QUESTION PERIOD — Finance
Canada Pension Plan Investment Board
June 13, 2023
My question is a follow-up to Senator Gignac’s question.
Leader, I’m not satisfied with your response to Senator Gignac. You know very well that the Canada Pension Plan Investment Board was created by an act of Parliament and is accountable to the government and to the Minister of Finance.
Wouldn’t it be a good idea to amend the Parliament of Canada Act and set out clear investment guidelines on avoiding tax havens?
Thank you for the question and the suggestion, senator. I also want to thank you for pointing out that we do have legislation that governs the actions and the independence of these bodies.
I’ll bring your suggestion to the minister’s attention, and we will monitor this subject as it develops.
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.
There’s no question there.
Again, it’s quite clear: There’s a big difference between an obligation to submit reports to Parliament — which is important and healthy and demonstrates good governance — and asking a minister to get involved if, in fact, the legislative framework doesn’t allow such involvement.
