In a letter to the National Energy Board, the B.C. Investment Management Corporation – with some $80 billion assets, it is one of Canada’s biggest investment funds – added its powerful voice to that of environmental groups, including Ecojustice, in the call for stricter offshore drilling regulations:
“For greater certainty in our investment due diligence and decisions regarding the expected long-term risks and returns of deep water drilling oil stocks, it is essential for the NEB to introduce strong rules on spill prevention and contingency as soon as possible so that the BP Gulf of Mexico disaster is not repeated — a disaster that has meant the loss of life of 11 workers and led to one of the greatest environmentally-related destructions of shareholder value in history.”
While we have never met or spoken with the pension fund, we are encouraged to see such an influential group take a strong stand for strengthened offshore drilling regulations.
The mortgage fund’s stance is focused on sustainable economic development, and Canadian governments would do well to focus on the country’s long term interests, as BCIMC is focused on long-term investor interests.