moved for leave to introduce Bill C-231, an act to amend the Canada Pension Plan Investment Board Act (investments).
He said: Mr. Speaker, I am very pleased and honoured to rise in the House today and 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 are invested in any entity that has performed acts or carried out work contrary to ethical business practices or has committed human, labour or environmental rights violations.
The Canada Pension Plan Investment Board manages over $400 billion in assets 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 of investments in companies contributing to climate change and environmental degradation, and it has previously invested in companies implicated in human and labour rights abuses.
The Canada pension plan is an important part of our retirement system, but Canadians expect that its investments are not contributing to human misery around the world. By amending section 35 of the Canada Pension Plan Investment Board Act to specific ethical business practices and human, labour and environmental rights considerations, this bill would do just that.