{{Short description|Canadian professional services company}} {{Infobox company | name = LifeWorks | logo= LifeWorks Transition Logo 2021.svg | type = Public | traded_as = {{TSX was|LWRK}} | key_people = Stephen Liptrap, president and chief executive officer<br /> Scott Milligan, executive vice president and chief financial officer<br />Gillian Denham, chair of the board | industry = Professional services | services = Health and Benefits, Administrative Outsourcing, Asset and Risk Management, Retirement and Pensions | revenue = {{increase}} $722.3 million CAD <small>(2018)<ref name=stats>[https://www.morneaushepell.com/permafiles/91677/annual-report-2018.pdf"]. ''Morneau Shepell''. Retrieved 9 February 2019.</ref></small> | num_employees = 6,000<ref name=employees>{{Cite web|url=http://www.ic.gc.ca/app/ccc/srch/nvgt.do?lang=eng&prtl=1&estblmntNo=123456056837&profile=cmpltPrfl&profileId=501&app=sold|title=Company profile - Canadian Company Capabilities: Morneau Shepell Ltd.|access-date=2017-03-23|archive-date=2017-08-25|archive-url=https://web.archive.org/web/20170825023113/http://www.ic.gc.ca/app/ccc/srch/nvgt.do?lang=eng&prtl=1&estblmntNo=123456056837&profile=cmpltPrfl&profileId=501&app=sold|url-status=dead}}</ref> | foundation = {{start date and age|1966}} | defunct = {{End date|2022|09|01}} | fate = Acquired by Telus | successor = Telus Health | location = Toronto, Ontario, Canada | homepage = {{URL|https://lifeworks.com/}} }}
thumb|Morneau Shepell office in Markham
'''LifeWorks''', formerly known as '''Morneau Shepell''',<ref name="citynews2021">{{Cite web|title=Human resources services company Morneau Shepell changes name to LifeWorks - NEWS 1130|url=https://www.citynews1130.com/2021/05/17/human-resources-services-company-morneau-shepell-changes-name-to-lifeworks/|date=2021-05-17|access-date=2021-05-22|website=www.citynews1130.com}}</ref><ref>{{Cite web|title=Morneau Shepell is now LifeWorks|url=https://lifeworks.com/en/morneau-shepell-now-lifeworks|access-date=2021-05-22|website=lifeworks.com|language=en}}</ref> was a human resources services and technology company<ref>{{Cite web |title=Morneau Shepell Ltd - Complete profile - Canadian Company Capabilities - Industries and Business - Industry Canada |url=http://www.ic.gc.ca/app/ccc/srch/nvgt.do?lang=eng&prtl=1&estblmntNo=123456056837&profile=cmpltPrfl&profileId=501&app=sold |access-date=2017-03-23 |website=www.ic.gc.ca |language=en |archive-date=2017-08-25 |archive-url=https://web.archive.org/web/20170825023113/http://www.ic.gc.ca/app/ccc/srch/nvgt.do?lang=eng&prtl=1&estblmntNo=123456056837&profile=cmpltPrfl&profileId=501&app=sold |url-status=dead }}</ref> headquartered in Toronto, Ontario, Canada.<ref>{{Cite news|url=http://www.ohscanada.com/study-examines-connections-organizational-change-health/|title=Study examines connections between organizational change and health - OHS Canada Magazine|date=2017-01-31|work=OHS Canada Magazine|access-date=2017-03-23|language=en-US}}</ref> Established in 1966, LifeWorks served approximately 24,000 clients in North America. Besides North American offices, LifeWorks also had offices outside North America, including Brazil, Australia and the United Kingdom.<ref>{{Cite web|url=https://us.morneaushepell.com/contact/global-offices|website=Morneau Shepell|language=en-ca|title=Global Offices}}</ref> LifeWorks was a publicly traded company on the Toronto Stock Exchange (TSX: MSI), with market capitalization of $2 billion.<ref>{{Cite web|url=https://www.theglobeandmail.com/globe-investor/markets/stocks/summary/?q=MSI-T|title=The Globe and Mail - Stock Quote|website=The Globe and Mail|language=en-ca|access-date=2017-03-23}}</ref>
