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It began with three executives from the CAAT Pension Plan raising concerns over a $1.6-million vacation payout and a relationship between the CEO and an employee. That has now led to a ‘full-blown crisis over governance,’ with nearly all of the senior leadership team changed or gone, including the long-standing CEO who’s on administrative leave.

The Globe’s institutional investing reporter James Bradshaw has been covering the turmoil at CAAT. Today, he explains how these issues led to such turbulence and why it’s so important to have steady leadership at one of Canada’s big pension plans.

Questions? Comments? Ideas? E-mail us at thedecibel@globeandmail.com

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