US EditionClimate Group Raises Concerns About Oil and Gas Representation on Pension Fund Boards
- On June 26, 2025, Shift released a report stating five of Canada's largest public pension funds had board members linked to fossil fuel companies, raising conflict concerns.
- This followed Shift's 2022 report showing fossil fuel representation dropped from seven to five boards, while CPP Investments abandoned its net-zero commitment due to legal changes.
- Shift highlighted nine board members across funds hold roles in fossil fuel or related investment firms, and urged addressing potential conflicts to ensure prudent pension governance.
- CPP Investments’ global head Michel Leduc called the report 'nonsense' and defended their rigorous member selection and Code of Conduct enforcing fiduciary duties.
- The findings suggest a tension between pension funds' long-term beneficiary interests and fossil fuel ties, with climate action efforts continuing to diverge across major Canadian funds.
15 Articles
15 Articles
A tale of two pension funds: one abandons net-zero, the other doubles down on climate action
Canada's two largest pension funds are taking radically different approaches when it comes to sustainable investing. This yawning gap between the Canada Pension Plan Investment Board and Caisse de dépôt et placement du Québec is at least partly explained by fossil fuel linked board directors at the former polluting its outlook, experts say.
Climate group voices concern about fossil fuel industry representation on pension fund boards
In a report out Thursday, Shift said that as of June 1, the boards of five of Canada's largest public sector funds had members who are also involved with fossil fuel companies.
An environmental protection group states that the representation of the oil and gas sector on the boards of directors of Canada's major public pension plans raises concerns about conflicts of interest.
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