Four of the biggest Canadian pension funds have stakes in companies that transport Russian gas

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

Four of the biggest Canadian pension plans have major ownership in European pipeline or gas-distribution companies serving countries that depend on the flow of natural gas from Russia

The pensions, all of which announced they would divest Russian investments in the wake of that country’s invasion ofIn response to questions from The Globe and Mail, several of the pensions would not explicitly confirm that those companies are indeed transporting any gas from Russia. In many cases, the companies merely transport customers’ gas, with no say in where it comes from or goes.

The Czech Republic imported 86 per cent of its natural gas from Russia in 2020, according to Eurostat. Patrick DeRochie of Shift Action for Pension Wealth and Planet Health, a climate advocacy group, said “pension funds can’t pretend that they aren’t responsible for the real-world impacts of the businesses they own, even if those businesses are heavily-regulated utilities.” Shift, which criticizes pensions for their holdings in carbon-based energy, brought the issue of the pensions’ European holdings to the attention of The Globe and Mail.

OMERS and the other three pension funds all made public comments about divesting Russian stocks in the first week of March as international pressure increased on large investors to pull out of the country. The four funds said Russia was not “an investment market” or that they had no “direct investments” in the country, suggesting Russian exposure was via stock-index investing.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Well, aren't you part and beneficiaries of Neo-Liberal/Globalized Capitalism?

They should be making a good return

can you find out if they got REITS?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines