An Act to amend the Canada Pension Plan Investment Board Act (investments)

Sponsor

Alistair MacGregor  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of Feb. 26, 2020

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Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Canada Pension Plan Investment Board Act to specify that the investment policies, standards and procedures established by the board of directors shall provide that no investment may be made or held in any entity that engages in certain practices.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Canada Pension Plan Investment Board ActRoutine Proceedings

February 26th, 2020 / 3:40 p.m.
See context

NDP

Alistair MacGregor NDP Cowichan—Malahat—Langford, BC

moved for leave to introduce Bill C-231, an act to amend the Canada Pension Plan Investment Board Act (investments).

Mr. Speaker, I am very pleased and honoured to rise in the House today and introduce my private member's bill, which would amend the investment policies, standards and procedures of the Canada Pension Plan Investment Board to ensure that no CPP funds are invested in any entity that has performed acts or carried out work contrary to ethical business practices or has committed human, labour or environmental rights violations.

The Canada Pension Plan Investment Board manages over $400 billion in assets and is mandated to invest in the best interests of CPP contributors and beneficiaries by maximizing returns without undo risk of loss. It is important to note that my bill would not change this mandate. Despite its adherence to a policy on responsible investing, the CPPIB has billions of dollars of investments in companies contributing to climate change and environmental degradation, and it has previously invested in companies implicated in human and labour rights abuses.

The Canada pension plan is an important part of our retirement system, but Canadians expect that its investments are not contributing to human misery around the world. By amending section 35 of the Canada Pension Plan Investment Board Act to specific ethical business practices and human, labour and environmental rights considerations, this bill would do just that.

(Motions deemed adopted, bill read the first time and printed)