An article from CNW
TORONTO, March 29 /CNW/ – In the wake of the global financial crisis, Ontario has taken a bold step to lead the way on sustainable investment of pension funds.
In a first for North America, the province will require pension plans to report to regulators on the sustainability of their investments, helping to protect pensioners and guard against systemic risk.
The surprise measure unveiled in the province’s annual budget will compel pension plans to disclose whether they have given consideration to environmental, social and governance risks when investing on behalf of plan members.
“This bold step will enhance Ontario’s bid to become a world leader in financial services and risk management,” according to a spokesperson for SEIU Capital Stewardship.
SEIU Capital Stewardship oversees the pension contributions of more than 2.2-million union members who contribute to more than 70 pension plans with combined assets of more than $1.2-trillion.