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To: Gordon Fyfe, CEO of BCI
BCI: Divest from Fossil Fuels Now
Dear Mr. Fyfe,
You and your staff have a fiduciary responsibility to get the best possible return from the funds vested in BCI, taking risk into consideration, and my understanding is that you are not meeting this responsibility.
Detailed independent research demonstrates that continued investment in fossil fuels over the last decade has likely lost pension beneficiaries some Canadian $16 billion, or close to Canadian $18,000 per active beneficiary. In addition, continued investment in fossil fuels is likely to continue losing pension beneficiaries' money.
In addition, there is consensus that we need to stop the exploitation of fossil fuels now to help ensure we have a future that is not plagued by heat domes, forest fires and
floods.
Please fulfill your fiduciary duty by divesting from fossil fuels by the end of 2022.
Yours sincerely,
Concerned pension plan members
Why is this important?
The British Columbia Investment Management Investment Corporation (BCI) invests most BC public sector pension funds – in total about $153 billion. Like any fund its fiduciary responsibility (i.e. getting the best return possible, taking risk into account) is its most important contract with its clients, and outweighs all other considerations.
By continuing to hold fossil fuel stocks BCI is likely not meeting its fiduciary responsibility. And there’s also plenty of evidence to show that it’s quite easy to divest from fossil fuels, in fact a pension fund in Denmark did it in six weeks. And continued investment in oil, gas and coal is fueling the climate crisis, which is only going to lead to more heat domes, floods, forest fires, and threatens our long-term future.
Learn more: https://oilsandsdivest.com/bcidivest/