On September 1, 2022, Telus closed its acquisition of LifeWorks for $2.9 billion, and merged the company into Telus Health.<ref name="telus-acquire-announced">{{cite news |last=Posadzki |first=Alexandra |author-link=Alexandra Posadzki |title=Telus acquires LifeWorks Inc. for $2.9-Billion to boost health subsidiary |url=https://www.theglobeandmail.com/business/article-telus-acquires-lifeworks-inc-for-29-billion-to-boost-health-subsidiary/ |url-status=live |archive-url=https://web.archive.org/web/20230210171907/https://www.theglobeandmail.com/business/article-telus-acquires-lifeworks-inc-for-29-billion-to-boost-health-subsidiary/ |archive-date=2023-02-10 |access-date=2023-09-10 |work=The Globe and Mail}}</ref><ref name="telus-acquire-completed">{{cite news|last=Paglinawan |first=Denise |date=2022-09-01 |title=Telus sees global opportunity in employee wellness as it closes LifeWorks acquisition |url=https://financialpost.com/fp-work/telus-closes-2-3b-lifeworks-deal-expanding-health-division |url-status=live |work=Financial Post |archive-url=https://archive.today/20230910044916/https://financialpost.com/fp-work/telus-closes-2-3b-lifeworks-deal-expanding-health-division |archive-date=2023-09-10 |access-date=2023-09-10}}</ref>
== History == In 1966, Frank Morneau founded W. F. Morneau & Associates, an actuarial and benefit consulting firm.<ref>{{Cite news|url=http://business.financialpost.com/news/economy/a-ceo-but-not-exactly-a-bay-street-guy-how-bill-morneau-became-canadas-new-finance-minister|title=A CEO, but not exactly a Bay Street guy: Bill Morneau's path to becoming Canada's finance minister|work=Financial Post|access-date=2017-03-23|language=en}}</ref> The firm expanded to open its first U.S. office in 1987 and it launched its administrative outsourcing practice in 1996.<ref>{{Cite web|url=https://www.hr.com/en/app/account/morneau_sheppell_ltd_001/content/description?&page_no=8&action=list_parts|title=Morneau Shepell|last=dmcgrath@hr.com|date=2017-03-23|website=www.hr.com|language=en|access-date=2017-03-23}}{{Dead link|date=September 2025 |bot=InternetArchiveBot }}</ref>
W.F. Morneau & Associates merged with Sobeco in 1997 to establish Morneau Sobeco, led by Bill Morneau as president and chief executive officer.<ref>{{Cite news|url=https://www.theglobeandmail.com/report-on-business/rob-magazine/top-forty-under-40/article1022863/?page=all|title=Top Forty Under 40|work=The Globe and Mail|access-date=2017-03-23|language=en-ca}}</ref> Morneau Shepell, as it was formerly known, was formed in May 2008 through Morneau Sobeco's acquisition of Shepell-fgi – Canada's largest provider of employee health management and workplace training and education services – from Clairvest Group Inc. for $321.9 million.<ref>{{Cite web|url=https://www.thestar.com/business/2008/05/13/morneau_sobeco_buys_torontos_shepellfgi.html|title=Morneau Sobeco buys Toronto's Shepell-fgi {{!}} Toronto Star|website=thestar.com|date=13 May 2008 |access-date=2017-03-23}}</ref>
In the following years, Morneau Shepell made a number of acquisitions, including SBC Systems Company Inc. (U.S. provider of employee benefits administration systems) in January 2012,<ref>{{Cite web|url=http://www.benefitscanada.com/benefits/health-benefits/morneau-shepell-acquires-u-s-benefits-systems-provider-25028|title=Morneau Shepell acquires U.S. benefits administrator|website=www.benefitscanada.com|language=en-US|access-date=2017-03-23|archive-date=2017-08-29|archive-url=https://web.archive.org/web/20170829033015/http://www.benefitscanada.com/benefits/health-benefits/morneau-shepell-acquires-u-s-benefits-systems-provider-25028|url-status=dead}}</ref> Mercer Canada's pension and benefits outsourcing business in November 2012,<ref>{{Cite