Two SCAN! members who are active with Shift Action, an organization that helps Canadians put pressure on their pension funds to divest from fossil fuels and invest in climate change solutions, along with fellow retired teachers as well as active teachers, were finally granted a meeting with investment fund managers at the Ontario Teachers Pension Plan on March 28. This was the result of a lengthy process. The group of retired teachers had been working together for over two years and, after the April 2022 AGM, had penned a letter to OTPP with follow-up questions. It took until December 21 and quite a lot of pressure to get a reply from the CEO. The reply did not satisfactorily answer our questions, and, therefore, we wrote back asking for a meeting. We didn’t actually expect to get one … The meeting went quite well. Seven of us met virtually with three representatives of OTPP. They gave a brief but polished presentation explaining their efforts to decarbonize their assets by 2050. And each of us brought up a concern, such as expansion of airports we own in Europe, their stubborn position on engagement rather than divestment, their lack of satisfactory examples of reliable transition assets, the conflict of interest of some of their board members who also sit on boards of fossil fuel companies, their poor use of proxy voting at shareholder meetings, and their continued investment in LNG and pipelines. We will continue to communicate our concerns and will be attending the AGM on April 13. There will also be a rally and information picket in front of the AGM’s location this year, at the Toronto Reference Library, 789 Yonge St, 4:00 pm. Check out Shift Action for information related to your pension. https://www.shiftaction.ca If you are a retired teacher who would like to get involved, contact Patrick DeRochie at patrick@shiftaction.ca
The Saga of OTPP
