Corporate

 Workplace Safety & Prevention Services  | 30 Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2021 (9) Liquidity risk Liquidity risk is the risk the Corporation encounters difficulty in meeting its obligations associated with financial liabilities. Liquidity risk arises from accounts payable and accrued liabilities, exit benefits and attendance credits payable, employee future benefits and commitments. The Corporation continues to focus on maintaining adequate liquidity to meet operating working capital requirements and capital expenditures. Interest rate risk The Corporation is exposed to interest rate risk as the value of its investments fluctuates in accordance with fluctuations in interest rates. The Corporation manages its risk by monitoring the performance of individual investments and investing in conservative guaranteed investment certificates and money market funds. Risks related to COVID-19 In March 2020, the Government of Ontario declared a state of emergency as a result of the novel coronavirus (COVID-19) pandemic. Restrictions were put into place by the government to control the spread of the virus. These efforts curtailed the availability of all non-essential services. Notably, these events had a material impact on the Corporation's revenue from training and publication recoveries since March 2020. The duration and impact of the COVID-19 pandemic remain unknown, and it is therefore not possible to reliably estimate the future period impact on the financial statements. The Corporation continues to be financially supported by the MLTSD. 16 Contingencies During the year, the Association was in discussions with WSIB related to future administration and employer contributions to the WSIB Employees' Pension Plan (note 8). The discussions are ongoing and, depending on the final outcome, the Association may need to apply defined benefit accounting for the plan. The Association will record the potential liabilities in accordance with the requirements in ASNPO.

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