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Global News
3 days ago
- Business
- Global News
Climate group voices concern about fossil fuel industry representation on pension fund boards
A climate advocacy group says oil and gas representation on the boards of Canada's big public pensions raise concerns about conflicts of interest. In a report out Thursday, Shift said that as of June 1, the boards of five of Canada's largest public sector funds had members who are also involved with fossil fuel companies. The pension-focused group argues that funds have a legal responsibility to act in the long-term best interest of beneficiaries, and that the interests of fossil fuel companies could compete with efforts to manage climate-related risks and reduce emissions. 'It's easy to see how fossil fuel company directors could potentially find themselves with real or perceived conflicts, and how such conflicts, if not addressed, could undermine prudent pension governance,' said Shift executive director Adam Scott in a statement. The report says CPP Investments, Canada's largest pension fund, has the second-highest representation with three in ten members of its board having ties to the industry. Story continues below advertisement The fund, which recently dropped its commitment to reach net-zero financed emissions by 2050, wholly rejected the concerns raised by Shift. 'The report is nonsense,' said Michel Leduc, global head of public affairs and communications at CPP Investments, in a statement. 0:57 CPP Investment Board head says he backs West's 'responsibly-produced conventional energy' 'We seek out the most seasoned professionals to undertake a complex role of overseeing the management of a global investment organization … The energy sector's total GDP contribution to Canadian economic activity is disproportionately significant and that's precisely where you find top governance experience in Canada with a view to the best interests of contributors and beneficiaries.' Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Other funds the group found with cross-appointments include the Ontario Teachers' Pension Plan, Public Sector Pension Investment Board, Alberta Investment Management Corp. and Ontario Municipal Employees Retirement System. AIMCo, where the Alberta government dismissed the entire board last year and installed new members, had the highest industry representation at a third, or two of six members. Story continues below advertisement The pension fund's members are selected through a 'rigorous appointment process and are subject to AIMCo's Code of Conduct,' said spokeswoman Carolyn Quick in a statement. Other funds did not immediately respond to a request for comment. Shift said that in total, nine current board members across the funds sit on the boards or executive teams of 12 oil and gas companies, or investment firms focused on the industry. It notes, however, that the number of boards with fossil fuel representation has gone down from seven to five since its last report in 2022. The boards of Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario and CDPQ no longer have fossil fuel representation, it said.
CTV News
3 days ago
- Business
- CTV News
Climate group raises concerns about oil and gas representation on pension fund boards
Suncor's base plant with upgraders in the oil sands in Fort McMurray Alta, on Monday June 13, 2017. THE CANADIAN PRESS/Jason Franson TORONTO — A climate advocacy group says oil and gas representation on the boards of Canada's big public pensions raise concerns about conflicts of interest. Shift Action says in a new report that as of June 1, the boards of five of Canada's largest public sector funds had members who are also involved with fossil fuel companies. It says CPP Investments, Canada's largest pension fund, has the second-highest representation with three in ten members of its board having ties to the industry. The fund, which recently dropped its commitment to reach net-zero financed emissions by 2050, did not immediately respond to a request for comment. Other funds the group found with cross-appointments include the Ontario Teachers' Pension Plan, Public Sector Pension Investment Board, Alberta Investment Management Corp. and Ontario Municipal Employees Retirement System. Shift says that pension funds have a legal responsibility to act in the long-term best interest of beneficiaries, and that the interests of fossil fuel companies could compete with efforts to manage climate-related risks and reducing emissions. 'It's easy to see how fossil fuel company directors could potentially find themselves with real or perceived conflicts, and how such conflicts, if not addressed, could undermine prudent pension governance,' said Shift executive director Adam Scott in a statement. The group says that in total, nine current board members across the funds sit on the boards or executive teams of 12 oil and gas companies, or investment firms focused on the industry. It notes, however, that the number of boards with fossil fuel representation has gone down from seven to five since its last report in 2022. It says the boards of Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario and CDPQ no longer have fossil fuel representation. --- This report by The Canadian Press was first published June 26, 2025.
