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May 31, 2022

FUNDS VOTE ON AMAZON UNION PRACTICES

Some of the largest Canadian pension funds, including the Canada Pension Plan Investment Board (CPPIB), the Alberta Investment Management Corporation (AIMCo), Ontario’s Investment Management Corporation (IMCO), and the British Columbia Investment Management Corporation (BCI) voted in favour of a proposal filed by SHARE and the Catherine Donnelly Foundation asking Amazon’s board of directors to review how the company’s actions in the face of union organizing efforts align with its stated commitment to freedom of association and collective bargaining and core international labour organization conventions. More than 47 per cent of independent shareholders voted for the proposal at its annual meeting last week. “This vote is historic” says Anthony Schein, director of shareholder advocacy at SHARE. “Amazon’s human capital management practices are notorious, and the company’s interference in freedom of association is well-documented. We have never seen such a strong vote on a North American company’s direct, workforce practices.” Also voting for the proposal were the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS).

May 31, 2022

CLIMATE RISK SET AS PRIORITY

Natural catastrophe and climate risk and best practices for multi-employer pension plans (MEPPs) are among the priorities on the ‘2022/23 Regulatory Roadmap’ for the BC Financial Services Authority (BCFSA), says an Aon ‘Radar.’ It says it will outline its proposed approach to managing natural catastrophe and climate risk for the financial services sector in a discussion paper in the fourth quarter of this year, followed by consideration of necessary regulatory instruments. For MEPPs in British Columbia, it plans to set out best practices in the fourth quarter. It also intends to revise the information requirements for membership data that must be submitted when filing the pension plan annual information report (AIR); update the risk-based supervision framework document published in 2014; and revisit its guidance and expectations for the reporting of information security incidents. This is part of its consultation on an information security incident reporting rule. It received feedback that before proceeding to a rule, there should be sufficient time for all financial institutions to implement and demonstrate compliance with existing expectations contained in its recently released guideline.

May 31, 2022

ACTIVE ETF ASSETS DECREASE

Active ETFs listed globally gathered net inflows of US$10.44 billion during April, bringing year-to-date net inflows to US$43.42 billion, says ETFGI. Assets invested in actively managed ETFs/ETPs decreased by 2.2 per cent, from US$453 billion at the end of March 2022 to US$443 billion.

May 31, 2022

ONTARIO TEACHERS’ IN LOGISTIC SPACE DEAL

The Boreal IM and Cadillac Fairview JV has purchased the Nucleus Estate in Park Royal, West London, UK, and an estate within the Port of Rotterdam, Holland, for a combined total of €250 million. The acquisitions comprise a total of 109,000 square metres of logistics space and mark the JV’s debut acquisitions since being formed in early 2022. Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, and Boreal IM will focus on major European geographies including the UK, Germany, France, Netherlands, Spain, and Italy and can invest right across the risk spectrum to include standing assets and ground up development.

May 31, 2022

AIMSE SEARCHES CANADIAN TRENDSAIMSE SEARCHES CANADIAN TRENDS

AIMSE’s ‘29th Annual Canadian Conference’ will ‘Search Trends in Canada: What’s Hot and What’s Not.’ It also features a plan sponsor roundtable and takes a look at avoiding ESG (environmental, social, and governance) greenwashing. It takes place June 16 in Toronto, ON. Information is at https://web.cvent.com/event/d91a4519-8e97-4fbb-a099-e6d0ff91b658/summary

May 31, 2022

WESTON HAS NEW ROLE

Robert Weston is an advisory board member at Pharos Platforms Inc. Previously, he was chief development officer. He joined the firm in 2020 from AGAWA Fund Management Inc. where he was a partner. Previously, Weston was senior vice-president at OMERS Strategic Investments for six years and managing director at State Street Global Advisors for 11 years. He is a member of the Benefits and Pensions Monitor editorial advisory board.