December 8th, 2020
New Democrats call for the ethical investment of CPP
OTTAWA – This week, NDP MP Alistair MacGregor started the discussion in the House of Commons about the need to make sure the $400 billion in the Canada Pension Plan (CPP) is invested ethically in ways that would make Canadians proud. Although the Canada Pension Plan Investment Board (CPPIB) claims to operate with Principles for Responsible Investment, there is no mention of human rights, labour rights, or environmental rights.
“Canadians want good returns on their pension plan investments and they want to make sure their money isn’t being used by the government to support companies who are actively abusing human rights or irreparably harming the planet,” said MacGregor. “This bill would ensure that the CPPIB's policy on responsible investing helps guarantee Canadians’ public pension dollars are supporting companies that don’t abuse the human rights of their employees, the people in their communities, and that they are doing their part to address climate change.”
Currently, billions of dollars of the Canadian pension fund are invested in big polluters like oil, gas, and coal mining companies, in addition to weapons manufacturers and formerly private, for-profit American prisons that detained immigrants along the US-Mexico border. MacGregor is hoping all parties will support Bill C-231 to end these unethical practices.
“This money belongs to all of us and Canadians expect the government to do better when investing our money,” said MacGregor. “We can no longer remain silent on these issues. While ensuring the financial security of Canadians in their retirement years, CPP funds can and must also be used as a force for good.”