;

Bill C-231

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First Reading

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SUMMARY
Canada Pension Plan Investment Board Act
Coming into Force

First Session, Forty-third Parliament,

68-69 Elizabeth II, 2019-2020

HOUSE OF COMMONS OF CANADA

BILL C-231
An Act to amend the Canada Pension Plan Investment Board Act (investments)

FIRST READING, February 26, 2020

NOTE

2nd Session, 43rd Parliament

This bill was introduced during the first session of the 43rd Parliament. Pursuant to the Standing Orders of the House of Commons, it is deemed to have been considered and approved at all stages completed at the time of prorogation of the first session. The number of the bill remains unchanged.

Mr. MacGregor

431093

SUMMARY

This enactment amends the Canada Pension Plan Investment Board Act to specify that the investment policies, standards and procedures established by the board of directors shall provide that no investment may be made or held in any entity that engages in certain practices.

Available on the House of Commons website at the following address:

www.ourcommons.ca

1st Session, 43rd Parliament,

68-69 Elizabeth II, 2019-2020

HOUSE OF COMMONS OF CANADA

BILL C-231

An Act to amend the Canada Pension Plan Investment Board Act (investments)

Preamble

Whereas the Canada Pension Plan is a major pillar of Canada’s retirement income system and the Canada Pension Plan fund is one of the largest sovereign wealth funds in the world;

Whereas capital markets can have a tremendous impact and influence on environmental and social outcomes;

And whereas Canada, having a long history as a defender of human rights and freedoms, is committed to promoting responsible business practices and holding to account those who violate human, labour and environmental rights;

Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1997, c. 40

Canada Pension Plan Investment Board Act

1 Section 35 of the Canada Pension Plan Investment Board Act is renumbered as subsection 35(1) and is amended by adding the following:

Considerations

(2) The investment policies, standards and procedures, taking into account environmental, social and governance factors, shall provide that no investment may be made or held in an entity if there are reasons to believe that the entity has performed acts or carried out work contrary to ethical business practices, including

(a) the commission of human, labour or environmental rights violations;
(b) the production of arms, ammunition, implements or munitions of war prohibited under international law; and
(c) the ordering, controlling or otherwise directing of acts of corruption under any of sections 119 to 121 of the Criminal Code or sections 3 or 4 of the Corruption of Foreign Public Officials Act.
End of inserted block

Coming into Force

Order in council

2 Section 1 of this Act comes into force, in accordance with subsection 114(4) of the Canada Pension Plan, on a day to be fixed by order of the Governor in Council.

Published under authority of the Speaker of the House of Commons