web|url=http://www.benefitscanada.com/news/morneau-acquires-mercer%E2%80%99s-pension-and-benefits-outsourcing-business-33750|title=Morneau acquires Mercer's pension and benefits outsourcing business|website=www.benefitscanada.com|language=en-US|access-date=2017-03-23|archive-date=2017-08-28|archive-url=https://web.archive.org/web/20170828233358/http://www.benefitscanada.com/news/morneau-acquires-mercer%E2%80%99s-pension-and-benefits-outsourcing-business-33750|url-status=dead}}</ref> Ceridian's U.S. health and welfare benefits administration business in August 2015,<ref>{{Cite web|url=http://www.benefitscanada.com/news/morneau-shepell-completes-acquisition-of-ceridian-division-69909|title=Morneau Shepell completes acquisition of Ceridian division|website=www.benefitscanada.com|language=en-US|access-date=2017-03-23|archive-date=2017-08-28|archive-url=https://web.archive.org/web/20170828232126/http://www.benefitscanada.com/news/morneau-shepell-completes-acquisition-of-ceridian-division-69909|url-status=dead}}</ref> Montreal-based Solareh (national health and wellness services provider that offers employee assistance programs) in December 2016,<ref>{{Cite web|url=http://www.benefitscanada.com/benefits/health-benefits/morneau-shepell-acquires-montreal-based-eap-provider-91891|title=Morneau Shepell acquires Montreal-based EAP provider|website=www.benefitscanada.com|language=en-US|access-date=2017-03-23|archive-date=2017-08-29|archive-url=https://web.archive.org/web/20170829033438/http://www.benefitscanada.com/benefits/health-benefits/morneau-shepell-acquires-montreal-based-eap-provider-91891|url-status=dead}}</ref> Montreal-based Longpré (employee assistance and wellness program provider) in January 2017,<ref>{{Cite web|url=http://www.benefitscanada.com/news/morneau-shepell-acquires-another-montreal-based-eap-provider-92358|title=Morneau Shepell acquires another Montreal-based EAP provider|website=www.benefitscanada.com|language=en-US|access-date=2017-03-23|archive-date=2017-08-28|archive-url=https://web.archive.org/web/20170828233325/http://www.benefitscanada.com/news/morneau-shepell-acquires-another-montreal-based-eap-provider-92358|url-status=dead}}</ref> LifeWorks (platform focused on EAP, employee engagement, rewards and recognition, and human resources communications) in July 2018,<ref>{{Cite web|url=https://www.prnewswire.com/news-releases/morneau-shepell-completes-acquisition-of-lifeworks-corporation-ltd--843429657.html|title=Morneau Shepell Completes Acquisition of LifeWorks Corporation Ltd.|author=Morneau Shepell|website=www.prnewswire.com|language=en|publisher=PR Newswire|access-date=2019-09-13}}</ref> and Mercer's stand-alone, large market, health and defined benefit pension plan administration business in the United States.<ref>{{Cite web|url=https://www.newswire.ca/news-releases/morneau-shepell-completes-previously-announced-acquisition-of-mercer-assets-to-further-u-s-expansion-884584046.html|title=Cision}}</ref>
=== Milestones and acquisitions === * In 1966, W.F. Morneau & Associates ("Morneau") was established.<ref>{{Cite web|url=https://www.consulting.ca/news/1027/morneau-shepell-buys-mercers-us-large-market-health-and-db-pension-plan-admin-unit|title=Morneau Shepell to buy Mercer's US large market health and DB pension plan admin unit|website=www.consulting.ca|date=7 May 2019 |language=en|access-date=2019-09-12}}</ref> * In 1992, Morneau formed a strategic alliance with Coopers & Lybrand. * In 1997, W.F. Morneau & Associates and Sobeco merged to form Morneau Sobeco.<ref>{{Cite news|url=https://www.theglobeandmail.com/report-on-business/rob-magazine/top-forty-under-40/article1022863/?page=all|title=Top Forty Under 40|access-date=2019-09-12}}</ref> * In 1998, Morneau acquired Canadian pension consulting practice of Deloitte & Touche.