TORONTO — The Canada Pension Plan is overlooking its own rules that say its money cannot be used for political ends, says an environmental group.
John Bennett of Friends of the Earth says Crestone Peak Resources — a Colorado-based company wholly owned by the plan — should refund the more than $600,000 it has donated to industry-friendly political candidates and lobbyists.
tap here to see other videos from our team.
“Everybody who’s got a job is putting money into that plan,” Bennett said Monday. “We want our money back.”
Crestone Peak was formed when Canadian energy giant Encana (now Ovintiv) sold off U.S. assets. It is 95 per cent held by the Canada Pension Plan and the CPP has a member on Crestone’s five-seat board.
Privately held, Crestone Peak is not subject to disclosure rules that govern publicly traded companies.
The code of conduct for CPP directors says: “Because of our public mandate, we must avoid any appearance of (the CPP investment board) favoring or disapproving of a particular political group, candidate, or political position.”