Mr. Speaker, it is a great pleasure to rise on this debate. One of the biggest concerns the New Democrats have had, and my colleague from Regina—Qu'Appelle has been mentioning it for quite some time, is the fact that the entire Canada Pension Plan Investment Board exists without an ethical screen.
Whether the Alliance has an amendment or whether the Liberals want to fool around and sort of debate that issue a bit longer, the reality is that in many instances we will be using pension dollars to the detriment of Canadian society. One of the items I brought up before, and that I will bring up again and again, is a question I asked at the committee hearing we had less than a couple of weeks ago. I asked Mr. MacNaughton, the head of the pension board, if right now we are using Canada pension investment dollars from Canadians across the country to invest in companies such as tobacco companies. Without hesitation, he said yes. At the same time the federal government invests millions of dollars to try to get Canadians to stop smoking.
I know that the government is saying it should be an arm's length board, which eventually means out of reach, but that is what it is, and the government is saying the board should be able to invest the funds as it sees fit being that it is a board of eminent people who have great experience in investing large amounts of money throughout the country and internationally. No one is going to argue their individual or probably collective successes, but the Government of Canada and Canadian parliamentarians do have an obligation in regard to the health and safety of Canadians. The reality is that there should have been an ethical screen at the pension board to ensure that our dollars do not go to the detriment of the health of Canadians. For the life of me, I cannot see why anybody would argue the facts on why we are investing pension dollars in tobacco companies.
There is another concern we have. Pension dollars are from employees and employers. What happens? With the 30% investment rule, the pension board can be investing in companies in the United States, for example, that could conceivably manufacture, sell and create landmines. We do not know, because there is no ethical screen. The fact is that this country signed the landmine treaty to abolish and get rid of landmines throughout the world. We were very strong on that. The former foreign affairs minister, Lloyd Axworthy, said that himself, but yet our pension dollars may very well be invested in companies in the United States that manufacture landmines, or anything else for that matter. It could be nuclear weaponry. We simply do not know.
If these companies are publicly traded companies or a privately traded companies, if that is the correct terminology, on the various stock exchanges around the world, the pension board can invest in those funds. That is what makes us nervous. We do not believe that the pension dollars of Canadians should be going into those types of companies. That is why we demanded and insisted upon an ethical screen. Unfortunately we cannot support this type of legislation until that type of screen is put in place.
There is another thing that just boggles the mind here. With the 30% foreign investment rule, the reality is that the pension board can be investing in companies that are in direct competition with Canadian companies. One wonders what we are doing. Pension dollars should be going to benefit Canadian companies and the Canadian public at large. We should not be investing in companies that compete directly with our own. That inadvertently is what is happening. We think that should change.
We think that Canadians by and large want a pension plan that will be there when they need it. We think there are alternative methods, such as labour venture funds and environmental funds et cetera, that would actually not only bring a rate of return that is satisfactory to Canadians but also would help build this country by helping help small business, labourers, and the disenfranchised. Our country would become better and stronger by investing funds internally and building up the assets of the country. We think that is the way to do it.
I will repeat it one last time before I sit down. We should not in any way, shape or form be using pension dollars to invest in tobacco companies or companies of that nature that do harm to the Canadian people.
At the same, if we are going to invest millions of taxpayer dollars to get people to stop smoking, then we are being very two-faced. Again, it is hypocrisy at its greatest.
We should ensure that we do not invest that money in companies that, for example, make landmines. Also, we should not invest in companies that compete directly with our Canadian companies. Again that is being two-faced.
If the government brings in those changes, the New Democratic Party will again look at the pension investment board.
Before I sit down, Mr. Speaker, on behalf of the party, federally and provincially, we would like to wish you and all the workers, staff and members of Parliament on the merriest of Christmases and a happy new year.