<ref>{{Cite web|url=https://www.consulting.ca/news/280/hr-consultancy-morneau-shepell-to-acquire-lifeworks|title=HR consultancy Morneau Shepell to acquire LifeWorks|website=www.consulting.ca|date=11 July 2018 |language=en|access-date=2019-09-12}}</ref> * In 2005, the firm became an income trust: Morneau Sobeco Income Fund (MSIF). * In 2006, MSIF acquired Heath Benefits Consulting.<ref>{{Cite web|url=https://www.advisor.ca/news/industry-news/briefly-797/|title=Briefly|date=2006-04-24|website=Advisor|language=en|access-date=2019-09-12}}</ref> * In 2007, MSIF acquired the defined benefit pension business of Cowan Benefits Consulting.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-sobeco-buying-two-cowan-practices/|title=Morneau Sobeco buying two Cowan practices|date=May 15, 2007|website=Benefits Canada.com}}</ref> * In 2008, MSIF acquired the actuarial firm of Leong & Associates.<ref>{{Cite web|url=https://www.benefitscanada.com/news/briefly-%E2%80%9Cmorneau-sobeco-makes-acquisition%E2%80%9D-and-more-of-wednesday%E2%80%99s-news-2286|title=Benefits Canada}}</ref> * In 2008, Morneau Sobeco acquired Shepell.fgi.<ref>{{Cite news|url=https://www.theglobeandmail.com/report-on-business/morneau-sobeco-acquiring-shepell-fgi/article18450594/|title=Morneau Sobeco acquiring Shepell-fgi|access-date=2019-09-12}}</ref> * In 2011, Morneau Shepell completed the reorganization of Morneau Sobeco Income Fund from an income trust structure into a public corporation named Morneau Shepell.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/andrew-kitchen-joins-russell-investments-as-managing-director/|title=Andrew Kitchen joins Russell Investments as managing director|date=July 25, 2017|website=Benefits Canada.com}}</ref> * On September 30, 2011, Morneau Shepell acquired Jacques Lamarre & Associates and Parcours d'enfant.<ref>{{Cite web|url=https://www.benefitscanada.com/benefits/health-wellness/morneau-shepell-acquires-quebecs-jacques-lamarre-associates-21185|title=Benefits Canada}}</ref> * On January 31, 2012, Morneau Shepell acquired SBC Systems.<ref>{{Cite web|url=https://www.benefitscanada.com/benefits/health-benefits/morneau-shepell-acquires-u-s-benefits-systems-provider-25028|title=Benefits Canada}}</ref> * On November 1, 2012, Morneau Shepell acquired the Canadian pension and benefits administration practice of Mercer Canada.<ref>{{Cite web|url=https://www.hrreporter.com/article/16599-morneau-shepell-acquires-mercer-canadas-pension-and-benefits-outsourcing-business/|title=Morneau Shepell acquires Mercer Canada's pension and benefits outsourcing business {{!}} Canadian HR Reporter|website=www.hrreporter.com|language=en|access-date=2019-09-12}}</ref> * On July 5, 2013, Morneau Shepell acquired Dion Durrell's workers' compensation business.<ref>{{Cite web|url=https://www.benefitscanada.com/news/morneau-shepell-acquires-dion-durell%E2%80%99s-workers%E2%80%99-compensation-business-41200|title=Benefits Canada}}</ref> * On September 3, 2013, Morneau Shepell acquired Collage Pediatric Therapy.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-shepell-buys-collage-pediatric-therapy/|title=Morneau Shepell buys Collage Pediatric Therapy|date=September 3, 2013|website=Benefits Canada.com}}</ref> * On March 3, 2014, Morneau Shepell acquired Groupe AST from ADP Canada.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-shepell-buying-groupe-ast/|title=Morneau Shepell buying Groupe AST|date=March 3, 2014|website=Benefits Canada.com}}</ref> * On March 31, 2014, Morneau Shepell acquired Pacific Risk Management Corp. * On July 7, 2014, Morneau Shepell acquired Blue Balloon Health Services.