Senator Carignan: I would point out that the CPP Investment website clearly states the following:

Our accountability is ultimately to our stewards — the federal Finance Minister and the Finance Ministers of the participating provinces.

It also states that the “annual report is tabled in Parliament by the Federal Finance Minister.” We are Parliament, and your government is the Minister of Finance. I think Senator Gignac is absolutely right to make this proposal, and I think it’s unacceptable for a federal board to use tax havens.

Senator Gignac: Thank you, Senator Gold. I understand that CPP Investments is independent of the political power, and I respect that.

In my opinion, Canadians have the right to know more about the nature of the investments that their retirement plan is making abroad. That would help us to validate not only the carbon footprint of those investments, but also their tax footprint and democratic footprint, given that they’re being made in many countries that don’t really respect the rules of law, human rights and tax fairness. Senator Gold, don’t you think it is time for the Minister of Finance to require CPP Investments and other public sector pension plans in Canada to provide more information and to be more transparent about their activities abroad?