moved for leave to introduce Bill C-441, An Act to amend the Pension Benefits Standards Act, 1985 (disclosure of environmental, social and governance investment factors).
Mr. Speaker, I am pleased this morning to introduce a bill to amend the Pension Benefits Standards Act.
This bill will require public and private pension plan administrators to disclose considerations given to environmental, social and governance factors in the selection, retention and liquidation of investments in their pension funds.
Millions of Canadians have growing concerns about the long-term sustainability of their pension plans. The current financial crisis has led them to a new understanding of risk in pension fund investing. Today risk assessment needs to take into account broader ethical considerations regarding long-term sustainability.
Pension plan members want to know whether their fund managers have asked questions about the companies they invest in, such as how a company treat its employees, where it buys its supplies and from whom, how a company contributes to the community in which it does business, whether its business practices are fair and, most importantly, can the environment, the earth, sustain its business activities.
I would like to thank my colleague, the hon. member for Scarborough—Guildwood, for seconding this bill.
(Motions deemed adopted, bill read the first time and printed)