Yahoo
3 days ago
- Business
- Yahoo
Climate group raises concerns about oil and gas representation on pension fund boards
TORONTO — A climate advocacy group says oil and gas representation on the boards of Canada's big public pensions raise concerns about conflicts of interest. Shift Action says in a new report that as of June 1, the boards of five of Canada's largest public sector funds had members who are also involved with fossil fuel companies. It says CPP Investments, Canada's largest pension fund, has the second-highest representation with three in ten members of its board having ties to the industry. The fund, which recently dropped its commitment to reach net-zero financed emissions by 2050, did not immediately respond to a request for comment. Other funds the group found with cross-appointments include the Ontario Teachers' Pension Plan, Public Sector Pension Investment Board, Alberta Investment Management Corp. and Ontario Municipal Employees Retirement System. Shift says that pension funds have a legal responsibility to act in the long-term best interest of beneficiaries, and that the interests of fossil fuel companies could compete with efforts to manage climate-related risks and reducing emissions. "It's easy to see how fossil fuel company directors could potentially find themselves with real or perceived conflicts, and how such conflicts, if not addressed, could undermine prudent pension governance," said Shift executive director Adam Scott in a statement. The group says that in total, nine current board members across the funds sit on the boards or executive teams of 12 oil and gas companies, or investment firms focused on the industry. It notes, however, that the number of boards with fossil fuel representation has gone down from seven to five since its last report in 2022. It says the boards of Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario and CDPQ no longer have fossil fuel representation. This report by The Canadian Press was first published June 26, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-06-2025
- Business
- Yahoo
New tool to challenge greenwashing claims goes live as companies weigh strategy
TORONTO — It's been a year now since a new law took effect that requires companies to back up their environmental claims, but there's still a lot of unknowns about how the anti-greenwashing rules will play out. What is clear so far is that they've already reduced what companies are choosing to say about their environmental record, even as the biggest source of worry for many — an option for the public to initiate claims — is only now kicking in. The pullback started as soon as the law came into effect on June 20 last year, when the Pathways Alliance group of oilsands companies scrubbed all content from its website and social media feeds. Since then there have been other high-profile moves blamed on the law, including RBC dropping its sustainable finance target and several climate metrics, and CPP Investments ditching its net-zero emission by 2050 target, but there have also been numerous other companies that have made quieter adjustments. 'I can say with 100 per cent certainty that many organizations across many industries in Canada are revisiting their disclosure,' said Conor Chell, national leader of ESG law at KPMG in Canada. 'There's a lot of disclosure that was pulled from the public domain.' Companies have raised concerns about the broad, vague wording of the provision in Bill C-59 that requires them to backup environmental claims with 'internationally recognized methodology,' and the threat of penalties of up to three per cent of global revenues if they're found to be in violation of the law. Many companies and groups have called for the additions to be scrapped, while the Alberta Enterprise Group and the Independent Contractors and Businesses Association have launched a constitutional challenge, alleging the law is a breach of freedom of expression protections. The Competition Bureau has tried to address at least the uncertainty of the law by providing guidelines, with a finalized version out just over two weeks ago. Some have said the guidelines are still too vague, while others like the Pathways Alliance say they provide no assurance at all, because the Competition Bureau isn't bound by them, while the Competition Tribunal doesn't have to adhere to them. And it's the Competition Tribunal that many companies are especially worried about. A clause in the law that went into effect Friday allows the public to bypass the bureau, and directly ask the tribunal to hear a case. 'From the perspective of many of our clients, the real risk lies in that private right of action,' said Chell. The clause has raised fears of a flood of cases against companies, tying them up in legal wrangling at the court-like tribunal, possibly for years, and the costs that come along with such disputes. 