I'll bet you didn't know you own billions of dollars in coal stocks
Publisher: A Different Point of View
Date Written: 08/11/2016
Year Published: 2016
Resource Type: Article
Cx Number: CX20313
Exposing the investments and other involvements of the Canada Pension Plan Investment Board in the fossil fuel industry.
It is no surprise the Investment Board takes a pro-fossil fuel, non-divestment position. Seven of the 12 members of the Board have had, or continue to have, deep personal financial ties and/or business connections to both or either of the fossil fuel and energy industries.
The Investment Board's description of its relationships are misleading. It claims that "CPP Fund assets belong to the 19 million contributors and beneficiaries who participate in the CPP" but, in fact, beneficiaries are powerless when it comes to having any say in the operation of the Fund.
The Board also rather arrogantly claims that "management reports to an independent, professional board of directors, not to government", and that "we were created to operate at arm's length from governments and to make independent investment decisions." However, it is ultimately responsible to the Finance Department.