The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to participate in the Changing Workplaces Review Consultation (the “Consultation”). The Consultation considers how the Labour Relations Act, 1995 and Employment Standards Act, 2000 (the “Act”) could be amended to best protect workers while supporting businesses in our changing economy. The Consultation includes the question as to whether new exemptions should be considered under the Act. Our comments will focus specifically on this question.
We recommend that portfolio managers and other financial professionals acting within the portfolio management industry in a professional capacity be exempt from the provisions of the Act regarding hours of work, minimum wage, public holidays and vacation pay, including over-time pay. Currently, the Act includes exemptions that apply to other professionals which work to exclude these professionals from overtime eligibility, for instance. However, these provisions of the Act are limited in application and do not apply to various other skilled professional roles. Professionals, such as architects, lawyers, engineers, accountants, surveyors, veterinarians, most regulated health professionals, teachers, real estate brokers, and outside salespeople are exempt from these provisions of the Act. Currently, there are no express provisions exempting investment professionals such as portfolio managers or other financial services professionals.