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-makes-acquisition-in-the-gta/|title=Morneau makes acquisition in the GTA|date=July 8, 2014|website=Benefits Canada.com}}</ref> * On August 4, 2015, Morneau Shepell acquired the U.S. health and welfare benefits administration business of Ceridian.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-to-buy-ceridian-division/|title=Morneau Shepell to buy Ceridian division|date=July 22, 2015|website=Benefits Canada.com}}</ref> * On December 1, 2015, Morneau Shepell acquired Bensinger, Dupont & Associates.<ref>{{Cite web|url=https://www.chicagotribune.com/business/ct-morneau-shepell-bda-1202-biz-20151201-story.html|title=Bensinger, DuPont & Associates bought by Canadian employee assistance firm|last=Elejalde-Ruiz|first=Alexia|website=chicagotribune.com|date=December 2015 |access-date=2019-09-12}}</ref> * On December 20, 2016, Morneau Shepell acquired Solareh.<ref>{{Cite web|url=https://www.benefitscanada.com/benefits/health-benefits/morneau-shepell-acquires-montreal-based-eap-provider-91891|title=Benefits Canada}}</ref> * On January 10, 2017, Morneau Shepell acquired Longpré.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-shepell-acquires-another-montreal-based-eap-provider/|title=Morneau Shepell acquires another Montreal-based EAP provider|date=January 10, 2017|website=Benefits Canada.com}}</ref> * On November 1, 2017, Morneau Shepell acquired Pro Health Group.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-shepell-adds-to-quebec-eap-presence-with-pro-health-acquisition/|title=Morneau Shepell adds to Quebec EAP presence with Pro Health acquisition|date=November 2, 2017|website=Benefits Canada.com}}</ref> * On December 1, 2017, Morneau Shepell acquired Chestnut Global Partners.<ref>{{Cite web|url=https://www.pantagraph.com/news/local/chestnut-sells-eap-division-no-jobs-will-be-lost/article_258401d4-6b36-56a9-bf00-9e456bd6ba7b.html|title=Chestnut sells EAP division; no jobs will be lost|first=Paul|last=Swiech|website=pantagraph.com|date=December 2017 }}</ref> * On July 27, 2018, Morneau Shepell acquired LifeWorks.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-shepell-acquires-eap-wellness-provider-lifeworks/|title=Morneau Shepell to acquire EAP, wellness provider LifeWorks|date=July 10, 2018|website=Benefits Canada.com}}</ref> * On August 7, 2019, Morneau Shepell acquired Mercer's stand-alone, large market, health and defined benefit pension plan administration business in the United States.<ref>{{Cite web|url=https://www.benefitscanada.com/news/bencan/morneau-shepell-closes-acquisition-of-some-of-mercers-u-s-health-db-businesses/|title=Morneau Shepell closes acquisition of some of Mercer's U.S. health, DB businesses|date=August 7, 2019|website=Benefits Canada.com}}</ref> * On September 16, 2019, Morneau Shepell acquired MorningStar Health.<ref>{{Cite web|url=https://us.lifeworks.com/news/morneau-shepell-announces-acquisition-morningstar-health|title=Morneau Shepell announces acquisition of MorningStar Health|website=us.lifeworks.com}}</ref> * On May 17, 2021, the company's shareholders voted to change the company's name to LifeWorks.<ref name="citynews2021" />
=== Corporate social responsibility === In April 2019, Morneau Shepell published its inaugural corporate social responsibility report. The company implemented a board diversity policy to maintain a minimum of 30 per cent women and 30 per cent men on its board of directors, it joined the 30% Club and it created a diversity and inclusion council in early 2019.<ref>{{Cite web|url=https://www.benefitscanada.com/human-resources/hr-other/morneau-shepell-publishes-first-corporate-social-responsibility-report/|title=Morneau Shepell publishes first corporate social responsibility report|date=April 26, 2019|website=Benefits Canada.com}}</ref>
