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Canada pension fund divests from US migrant detention firms

Author: Tracey Lindeman, The Guardian, Published on: 5 July 2019

"Canada pension fund quietly divests from US migrant detention firms," 5 July 2019

One of Canada's biggest pension funds has... divested from two private prison operators responsible for the detention of thousands of migrants along the US-Mexico border... [T]he Canadian Pension Plan Investment Board (CPPIB) held nearly US$8m in stock in Geo Group and CoreCivic, which between them hold the lion’s share of contracts to manage Immigrations and Customs Enforcement (Ice) detention facilities in the US. The CPPIB, which manages C$392bn (US$299bn) in pension funds on behalf of 20 million Canadians, did not make a public statement when it dropped the two companies from its list of foreign public equity holdings, but the change was spotted this week by the federal MP Charlie Angus, a member of the opposition New Democratic party... The NDP has tabled a bill, C-431, asking that the pension board abide by greater ethical standards. After the US migrant crisis began, advocacy groups SumOfUs and LeadNow collected more than 55,000 signatures on petitions calling for the CPPIB to drop Geo Group and CoreCivic from its investment portfolio... The CPPIB declined to comment.

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