The latest salvo from Canada’s loony left — Bill C-231 — was introduced last February by New Democrat MP Alistair MacGregor, and has been grinding its way through Parliament ever since.
It aims to amend the Canada Pension Plan Investment Board Act by scrapping the independent and successful investment practices of the Canada Pension Plan (CPP) and instead appointing political puppets who would be guided by “ethical” investing practices.
“What is meant by all the terminology that the member puts in, but does not define?” asked Tory finance critic Pierre Poilievre in Parliament. “We don’t know what is meant because the member does not tell us. Environmental violations? Well, this particular member has written that it would be a violation to invest in oil and gas companies.”
The bill would prevent CPP from investing in Canada’s largest exporting industry, as well as in the 10 biggest companies on the Toronto Stock Exchange, he added. “The NDP considers (corporate) profits unethical.… Excluding profitable companies from the pension plan’s portfolio guarantees the impoverishment of Canada’s pensioners.”
[Interesting Read]
See Also:
(1) Higher spending, lower taxes: OECD warns governments to rethink constraints on public spending
