, the Chinese IT giant that owns, among others, the popular WeChat social media app. The Crown corporation’s total investments in China as of September 30, 2020, were $55.6 billion, or approximately 12 per cent of their total investments, the investor’s communications director confirmed in an email. To put that in perspective, this compares to less than three per cent in India, considered a key emerging economy and large recipient of CPPIB money.
While there is no legal ban on investing in Tencent in Canada or for that matter the US, the ethics of this investment, especially for a Crown Corporation investing taxpayers’ money, is highly problematic. Tencent’s WeChat app has been used for Chinese state sponsored censorship, misinformation campaigns and includes surveillance and the apprehension and harassment in China of those posting what is seen as anti-government content on the app.
Some might argue that the CPPIB should pursue the highest returns on its investment no matter the poor optics. Such an argument makes sense for a private investor but should not extend to a government owned agency investing public monies, especially one that purports to be concerned about human rights in China. It is perfectly reasonable to expect such investments to respect a code of ethics, which can be mandated by the government. But no such mandate has been forthcoming.
Anyone serious about punishing the Chinese Communist government for its egregious human rights violations needs to look beyond symbolic actions like the recent declaration against illegal detention, which has no teeth. Preventing Chinese firms from accessing much needed Western investment dollars and resources would hit the regime where it hurts. Say what you want about him, Trump clearly understood this, while Canada continues to be in denial.
So very true!
CPPIB cdnpoli ESG 🤓
Can you please send this article to Erin O'Toole he needs to read it
rupasubramanya MarcGarneau action doesn’t speak words?
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