Take a stand on Canada Pension Fund

Pictou-Advocate-opinion

To Prime Minister Justin Trudeau:

As a passionate Canadian, I was appalled to learn that less than 20 percent of the funds available to the Canada Pension Fund are invested in Canada, “Appetite for Risk”, Globe and Mail, January 14, 2017. The recently appointed President of the Board Mark Machim has argued vehemently for the board to have free rein over the funds, and against any political influence. There is also indication that in the future even less will be invested in Canada.

These funds are mine and those of countless other Canadians who have contributed to the Fund over the past 30 years. Mr. Machim is not a Canadian citizen and has spent less than a year of his career in Canada. His salary is obscene. At over six million a year it outstrips the average Canadian compensation by over a hundred to one. This at a time when many senior Canadians live at the poverty level.

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There should be an immediate review of the Board’s activities and a policy directive to ensure that at least 60 percent of the Board’s available equity be invested in Canada. We are in desperate need of infrastructure and many other forms of development. I don’t want to see my money invested in shopping malls in China when it could be put to work employing my fellow Canadians.

It is time for your government to take a stand. Mr. Machim should be removed and the salary of the president be reduced to a far more acceptable level. All Board members should be vetted to ensure that a Canada-first policy is followed now and in the future.

It is time for us to take back control.

Michael Pierce
Three Brooks Road