Canada pension fund quietly divests from US migrant detention firms

[Judi Lynn]

Source: Guardian

CPPIB pulls investments in CoreCivic and Geo Group

Unannounced move follows Guardian report on holdings

Tracey Lindeman in Ottawa
Fri 5 Jul 2019 11.59 EDT

One of Canada’s biggest pension funds has quietly divested from two private prison operators responsible for the detention of thousands of migrants along the US-Mexico border.

Late last year, the Guardian reported that the 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$299m) 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.

On Friday, he called on the CPPIB to publicly acknowledge the divestment and take a position on ethical investing.

Read more: https://www.theguardian.com/world/2019/jul/05/canada-pension-fund-divests-us-migrant-detention-firms

[EarnestPutz]

1. Way to go, Canada! Embarassing us again. Doing the right thing...

....while U.S. pension funds look the other way. Then a socialist progressive political party says that's nice but go on the record, please. Got to love our friends to the North.

[TygrBright]

2. Why "quietly"? This merits a LOUD raspberry as the sale finalizes. n/t