A board member at the C$106bn (€69bn) Ontario Teachers Pension Plan, one of Canada's biggest pension schemes, has stepped down to avoid conflicts of interest over his equivalent role at a phone company which the fund is considering acquiring through a leveraged buyout.

OTPP board member Thomas O'Neill tendered his resignation yesterday, effective immediately, citing a position of conflict because he also sits on the board of BCE, the parent of phone company Bell Canada.