Madam Speaker, I am grateful for the opportunity to speak to this excellent motion on behalf of the people of my riding of Thunder Bay—Rainy River.
We are in a serious economic crisis, the scale of which has not been seen since the Great Depression in the 1930s. We have tried to learn some lessons from our parents and grandparents who lived in that time, but it appears the government has not learned those lessons.
Most in this place will know that the CCF was the first party in Canada to speak of fair wages, of benefits, of medicare and, as it relates to the business of today, of pensions. Over the last five decades, the New Democratic Party has always taken the responsibility of protecting and promoting the interests of working and retired Canadians alike.
Today's motion, put forward by my hon. colleague from Hamilton East—Stoney Creek, builds on the proud traditions of our party and he should be proud of his personal contribution today. Each point of this well written, reasonable and principled motion deserves the support of all members in this place.
On the first point, expanding and increasing CPP/QPP, OAS and GIS to ensure all Canadians can count on a dignified retirement, there can be no reasonable argument against this point in this place. It is in the interests of all Canadians.
On the second point, establishing a self-financing pension insurance program to ensure the viability of workplace sponsored plans in tough economy times, I am certain that a large majority of members in this place will also see the merits.
Recently the Superintendent of Bankruptcies reported that there have been 106,459 bankruptcies in the 12 months ending this April, which is 21% more than those filed in the year ending in April 2008. What does this mean? It means it is more obvious than ever that we must protect pensions by working with provincial governments to establish a system of pension insurance.
I will elaborate on the third point in a moment as it is of special importance to the people of the riding I represent.
The fourth point of the motion, in the interest of appropriate management of the CPP, is that the Government of Canada immediately protect the CPP from imprudent investment practices by ceasing the practice of awarding managers performance-based bonuses. Every member of this place surely knows this is the right, good and principled thing to do.
The most recent bonuses for the CPP board executives are as follows: David Denison, $2,361,022; Mark Wiseman $2,112,115; Donald Raymond, $1,296,573; and Graeme Eadie, $1,077,239. These bonuses have been paid out despite the fact that in the last 10 years the CPP fund would have made $13 billion more than it did if it had been invested in government bonds, rather than a diversified portfolio of equities, real estate and bonds as advised by those so-called experts who received millions in bonuses during that time.
The failure of the Canada Pension Plan Investment Board to adequately look after the finances of our most cherished social policy means the change must happen and a reform to this process as prescribed by the NDP in this motion is the right thing to do, not just for those responsible for investing the funds, but those in our households who depend on it today and will depend on it tomorrow.
The necessity and appropriateness of the fifth point, taking all necessary steps to recover those bonuses for 2009, ensuring managers in the future are paid appropriate industry competitive salaries, goes without saying.
I come back now on behalf of the constituents of Thunder Bay—Rainy River to the third point of the New Democratic motion on pensions. New Democrats are bringing forward a motion to ensure that workers' pension funds go to the front of the line of creditors in the event of bankruptcy proceedings. We know this is right. We know this is justified. We know this is necessary. We know this must be done.
I recently held town halls on this very issue and others as it relates to the forestry sector. Here is what my constituents had to say on the matter.
Herman Pruys, Leon DeGagne, among others at the Fort Frances meeting, just want to be paid for the work that they and their colleagues have already performed. In case hon. members do not already know, pensions are really deferred payment for work completed. Herman and Leon are owed money for work done over a long period of time and this motion would ensure that they get it, no matter what.
At the Thunder Bay meeting, constituents rightly pointed out that the workers had to fight tooth and nail for the benefits that had been in collective agreements over decades in some cases. They lament that companies today seem to think that such collective agreements are just a piece of paper to be ignored. The actions of Conservative and Liberal governments over the last decade have allowed companies to disrespect these agreements and ignore those obligations.
Buchanan Forestry Products is out of business and AbitibiBowater is struggling to regain solvency. As a result of the failure of these companies, I have seen first-hand the hard-earned pensions of men and women lost or put to the back of the line when a company declares bankruptcy.
I speak these words and offer my support for this important motion today on behalf of the workers and their families of the riding of Thunder Bay—Rainy River. I thank the New Democrat member for Hamilton East—Stoney Creek for tabling it on behalf of all Canadians.
The failure of the Canada Pension Plan Investment Board to adequately look after the finances of our most cherished social policy means that change must happen and a reform to this process, as prescribed by the New Democratic Party in the motion, is the right thing to do, not just for those responsible for investing the funds but those in our households who depend on it today and who will depend on it tomorrow.
New Democrats are bringing forward a motion to ensure that workers' pension funds go to the front of the line of creditors in the event of bankruptcy proceedings. We know that this is right. We know that this is justified. We know that this is necessary. We know that this must be done.
A greater injustice is not known to working families than the loss of a pension and a livelihood in what should be their golden years. The New Democrat motion, if supported by other parties and put into practice by the government, would protect the pensions of the families in my riding, and I urge every member of the House to offer their support for it for that reason.