Divestment of Fossil Fuel Related Investments in the Municipal Pension Plan

Whereas municipal employer pension funds are invested with the Municipal Pension Plan MPP, which directly manages billions of dollars in investment funds across British Columbia; And whereas fossil fuel investments carry numerous risks, including economic risk to market value of fossil fuel companies based on stranded assets and increased worldwide transition to renewable energy sources, making these investments worthy of re-evaluation for the long-term financial sustainability of municipal pensions and holdings: Therefore be it resolved that UBCM work with the BC Investment Management Corporation bcIMC and the Municipal Pension Plan to prepare a report that provides a primer on the MPP, its board and governance structure as well as its role and that of others with respect to responsible investing that can be shared with the broader UBCM membership as well as other Plan partners as required.