In 2014, Morneau Shepell opened the Morneau Shepell Secondary School for Girls in the Kakuma Refugee Camp, located in northwestern Kenya. In 2016, Morneau Shepell pledged more than $1 million over five years to the school to cover operating costs such as teacher salaries, dorm supplies and security.<ref>{{Cite web|url=https://www.marieclaire.com/career-advice/a25750779/refugee-girls-education-kakuma-kenya/|title=This Is What It's Like to Go to School in a Refugee Camp|first1=Sarah|last1=Butrymowicz|first2=The Hechinger|last2=Report|date=January 7, 2019|website=Marie Claire}}</ref>
=== Acquisition ===
On June 16, 2022, Telus announced its intent to acquire LifeWorks and combine the company with its Telus Health division. The $2.9 billion offer included $2.3 billion of outstanding equity at $33 per share, and taking on $600 million in debt.<ref name="telus-acquire-announced"/> The deal required regulatory and shareholder approval.
On September 1, 2022, Telus completed the acquisition and merged LifeWorks into Telus Health.<ref name="telus-acquire-completed"/>
== Ethics controversy == Bill Morneau, the former finance minister of Canada, resigned from his position as executive chair of Morneau Shepell in October 2015.<ref>{{Cite news|url=https://globalnews.ca/news/3829285/morneau-shepell-pension-bill/|title=Morneau Shepell: We won't make big money off pension bill tabled by Bill Morneau|work=Global News|access-date=2017-12-14|language=en}}</ref> In October 2017, Mr. Morneau became the subject of intense scrutiny regarding his holdings in the company, including the effectiveness of moving his holdings into a blind trust to assuage any concerns.<ref>{{Cite news|url=http://business.financialpost.com/opinion/terence-corcoran-morneau-agrees-to-a-blind-trust-but-that-wont-fix-the-problem-anyway|title=Terence Corcoran: Morneau agrees to a blind trust, but that won't fix the problem|date=2017-10-20|work=Financial Post|access-date=2017-12-14|language=en-US}}</ref> At the time, there were allegations that Morneau Shepell stood to benefit if a proposed small business taxation legislation was passed.<ref>{{cite web|url=http://www.huffingtonpost.ca/2017/09/29/bill-morneau-gets-earful-during-town-hall-on-small-business-tax-changes_a_23227640/|title=Morneau's Town Hall Turns Into A Shouting Match|date=29 September 2017}}</ref> Critics claimed that Morneau Shepell would benefit if the proposed changes prompted more people to use individual pension plans, a claim which Morneau rejected,<ref>{{Cite news|url=https://nationalpost.com/news/politics/despite-conflict-of-interest-claims-ethics-commissioner-not-examining-morneau-over-tax-reforms|title=Despite conflict-of-interest claims, ethics commissioner not examining Morneau over tax reforms|date=2017-10-06|work=National Post|access-date=2017-12-14|language=en-US}}</ref> In December 2017, Morneau Shepell said that individual pension plans account for less than one 25th of one per cent (0.04%) of the firm's revenues.<ref>{{Cite news |url=https://www.thestar.com/news/canada/2017/10/16/should-we-know-what-the-federal-finance-minister-owns.html |title=Should we know what the federal finance minister owns?|last=Ballingall |first=Alex |date=2017-10-16 |work=The Toronto Star |access-date=2017-12-14 |issn=0319-0781}}</ref>
