Ties between pension fund directors and fossil fuels are 'incompatible' for some Canadians

Despite mounting pressure from Canadians who want their money to stop supporting oil and gas, the majority of the country's largest pension fund managers continue to invest in that sector — and are led by individuals with close ties to fossil fuel companies.

CBC News reviewed publicly-available bios and resumes of leaders overseeing Canada's 10 largest pension fund managers and found that eight organizations have at least one high-ranking member, either a board member or an executive, who is actively directing a company in the oil or gas sector. 

Those companies include oil and gas production firms, pipeline operators, gasoline retailers and drilling rig contractors. 

Current laws and regulations do not bar directors from holding roles at pension funds and companies in the oil and gas sector.

"There's nothing wrong with a director being on more than one board. There's nothing in law that prohibits you from doing so," said corporate governance expert and Osgoode Hall Law School Prof. Barnali Choudhury. 

However, Choudhury said she understands why it might raise questions for some. She encouraged members with concerns to contact their pensions to advocate for stronger climate action. 

CBC News spoke with several people who have been doing exactly that — advocating for their pension funds to divest from oil and gas. Ties between board members and oil and gas companies have them questioning whose interests are truly being prioritized.

Teri Burgess teaches Grade 4 in Comox Valley, on Vancouver Island in B.C. She said children today are growing up under the shadow of a changing climate, and the idea that part of her paycheque may contribute to that is beyond frustrating.

"It's ridiculous to think that [pension directors] can serve the needs of their members as well as sit on another board," said Burgess, who has two sons.

Burgess is attending her union's annual general meeting this weekend, where she plans to support motions advocating for the British Columbia Teachers' Federation to lobby their pension to divest. 

Members have called for divestment in the past, but Burgess and others say they haven't seen nearly enough progress. 

According to a 2022 investment inventory update on BCI's website, the pension fund manager holds shares in a range of oil and gas companies including ConocoPhillips, the company behind the controversial Willow oil drilling project in Alaska.

Burgess said she doesn't want her income invested in key drivers of greenhouse gas emissions.

"I don't know any colleague of mine in any school who wants to stand at the front of the room and say, 'Hey kids ... I'm going to continue to invest in something that I know is harming you.'"