TORONTO – A climate advocacy group says oil and gas representation on the boards of Canada’s big public pensions raise concerns about conflicts of interest.
Shift Action says in a new report that as of June 1, the boards of five of Canada’s largest public sector funds had members who are also involved with fossil fuel companies.
It says CPP Investments, Canada’s largest pension fund, has the second-highest representation with three in ten members of its board having ties to the industry.
The fund, which recently dropped its commitment to reach net-zero financed emissions by 2050, did not immediately respond to a request for comment.
Other funds the group found with cross-appointments include the Ontario Teachers’ Pension Plan, Public Sector Pension Investment Board, Alberta Investment Management Corp. and Ontario Municipal Employees Retirement System.
Shift says that pension funds have a legal responsibility to act in the long-term best interest of beneficiaries, and that the interests of fossil fuel companies could compete with efforts to manage climate-related risks and reducing emissions.
“It’s easy to see how fossil fuel company directors could potentially find themselves with real or perceived conflicts, and how such conflicts, if not addressed, could undermine prudent pension governance,” said Shift executive director Adam Scott in a statement.
The group says that in total, nine current board members across the funds sit on the boards or executive teams of 12 oil and gas companies, or investment firms focused on the industry.
It notes, however, that the number of boards with fossil fuel representation has gone down from seven to five since its last report in 2022.
It says the boards of Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario and CDPQ no longer have fossil fuel representation.
This report by The Canadian Press was first published June 26, 2025.