'We believe the amendments ... should be removed to allow businesses to speak openly and truthfully about what they are doing to improve environmental performance and without fear of meritless litigation by private entities," said Pathways president Kendall Dilling in a statement. But environmental groups have played down the threat. Ecojustice finance lawyer Tanya Jemec said the narrative that there is going to be a wave of filings is overblown, since bringing a case is time consuming and resource intensive, while they will have to meet a public-interest threshold before being allowed to proceed. 'I think there is a lot of fearmongering going on out there, and efforts, whether intentional or not, to undermine these anti-greenwashing provisions.' Some, including Green Party Leader Elizabeth May, have questioned whether the new greenwashing laws were needed at all, given deceptive marketing practices were already covered by the Competition Act. But Jemec said the existing process takes years, with no updates along the way from the bureau, while being able to take cases to the tribunal will increase transparency and relieve pressure on the bureau. She said the reaction to the new laws, which also set elevated standards and penalties to the existing general protections, shows they were needed. 'The fact that companies are looking at what they are saying and changing course just may be an indication that the provisions are doing their work.' Pushing companies to make sure they can back up their environmental claims improves competition, by making room for those legitimately trying to do better, said Wren Montgomery, associate professor at Western University's Ivey Business School. 'It's often these smaller, newer, really sustainable, pure-play sustainability companies that the innovation is coming from,' she said, noting she's seen in sectors ranging from fashion to wine. 'In my research, we see that greenwash is driving them out, so it's making it really hard for them to get rewarded for bringing that value to the market.' Others, including Calgary-based clean-tech investor Avatar Innovations, have raised concerns that the higher reporting standards could hold back startups, both because of the compliance burden and the lack of established testing standards for emerging technology. Montgomery said there are many established standards, and more being added, to cover environmental claims. 'My larger concern is not that a reporting standard is going to inhibit innovation. It's that greenwashing is going to inhibit innovation, and I think the latter is a much bigger concern for Canada.' It's not just smaller companies affected. Chell at KPMG said that for a while every company was clamouring to get out net-zero targets for the competitive advantage, but that advantage kept fading as more and more did it. He said if the law works as intended, only companies that can actually substantiate claims will be able to do so, especially for those "big ostentatious claims like net zero, carbon neutrality." 'So there is actually, I think, a competitive advantage for companies that can make those claims and back them up credibly.' Whether the law is truly effective, or just forcing companies to say less out of caution, is still unclear, but it's certainly brought more focus to the problem, said Chell. "If the intent was to draw attention to greenwashing as an issue, I would say that that objective has certainly been achieved." This report by The Canadian Press was first published June 22, 2025. Ian Bickis, The Canadian Press 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Globe and Mail
20-06-2025
- Business
- Globe and Mail
Rogers closes CDN$7 billion equity investment transaction
Proceeds will be used to repay debt Rogers will maintain full operational control of its wireless network TORONTO, June 20, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced it has closed its CDN$7 billion equity investment from funds managed by Blackstone, backed by leading Canadian institutional investors. Blackstone has acquired a non-controlling interest in a new Canadian subsidiary of Rogers that owns a portion of Rogers wireless backhaul transport infrastructure. Rogers is maintaining full operational control of its network and will include the financial results of the subsidiary in its consolidated financial statements. 'This transaction demonstrates the confidence investors have in Rogers and our world-class assets,' said Tony Staffieri, President and CEO. 'With this significant investment, we are unlocking the unrecognized value of critical assets and executing on our commitment to de-lever our balance sheet.' The investor group led by Blackstone includes Canada Pension Plan Investment Board (CPP Investments), Caisse de dépôt et placement du Québec (La Caisse), the Public Sector Pension Investment Board (PSP Investments), British Columbia Investment Management Corporation (BCI) and the Investment Management Corporation of Ontario (IMCO). Additional information about the transaction and its terms and conditions is available under Rogers profile on SEDAR+ at About Rogers Communications Inc. Rogers is Canada's leading communications and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit or
