A former senior official with one of Canada’s largest pension plans defended Hudson’s Bay Co. Executive Chairman Richard Baker’s attempt to take the iconic retailer private, saying criticism that Baker was doing this for his financial benefit is just “Canadian negativity.”

Geoff Barratt, former director of relationship investing at Ontario Teachers’ Pension Plan, who helped HBC with some its biggest purchases, told BNN Bloomberg it was “completely unfair” to assume Baker is only seeking to enrich himself with the proposal.

“Richard [Baker] is a shareholder, in line with common shareholders. I think his net worth goes up and down with the share price,” Barratt said in a television interview on Tuesday.