e-2966 (Economy and finance)
Original language of petition: English
Petition to the House of Commons
- the Canada Pension Plan fund is managed by the Canada Pension Plan Investment Board (CPPIB) and is presently at a value of more than $400 billion;
- Many of our funds have been and are being invested in companies with questionable track records such as weapons manufacturing, environmental pollution, human and labour rights’ abuses, and in those that are contributing towards climate change;
- The people of Canada expect these investments to be carried out with certain principles in mind, including ethical business practices, and the protection of environmental, labour and human rights; and
- The investment policies, standards, and procedures of the Canada Pension Plan must take these factors into account to ensure its long-term financial health.
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 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
- November 4, 2020, at 9:49 a.m. (EDT)
- Closed for signature
- March 4, 2021, at 9:49 a.m. (EDT)
- Presented to the House of Commons
-
Alistair MacGregor
(Cowichan—Malahat—Langford)
March 11, 2021 (Petition No. 432-00655) - Government response tabled
- April 26, 2021