2022 AGM Resolutions - Individual Members

Presented to the PIPSC 103rd Annual General Meeting

P-6 Public Service Pension Plan (PSPP) Phase Out from Fossil Fuel Investments (E)

Sponsored by Norma Domey | Disposition: Defeated

Whereas continued investment in carbon-intensive industries represent a serious financial liability as governments adopt progressively more restrictive legislation to hold these companies financially liable for the externalities of production; and

Whereas emerging green technologies are progressively rendering certain carbon-intensive industries more and more obsolete and/or unprofitable; and

Whereas PIPSC represents Canada's leading environmental scientists responsible for identifying, tracking, and remediating the impact of carbon emission related climate change; and

Whereas the Public Service Pension Plan (PSPP) have billions of dollars invested in fossil fuel companies and are continuing to develop a consistent approach with respect to investing in a socially responsible and actuarially-sound assets; and

Whereas many large, benchmarked Canadian defined benefit pension funds have already integrated financially prudent carbon divestment policies with no statistically significant impact on the plan's performance; and

Whereas independent consultants have identified alternative investment opportunities which would minimize the financial impact of excluding carbon heavy asset classes; and

Whereas PIPSC has been leading progress in Canadian society for over 100 years, acknowledges fossil fuel divestment is a necessary step towards a decarbonized economy, recognizes the financial risk that its members incur by their pension plans keeping fossil fuel holdings, and are getting their own house in order to help reduce our environmental footprint (e.g. no longer using plastic water bottles at PIPSC conference center;  bicycles available at PIPSC office; proposed electric car infrastructure at PIPSC offices across Canada etc.); 

Be it resolved that PIPSC will send, before the end of 2022, an open letter to the investment board of the Public Service Pension Plan (PSPP) calling on them to phase out the fossil fuel investments by 2026, adopt a carbon reduction target of 50 percent by 2030 and carbon neutral by 2035, including an accompanying transition plan to ensure a financially prudent transition; and

Be it further resolved that the letter be accompanied by a media release and will be posted on the PIPSC website.

No comments