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Ontario Pension Board among investors calling for increased climate accountability in corporate sector

Publish date: Tuesday, October 26, 2021 update

Photo of Canadian landscape of water and mountains

Over the past year, AMAPCEO has reaffirmed and strengthened its commitment to environmental justice. The union’s Board of Directors recently passed a new environmental policy statement and are currently revising the union’s current Investment Policy to include Environmental, Social, and Corporate Governance (ESG) factors to ensure it is more socially conscious.  

So AMAPCEO was pleased to learn that the organizations overseeing and administering members’ pensions and the union’s investment reserves have recently signed on to a new Canadian Investor Statement on Climate Change.

As announced in a recent press release, the Ontario Pension Board, Investment Management Corporation of Ontario (IMCO), and CIBC Asset Management were among 35 investors who signed the statement calling on companies to act on climate risks through their industry association and lobbying activities. Together, the investors manage more than $5.2 trillion in assets.

IMCO oversees the investment of AMAPCEO members’ contributions to the Public Sector Pension Plan, which is administered by the Ontario Pension Board. AMAPCEO’s own investment reserves are managed by CIBC.

The statement details actions major Canadian investors and financial institutions must take, including disclosing their financed emissions and setting an expectation that their investees will establish emissions targets and report on their progress.

President Dave Bulmer, AMAPCEO’s nominee to the Ontario Pension Board for the past five years, said, “We are very glad that the Ontario Pension Board, IMCO, and CIBC Asset Management were among the institutions to sign onto this unprecedented effort. As we know in the labour movement, collective action helps generate positive results, and this is a step forward.”

More about AMAPCEO and our Members: Established in 1992, AMAPCEO is a bargaining agent that represents 14,000 professional and supervisory public servants, most of whom work directly for the Government of Ontario in every ministry and in a number of agencies, boards and commissions; in 130 communities throughout Ontario and in 12 cities outside Canada. We also represent employees outside the Ontario Public Service in: the Financial Services Regulatory Authority of Ontario; the Ontario Arts Council; Ontario Health (Quality Unit); Public Health Ontario; the Waypoint Mental Health Centre in Penetanguishene; and in the former Offices of the Ontario Child Advocate and the French Language Services Commissioner (now part of the Ontario Ombudsman).