CPP Funds Wal-Mart

The Green Party leader Jim Harris announced today that our Federal pension fund,the CPP, is a shareholder in union busting, child labour exploiting Wal-Mart. Congarts every Canadian is now a shareholder in exploitation. The Greens called for a Corporate Social Responsibility Act and for the end of CPP investments in Wal-Mart.

"Wal-Mart has a proven track record of insufficient sensitivities to the communities in which it operates, and a prime example of this corporate approach is the closing of their store in Jonquière last April, shortly after its workers unionized", said Harris.

As of the 31st of March 2005, the CPP held 322 000 shares in Wal-Mart valued at almost 20 million dollars. "If the CPP still owns these shares they have a responsibility to divest and send a strong message to all companies that our values as a community are more important than a single corporation's interests," said Harris.

Recently Radio Canada exposed the fact that Wal-Mart goods sold in Canada were being made by child labour in Bangladesh. In response to criciticsm of expoliting child labour Wal-Mart has refused to change its practices and has instead run away from its responsibilities.Bangladesh Wal-Mart criticised for cut and run policy - not taking responsibility for use of child labour

The use of the CPP,which all retired Canadians rely upon, as an investment vehicle has been a major source of controversy. Anti War Activists have pointed out the Military Weapons investments made by the CPP and recently David Dodge of the Bank of Canada suggested the CPP be used to invest in P3's.

When we think of ethical investments we would be forgiven for thinking that would be the prime investment vehicle of our publicly funded CPP. But it is not. The CPP is out to make money with no democratic control or transparency. Once again the Market Managers invest our pension money with no ethical parameters to restrict them.

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