moved for leave to introduce Bill C-431, An Act to amend the Canada Pension Plan Investment Board Act (investments).
Mr. Speaker, I am pleased and honoured to rise in the House today to 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 would be invested in any entity that performed acts or carried out work contrary to ethical business practices or committed human, labour or environmental rights violations.
The Canada Pension Plan Investment Board, which oversees the $368-billion CPP fund, was set up by an act of Parliament in 1997 and is mandated to invest in the best interests of CPP contributors and beneficiaries by maximizing returns without undue 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 in direct private investments in the oil and gas sector and was recently found to have increased holdings in two private U.S. companies that run American prisons. The CPPIB has also been found to have significant holdings in various arms manufacturing industries and has previously invested in companies implicated in human rights abuses.
The Canada pension plan is an important part of our country's retirement system, but Canadians expect its investments are carried out with certain principles in mind. By amending section 35 of the Canada Pension Plan Investment Board Act to specify ethical practices in human, labour and environmental rights considerations, Bill C-431 would do just that.
(Motions deemed adopted, bill read the first time and printed)