Making an investment in Reconciliation

What pension plans are doing to support progressive Indigenous initiatives

By the CUPE BC Pension Committee

One of the issues our committee has been most passionate about is finding ways to support the Truth and Reconciliation Commission’s calls to action through investments. In accordance with a convention resolution last year, we have looked at our biggest plan, the Municipal Pension Plan (MPP), to ensure that we have investments in projects that support Indigenous initiatives.

When it comes to investing in successful Indigenous-owned businesses, it’s not just about the bottom line for CUPE members; it’s also about supporting reconciliation efforts with Indigenous peoples across Canada. This is why the British Columbia Investment Management Corporation (BCI)— the investment manager for the MPP—has made significant investments in businesses that prioritize Indigenous relations and sustainable practices.

A sense of shared values

One example of BCI’s commitment to Indigenous reconciliation is their investment in Mosaic Forest Management. This forestry company, based on Vancouver Island, has achieved the Progressive Aboriginal Relations certification for all its managed lands and was recently recognized with silver-level recognition by the Canadian Council for Aboriginal Business. Mosaic’s commitment to respecting Indigenous rights, traditional knowledge, and sustainable forestry practices aligns with BCI’s values; for its part as an owner with representation on Mosaic’s board, BCI works closely with the company to continually enhance its approach to Indigenous relations.

BCI also supports Indigenous communities through their investment in the First Nations Finance Authority (FNFA) commercial paper program. This non-profit organization helps First Nations access low-rate loans, investment options, and capital planning advice. The FNFA has loaned over $1.5 billion to various First Nations projects, creating more than 16,000 jobs and providing economic opportunities for Indigenous communities.

Prioritizing reconciliation and inclusion

BCI uses their influence and advocacy to encourage companies they invest in to prioritize Indigenous reconciliation and inclusion. For example, BCI and other shareholders of TMX Group Limited supported a historic shareholder proposal to report on the company’s policies and work related to Indigenous reconciliation and inclusion. As a result, TMX Group disclosed the first steps it has taken to fulfill its reconciliation and inclusion commitments.

BCI’s commitment to Indigenous reconciliation goes beyond their investment portfolio. Recently, they sponsored a CFA Society Victoria Indigenous Finance event that highlighted economic development opportunities and the potential for growing Indigenous economics and opportunities.

By investing in successful Indigenous-owned businesses, BCI is not only supporting the retirement goals of CUPE members but also contributing to a more equitable and just society.