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e-2615 (Economy and finance)

E-petition
Initiated by F Brian Fisher from Nanaimo, British Columbia

Original language of petition: English

Petition to the Government of Canada

Whereas:
  • The Canada Pension Plan Investment Board (CPPIB) manages $400 billion of Canadians pension savings;
  • Following the financial challenges of 2008-09 and when governments rescued commercial banks from bankruptcy by “bailout,” using the credit worthiness of each country, central bankers have been searching for an alternative to taxpayer “bailout”; and
  • Current global conditions suggest there will be a growing desire to “bailout” the fossil fuel industry, dependent economies and lenders to that industry.
We, the undersigned, citizens and residents of Canada, call upon the Government of Canada to direct the CPPIB to:
1. Divest of all fossil fuel investments and to no longer entertain any new fossil fuel investment opportunity;
2. Hire a qualified, independent consultant to examine the total Canada Pension Plan Fund portfolio of investments for the purpose of completing a “value at risk” analysis in 2020 and every four year thereafter, which will also be publicly reported;
3. Refrain from making private equity investments and to progressively divest the Fund of these investments;
4. Discontinue the use of borrowed money.

Response by the Deputy Prime Minister and Minister of Finance

Signed by (Minister or Parliamentary Secretary): The Honourable Chrystia Freeland

The Canada Pension Plan Investment Board (CPP Investments) was set up by the federal and provincial governments to prudently invest Canada Pension Plan (CPP) funds. CPP assets managed by CPP Investments are strictly segregated from government funds. While CPP Investments is accountable to federal and provincial Ministers of Finance, it operates at arm's length from Canadian governments. CPP Investment's decisions are not influenced by political direction, regional, social or economic development considerations, or any non-investment objectives.

CPP Investments is recognized internationally as a leading example of sound pension plan management. It has an independent, highly qualified Board of Directors and operates with a commercial, investment-only mandate. Accordingly, it invests CPP assets with a view to achieving a maximum rate of return, without undue risk of loss. 

According to statements made by CPP Investments, it believes that companies that effectively manage Environmental, Social and Governance (ESG) factors are more likely to create financial value over the long term, improving investment performance. It considers ESG matters when evaluating opportunities, making investment decisions, managing investments and engaging with companies to seek improvements in business practices and disclosure. For example, CPP Investments was a founding signatory and abides by the United Nations-supported Principles for Responsible Investment, which provide guidance for incorporating ESG factors.

Open for signature
June 5, 2020, at 9:56 a.m. (EDT)
Closed for signature
October 3, 2020, at 9:56 a.m. (EDT)
Presented to the House of Commons
Paul Manly (Nanaimo—Ladysmith)
November 4, 2020 (Petition No. 432-00212)
Government response tabled
January 25, 2021
Photo - Paul Manly
Nanaimo—Ladysmith
Green Party Caucus
British Columbia
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