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4w ago

Five Major Pension Funds Face Scrutiny Over Fossil Fuel Board Representation

Shift Action warns that oil and gas directors on pension boards may compromise oversight of climate-related risks.

Suncor's base plant with upgraders in the oil sands in Fort McMurray Alta, on Monday June 13, 2017. THE CANADIAN PRESS/Jason Franson
A pumpjack draws out oil and gas from a well head near Calgary on May 6, 2025.

Overview

  • The new report finds five of Canada’s largest public sector pension funds had board members with ties to fossil fuel companies as of June 1.
  • CPP Investments holds the second-highest representation with three of ten board seats linked to oil and gas interests after abandoning its net-zero financed emissions pledge for 2050.
  • Across all five funds, nine directors serve concurrently on the boards or executive teams of 12 oil and gas companies or industry-focused investment firms.
  • The number of pension fund boards with fossil fuel representation has declined from seven in 2022, with the Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario and CDPQ now free of such ties.
  • CPP Investments rejects concerns over conflicts of interest, saying its appointments prioritize seasoned governance expertise drawn from Canada’s energy sector.