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Pension SRI Bill Introduced to House of Commons
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Bloc Quebecois MP Stephan Tremblay has introduced a private member's bill to require federally-regulated pension plans to disclose their socially responsible investment policies. On Sept. 28, Tremblay tabled Bill C-394, which would require administrators of federally regulated pension plans to prepare an annual report setting out the "social, ethical and environmental factors" that have been considered in the selection and management of the pension fund's investments, and the exercise of the fund's voting rights. The bill is modeled after requirements adopted in the UK that went into force last year. The UK requirements have had a tremendous impact on the socially responsible investment industry in the UK, and have spurred a large number of pension funds to adopt SRI policies. Tremblay's bill would not force pension administrators to make socially responsible investments; simply to report on whether they have implemented SRI policies in the past year. "It must be borne in mind that capital in the form of savings is central to financial transactions carried out everyday all over the world," Tremblay wrote in a letter explaining the bill. "Small savers thus have in their hands considerable power, capable of influencing globalization and making sustainable development a reality in our society." The Social Investment Organization has supported the bill and will work to build support for it. As an Opposition Private Member's Bill, the legislation is not expected to pass, but SIO welcomes the opportunity to raise the issue with the government, political parties and the public. SIO has pledged to work with the government to support this bill or a future government bill on this issue. For a complete copy of the bill, visit the Parliament of Canada
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