Mr. Morneau was also criticized for holding shares in Morneau Shepell outside a blind trust, and thus being in a conflict of interest situation with respect to the pension plan changes.<ref name=":0">{{Cite news |url=http://www.cbc.ca/news/politics/morneau-sells-morneau-shepell-shares-1.4410729 |title=Morneau sells shares in family's pension company |work=CBC News |access-date=2017-12-01}}</ref> In response, Mr. Morneau said that he acted on the recommendation of Conflict of Interest and Ethics Commissioner Mary Dawson, who stated that shares could remain behind a conflict-of-interest screen overseen by the minister's chief of staff, and that a blind trust was not necessary.<ref>{{Cite news |url=http://www.news1130.com/2017/10/19/bill-morneau-seeks-to-ease-the-tax-reform-fears-of-farmers-and-fishers/ |title=Under fire, Morneau to sell $21M worth of shares, put assets in blind trust |date=2017-10-19 |work=NEWS 1130 |access-date=2017-12-14 |language=en-US}}</ref> The Conflict of Interest Act states "that any such assets, irrespective of their value, must be divested by either the establishment of a blind trust or by way of sale at arm's length."<ref>{{cite web|url=https://www.thestar.com/news/canada/2017/10/30/conflict-screen-used-by-bill-morneau-in-place-for-at-least-3-other-liberal-ministers.html|title=Federal ethics rules under attack after more Liberal ministers blasted for using investment 'loophole'|date=30 October 2017|publisher=The Toronto Star}}</ref> Mr. Morneau responded to the controversy by stating that he sold his remaining shares in Morneau Shepell and donated all of the money he's profited as a result of an increase in the value of the shares to charity.<ref name=":0" />
It was reported that Mr. Morneau and his father sold Morneau Shepell shares before the tax change announcement in December 2015, before any potential increase in value would have occurred.<ref>{{Cite web |url=http://www.cbc.ca/news/politics/morneau-firey-debate-question-period-1.4427178 |title=Morneau at centre of fiery debate in Commons that leads to Tory MP's ejection |last=Blatchford |first=Andy |date=November 30, 2017 |work=CBC News}}</ref> Media reports state that Mr. Morneau sold 680,000 shares for proceeds of $10.1 million before December 7, 2015. Subsequently, Mr. Morneau is said to have sold an additional 320,000 shares on December 17, 2015, for a profit of $4.5 million, which he donated to charity.<ref>{{Cite web |url=https://nationalpost.com/opinion/john-ivison-liberals-stand-by-bill-morneau-in-face-of-conservative-calls-for-his-head |title=John Ivison: Liberals stand by beleaguered Morneau in face of Conservative calls for his head |work=National Post}}</ref> It was later reported that Mr. Morneau's father sold 100,000 shares in Morneau Shepell before the tax change announcement, on November 23, 2015, and 100,000 shares in Morneau Shepell on December 3, 2015.<ref>{{Cite web|url=https://globalnews.ca/news/3889576/bill-morneaus-father-sold-200k-shares-capital-gains-tax/|title=Bill Morneau's father sold 200K shares in family company days before tax changes announced|author= David Akin|website=Global News}}</ref>
== Leadership == In March 2017, Morneau Shepell announced Alan Torrie's retirement from the company and Stephen Liptrap as his successor to the position of president and chief executive officer, effective May 5, 2017.<ref>{{Cite news|url=http://www.pionline.com/article/20170303/ONLINE/170309940/morneau-shepell-getting-new-ceo|title=Morneau Shepell getting new CEO|last=Baert|first=Rick|date=2017-03-03|work=Pensions & Investments|access-date=2017-03-23|language=en-US}}</ref>
== References == <!-- Inline citations added to your article will automatically display here. See https://en.wikipedia.org/wiki/WP:REFB for instructions on how to add citations. --> {{Reflist}}
== External links == * {{Official website|https://lifeworks.com/}}
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Category:Companies based in Toronto Category:1966 establishments in Ontario Category:Companies formerly listed on the Toronto Stock Exchange Category:2022 mergers and acquisitions