I’ve sent copy of the letter below (to CPP) to the Saskatchewan Pension Plan, even though they don’t have money in Wal-Mart. Their office is in Kindersley, SK where there are plans for a new Wal-Mart store.
Will someone please talk with people in Kindersley!
My lone letter to the CPP Investment Board will not have any effect. Unless some of you add yours to it.
Doesn’t have to be long.
===================================
August 2, 2006
TO: Canada Pension Plan Investment Board and Management csr AT cppib.ca
Please distribute to specific names at bottom. (Thanks.)
CC: Bridget Barnett
Socially responsible investing at CPPIB
416-868-8627; bbarnett AT cppib.ca
FROM: Sandra Finley (contact info)
Dear Gail (Chairperson), David (CEO) and others,
Divestment needs to be part of the CPPIB socially responsible investing policy.
Canada Pension Plan (CPP) has $149 million dollars invested in Wal-Mart.
The Investment Board for CPP is accountable to me and to other Canadians.
It is hard for you to be accountable if you don’t know what I/we think.
I propose to CPPIB a change to our socially responsible investment policy.
Divestment is required from corporations that engage in chronic, irresponsible and unethical behaviour. It needs to be added to the Policy. (Link no longer valid http://www.cppib.ca/how/social/index.html)
Norway received no response to its overtures, from Wal-Mart. Finance Minister Kristin Halvorsen proceeded with divestment, citing “serious” and “systematic violations of human rights and labour rights” as its reason”, “our refusal to contribute to serious, systematic or gross violations of ethical norms … through our investments“, “an unacceptable risk that the Fund may be complicit in serious… violations of norms.” The statements are based on solid research.
I do not wish to be complicit through investing in a corporation such as Wal-Mart. Its exploitation of people in poor countries is not acceptable.
Nor do I appreciate that, in Canada, Wal-Mart makes it impossible for local business people. On one hand the Government funds programmes to train entrepreneurs. On the other we open our doors to, and then invest in Wal-Mart.
I have appended copy from the Norwegian newspaper, Aftenposten. And information on the movie documentary, “Wal-Mart, the High Cost of Low Price”.
I request that you change the CPPIB policy on ESG (environmental, social and governance) factors to include divestment. The activities of corporations like Wal-Mart are possible because somewhere along the line we forgot how to say “No”.
In addition to changing the investment policy to include divestment, CPPIB should pull out of Wal-Mart stocks because its share price will likely fall. I suspect that Wal-Mart is fast becoming a non-performer financially. They have pulled out of Germany at a cost of a billion dollars U.S.
They’ve shut down in South Korea because of losses in that market. Anecdotally youth employees at Wal-Mart stores in North America engage in more-and-more subterfuge. Email networks help ensure that the road ahead is a rough one for Wal-Mart. It seems to me that in today’s world of rapid and international email networks, investment in companies such as Wal-Mart will begin to lose money.
Wal-Mart plans to turn to countries like China. I’ll pass information along to the Chinese Embassy so they might also be informed.
Best wishes to you in your work on behalf of Canadian citizens.
Sincerely,
Sandra Finley
=================
APPENDED:
- NORWAY DUMPS WAL-MART STOCK, NOK 2.5 billion worth
- FROM NORWEGIAN NEWSPAPER, AFTENPOSTEN Saturday July 29 2006 First published: 06 Jun 2006, 14:06, 2006-06-06 Norway dumps Walmart stock (NOK 2.5 billion worth) because of its unethical behaviour.
WAL-MART, THE HIGH PRICE OF LOW COST http://www.walmartmovie.com/
Note: The DVD is available – I don’t know about your town – in Saskatoon it’s at Turning the Tide Bookstore, on 11th St, west off Broadway half a block.
Wal-Mart is about many things. Exploitation of women labourers. Environmental degradation in other countries. To fuel profits and rampant consumerism in our developed countries. While we hurry along to create a world that will be uninhabitable by our grand children.
As tempting as Wal-Mart prices might be, it is stupid to shop there. We make ourselves more and more dependent on corporations that funnel the profits out of Canada. Local businesses die one-by-one and with them goes how-to knowledge. Wal-Mart is competitive when shopping hours are all-day, every day. They employ kids. Soon there are no more family dinners because the kids are at work. … Why can’t Wal-Mart compete in Europe? Good question for us.
=============================
THIS EMAIL IS SPECIFICALLY ADDRESSED TO:
BOARD MEMBERS:
- Gail Cook-Bennett (Chairperson)
- Germaine Gibara
- Peter Hendrick
- Jacob Levi
- Philip MacDougall
- Helen Meyer
- Dale Parker
- Joseph Regan
- Mary Ritchie
- Helen Sinclair
- Ron Smith and
- David Walker.
MANAGEMENT MEMBERS:
- David Denison President and Chief Executive Officer
- Myra Libenson Chief Operations Officer
- John Butler Vice President – General Counsel and Corporate Secretary
- Ian Dale Vice President – Communications and Stakeholder Relations
- John Ilkiw Vice President – Portfolio Design and Risk Management
- Don Raymond Vice President – Public MarketInvestments
- Mark Wiseman Vice-President – Private Investments
- André Bourbonnais Director – Principal Investing
- Daniel Chiu Director – Capital Markets
- Thomas Eigl Director – Investment Research
- Dannielle Ullrich Director – Enterprise Solutions.