
The Globe found the fund is used at Hockey Canada’s discretion, and can be deployed to pay out-of-court settlements without being subject to the scrutiny or controls an insurance claim would require.
Hockey Canada said no public money and no sponsorship dollars were used to pay out the settlement. At federal hearings last month, Hockey Canada chief executive officer Scott Smith said the organization “liquidated a portion of our investments,” although he did not give details about where the money came from.
The organization collects more money for insurance than it spends, and some of those funds are held in the National Equity Fund and used for settlements. Hockey Canada confirmed the existence of the fund last week after The Globe sent the organization questions about court documents sworn by its former senior vice-president of risk management, Glen McCurdie. In an affidavit Hockey Canada has since tried to remove from the court record, Mr. McCurdie said the organization “maintains a reserve fund in a segregated account” to pay for uninsured liabilities, including claims for sexual abuse.
Further documents obtained by The Globe show the fund was worth $8.9-million as of June, 2021, and its value fluctuates from year to year. The fund had a balance of $5.5-million in 2013, $7.3-million in 2014, and $5.2-million in 2015, before rising to $15.6-million in 2016, according to the available records.
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