Diane Francis: Re-politicizing CPP would be a disaster

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Given his anti-business agenda, if MacGregor had his way, the CPP would be forced to disinvest in oil and gas, mining, forestry, agriculture, autos, manufacturing, tech and banks. This would, in turn, pull the rug out from beneath the Toronto Stock Exchange, reduce investment, increase unemployment and hurt Canada’s reputation globally. This is the modus operandi behind the “build back better” lunacy of the left.

“The CPPIB was depoliticized 15 years ago to get the sticky fingers and incompetent hands out of pensions for Canadians and give management over to professionals,” said Poilievre. “Now some may believe ‘what could we do with that half a trillion dollars?’ The longer they spend at this pace, the faster we’ll go broke and they will need to look at getting their hands on this pot of gold.”

Mark Machin, president and chief executive officer of the Canada Pension Plan Investment Board, in 2018. Photo by Justin Chin/Bloomberg files

The Liberals have already been inappropriately deducting CPP assets from federal debts to lower per capita debt figures, as if that money belonged to the government — which it doesn’t. Pressure is already being placed on pensions and private-sector companies to invest in “green” enterprises and make-work projects. The left has severely damaged Canada’s most important industry, oil and gas.

The truth is that Canada has nothing to be ashamed of and neither does the CPPIB. We have stringent environmental regulations in place, and Canadian pension savings are not invested in companies that enslave, despoil or break laws.

Even so, Poilievre correctly warned the public: “We must keep CPP out of their hands so it can provide an honest return to hard-working Canadians in their retirement years.”

If that does not happen, then “Canukastan” won’t just be a punch line.

Financial Post



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