On March 7, 2024, over 50 worker-nominated pension trustees, labour-appointed fiduciaries and trade unionists convened at the caucus meeting organized by the Canadian Capital Stewardship Network (CCSN).
CCSN Chair and BCGEU Treasurer, Paul Finch kicked off the meeting with observations on top of mind matters for Canadian pension trustees.
The CCSN Secretariat summarized recent actions taken by trade union participants within 4 key focus areas in the field of investments:
- Adding value to campaigns through investor mobilization: A call was made for more investors to add their names to the BCGEU-led investor letter campaign on virtual meeting conduct;
- Asset manager accountability: The CCSN continues to mobilise asset owners to hold their managers accountable with recent collective client engagements with Fiera Capital and RBC GAM;
- Trustee network building: The CCSN works to foster a community of practice amongst trustees and has presented at events organized by OPSEU, NUPGE, CPBI; and
- Policy advocacy: The CCSN sent a letter to parliament calling for greater transparency in the private equity sector in Canada, and an area of emerging interest is the debate around Canadian pension fund investments in the Canadian economy.
Attendees participated in table discussions that focused on the challenges faced by trustees when selecting, appointing, and monitoring asset managers. The ability to engage in in-depth conversations with managers, to ensure accountability to the fund’s ESG priorities and to have clear measurable outcomes is an ongoing challenge articulated by several trustees.
Trustees called on the CCSN to equip them with sharp questions. They stressed that the ability to ask questions and to demand answers is the most potent tool that fiduciaries can rely on when it comes to holding investment chain actors accountable.
