One of Canada's leading newspapers, the Globe & Mail, is striking the death knell for The Ontario Teachers' Pension Plan's role in promoting good governance in Canada.

Their gloomy analysis comes after the pension fund announced and 18% loss and a reduction in its Canadian stocks weightings in  by more than half. Some of their holdings will be replaced with indirect ownership in collective vehicles.

CEO Jim Leech has confirmed that Ontario will not "wield as big a stick to champion reforms". Commenting on their reduced role Leech said: "we didn't voice our views because of joy over being a governance cop, we did it because we believe there's a correlation between governance and better returns".

Teacher's reduced involvement is seen as a loss due to the general reluctance of other investors willing to be as activist. Under the stewardship of former CEO Claude Lamoureux, Ontario has been at the forefront of active ownership for over a decade and was instrumental in the founding of the 41 member Canadian Coalition for Good Governance in 2003.